It is hereby clarified that a Branch Office of a Foreign Company can be issued an IEC number provided the Branch Office in India has been opened with RBI permission under Foreign Exchange Management (Establishment in India of a branch or office or other place of business) Regulation 5 of Notification No. FEMA 22/2000-RB dated 3rd May, 2000 and the Branch Office has been permitted by the RBI to undertake import or export business in India.
The undersigned is directed to invite your attention to the above mentioned subject. It has been represented by the trade and industry that All Industry Rates of Duty Drawback as well as Brand Rates of duty drawback should be allowed on the export products even when they are exported in completely knocked-down (CKD) condition or semi-knocked-down (SKD) condition or unassembled condition.
It is therefore clarified that words relating to exports actually means “relating to exports of services by service provider under GATT’s Agreement”. It is reiterated that the provisioning of services; irrespective of import vessel and export vessel, that may have been serviced, is covered for benefits under this provision.
Representations have been received from the trade that ISO 9001, ISO 9002 and ISO 9003 are identical specifications under the series ISO 9000 and therefore, a manufacturer-exporter who has been awarded with any of the ISO 9000 series certification should be extended the facility at par with those awarded with any of the ISO 9002 series certification. The matter was examined by the Conference of Chief Commissioners of Customs on Tariff and Allied Matters held at Shillong during 13th – 15th May, 2004 and the Conference has recommended to extend the inhouse testing facility for goods exported under the various export promotion schemes to manufacturer exporters awarded with any of ISO 9000 series certification.
Circular No. 3/2005-Income Tax The Finance Act, 2005 (hereafter referred to as ‘Act’) has introduced a new levy, namely, the Banking Cash Transaction Tax (hereafter referred to as BCTT) on certain banking transactions. The provisions relating to levy of this tax are contained in Chapter VII (sections 93 to 112) of the Act. Section 111 of the Act empowers the Central Government to make the rules for
F.No. 209/30/2003-CX 6 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Circular No. 814/10/2005-Central Excise of May 2005 Subject: Civil Appeal No.3819/1999 in the case of Commissioner of Central Excise, Allahabad Vs. M/s. Hindustan Safety Glass Works Ltd. against CEGAT Order No.264/99-A. I have been directed to enclose […]
I am directed to invite your attention to the Board’s Circular No.56/2004-Cus, dated 18th October, 2004, as amended on the above mentioned subject. As per the changes in the Handbook of Procedure (Vol.I), the Board hereby makes following further amendment in the Circular No.56/2004-Cus, as amended dated 18.10.2004.
communicate to SEBI, the status of the implementation of the provisions of this circular in Section II, item no. 13 of the Monthly Development Report for the month of May 2005.
“As a measure of facilitation, I propose to follow international practice and establish large taxpayer units (L.T.Us). To begin with, these units will be set up in major cities. I would like to invite large taxpayers, whether of corporate tax or income tax or excise duties or service tax, to participate in the programme and avail of the single window service. For small taxpayers, I propose to set up Help Centres in cooperation with industry associations, professional bodies and NGOs.”
The matter has been considered in consultation with Central Board of Excise & Customs. It is, accordingly, clarified that since EPCG Scheme is implemented through end use based notifications, the goods being cleared from an EOU under EPCG Scheme would attract a Central Excise Duty equal to aggregate of effective customs duty leviable on like goods imported i.e. Duty calculated after applying end use based notification as per circular dated 15.9.1994 issued from CBEC F.No.305/83/94-FTT. Therefore, EOUs can clear goods under EPCG licence at concessional rate of duty and there is no requirement for any other separate exemption notification in this regard.
