In the budget 2008-09, certain amendments have been carried out in the CENVAT Credit Rules, 2004. Rule 6 of CENVAT Credit Rules, 2004 pertains to an assessee who manufactures dutiable and exempted goods and provision of taxable and exempted services. As a general principle, CENVAT credit is not allowed on input or input service used for the manufacture of exempted goods or provision of exempted services [refer Rule 6(1)]. Exception to Rule 6(1) is contained in rules 6(3), 6(5) and 6(6)
In all past cases where Export Obligation Discharge Certificate (EODC) has not been obtained by 30-06-2008 and where vehicles were not registered as Tourist Vehicles, EPCG authorization holders will get them registered as Tourist Vehicles, by 31-08-2008. Regional Authorities of DGFT will monitor and ensure compliance.
In this context it is clarified that the EPCG Authorizations issued from 1.4.2008 to 11.4.2008 shall be deemed to be issued at 3% Custom Duty as per FTP (Revised 11-4-2008) and Customs shall automatically allow clearance of goods at 3% Customs Duty.
The other terms and conditions mentioned in RRTI Circular No. 1(94-95) dated October 11, 1994 shall remain unchanged.
The other terms and conditions including the time schedule for submission of the quarterly/annual reports mentioned in RBTI (GI Series) cir no. 1(95- 96) dated April 21, 1995 shall remain unchanged.
Currently, the Merchant Bankers are submitting the half-yearly reports in hard copy. It has now been decided that beginning from the half year ended September 30, 2008, the Merchant Bankers shall submit the half-yearly reports to SEBI in electronic form only and the submission of such reports in hard copy shall be dispensed with
The Stock Exchanges are advised to report to SEBI, the action taken in this regard in Section II, item no. 13 of the Monthly/Quarterly Development Report.
communicate to SEBI the status of the implementation of the provisions of this circular in the Monthly Development Report
circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.
Compliance officers of all the Mutual Funds are advised to take due care while forwarding the MCR data to SEBI. Compliance officers shall confirm that the data forwarded is correct and does not require any revision.
