All registered merchant bankers are advised to ensure compliance with this circular including the amendments contained in Annexure I of this circular.
The issue has been examined. It is viewed that there may not be any difficulty in allowing duty free import/domestic procurement of raw materials common for the manufacture/production of finished goods as well as for the manufacture of capital goods for use within the unit. The usage of inputs, imported or procured domestically, for manufacture of finished goods is allowed as per Standard Input Output norms (SION) [condition (d) (I) (ii) of opening paragraph of notification No. 52/2003-Cus dated 31.03.2003].
No. VAT/U.O.R.No. 88/JC(Reg.) Mumbai – Trade Circular No. 23 T of 2009, Dated : 17.08.2009 Sub.: Procedure for on line submission of application [Statement of Requirement ] for the statutory forms (C/F/H/EI/EII) under the Central Sales Tax Act, 1956 and delivery at the place of business of the dealer.
The parity among all classes of unit holders in terms of charging exit load shall be made applicable at the portfolio level.
The representations have been examined and with the approval of competent authority, it is informed that it has been decided to grant another 25% of the quota to the erstwhile licencees under the aforementioned Circulars.
The matter has been examined in the Department and with approval of competent authority, it is informed that the request has been agreed to. Accordingly, import of textile and textile articles made under Custom Notification No.32/97-Cus dated 1.4.1997 shall be exempt from the testing for hazardous dyes as required under the aforementioned provisions.
The above would be in supercession of Para III (1) (c) of the minutes of the Port Officers’ Meeting dated 25.11.2008. Provision regarding EOP as contained in the minutes would, however, remain applicable.
In this regard, it has been observed that discounts (offered to foreign buyers) do not form part of FOB value. Thus, FOB value on which the entitlement would be computed under Chapter 3 reward schemes would exclude ‘discounts’. Hence the phrase ‘the computation of entitlement is to be done on the FOB
The Mutual Fund may charge the load within the stipulated limit of 7% and without any discrimination to any specific group of unit holders. However, any change at a later stage shall not affect the existing unit holders adversely
The salient features of the MVAT Act amendments are briefly explained below: 2. Revised Returns-Section 20 (4) is substituted:- Earlier the revised returns could be filed anytime before the notice for assessment was served or within nine months from the end of the year, to which the return relates, whichever is earlier. Certain contingencies were not covered under aforesaid provision. Due to this many dealers could not file the revised returns in certain situations. Now section 20(4) is substituted and its scope is expanded to cover the following situations also:
