Applications for DFRC/DEPB which are covered in category (a) above but have already been disposed of can be reconsidered by the concerned licensing authority on application. In such cases, a supplementary DFRC / DEPB, as the case may be, will be issued to the applicant.
The mater has been examined by Board. As per sub-rule (1) of rule 6 of CENVAT Credit Rules, 2002, the credit is not available on inputs which are used in the manufacture of exempted goods. Sub-rule (2) and sub-rule (3) of the said rule gives an option to the manufacturer to maintain the separate inventory of inputs for use in exempted goods or pay an amount of 8% of the price of the exempted goods
Circular No. 4 of 2004-Income Tax The tax-treatment of income from Deep Discount Bonds has been explained in the Board’s Circular No. 2/2002, dated 15-2-2002. Subsequently, the Board have received various requests for a clarification regarding tax deduction at source under section 193 of the Income-tax Act from interest on Deep Discount Bonds.
In view of the representation from the field formation, in the Annexure-I to the Circular No.30/2004-Cus., dated 16.4.2004, after the Sr.No.10.
I am directed to draw attention to the Circular No. 49/11/2002-ST dated 18.12.2002, whereby it was clarified that the work of Erection and Commissioning is in the nature of services provided by a “Consulting Engineer” and hence taxable under Service Tax. Also in the year 2003, Service Tax was imposed on Commissioning and Installation Service, effective from 1st July 2003.
Please note that on the operationalisation of Chapter XA of the Customs Act, 1962, along with the attendant Rules and Regulations, Drawback, DEPB and other export benefits would be available in respect of supplies from DTA to SEZ subject to fulfillment of relevant provisions of the EXIM Policy and Customs and Central Excise laws (including notifications).
The matter has been examined taking into account the Advisory Opinion 14.1 of the GATT Valuation Code, which stipulates that if the importer can demonstrate that the immediate sale under consideration took place with a view to export the goods to the country of importation, then such transaction would constitute an international transfer of goods. The later transaction, which led to the import, would be the relevant transaction for assessment and Rule 4 of Customs Valuation Rules, 1988 would apply. Hon’ble Supreme Court, in the case of M/s.Hyderabad Industries Limited [2000(115)E.L.T.593(S.C)].
Accordingly, a standard format of the letter of offer alongwith the general instructions/guidelines has been prepared and enclosed. The said format is also available on SEBI’s web site at www.sebi.gov.in.
Amendment of Notification No. S.O. 219(E) dated 23.2.2004 – “State Industrial Development Corporation of Maharashtra Limited” has been replaced by “SICOM Limited.
In continuation of Policy Circular No. 9(RE-2004)/2002-2007 dated 30.6.2003 and No.15(RE-2004)/2002-2007 dated 17.9.2003. whereby import of approved and unapproved drugs were allowed without the requirements of registration procedure under the Drugs and Cosmetics Act.etc., it is further clarified that the import of bulk drugs in terms of Para 4.2.7 of the EXIM Policy,2002-07 is allowed without the requirement of manufacturing site registration and import licence as required under Ministry of Health Notification No.GSR 604(E) dt. 24.8.2001.
