The export obligation period for the advance licences issued as per Policy Circular No.9 dated 30.6.03 will be fulfilled within a period of six months from the date of import of the first consignment (and not from date of issuance of licence as laid down in Policy Circular No.9 dated 30.6.03). Para 4.22.1 of Handbook of Procedures (Vol I) shall however be applicable for advance licences issued under Policy Circular 9 dated 30.09.2003 for the purpose of extension in export obligation period.
In this case M/s Elephanta Oil and Industries Ltd., Bombay (M/s Jain Shudh Vanaspati) had imported inedible Beef Tallow from Singapore and submitted bills of entry dated 16th June and 1st July 1983 and claimed clearance against licence dated 29.6.1981. By the time the goods were imported, a Public Notice No. 29/81 dated 5.6.1981 had already been issued putting beef tallow in the canalized items list and not permitting the same under O.G.L. items. Collector of Customs,
I am directed to invite your attention to Board”s Circular No. 707/23/2003-CX dated April 16, 2003 regarding availing of ad-hoc exemption duty by Institutions/Organisations under Central Excise Act. In partial modification to this circular, I am directed to say that in para 1 (b) of the circular words as mentioned “concerned district authorities”
Kind attention is invited to DOR Circular No.58/2003-Cus. dated 16.7.2003 on the above subject. In Para 3 of the said Circular it was conveyed that export incentives in respect of 63 Indian exporters listed in AEPC Public Notice dated 6.2.2003 in respect of garment exports to Russia against Non-Quota Entitlement should not be released until completion of final investigation by Ministry of Textiles and AEPC.
Circular No. 7 of 2003-Income Tax The Finance Act, 2003 as passed by the Parliament, received the assent of the President on 14th May, 2003 and has been enacted as Act No. 32 of 2003. This circular explains the substance of the provisions of the Act relating to direct taxes
In view of position explained above, I am directed to clarify that certification charges paid by the exporter to the certifying agencies shall not be considered to be additional value for the purpose of this notification and diamond re-imported after certification by the specified agencies abroad shall be eligible for duty free import provided other conditions of the said notification are fulfilled.
In this regard, representations have been received by the Board from trade and industry, that private ICD operators are charging insurance charges even after the goods are insured by exporters and importers.
Kind attention is invited to DOR Circular Nos.48/2003-Cus. dated 6.6.2003 and 74/2003-Cus. dated 21.8.2003 in terms of which revised norms for execution of Bond/BG under Advance License and EPCG Schemes have been notified. In terms of Para 2.1 of the DOR Circular No. 74/2003-Cus. dated21.8.2003 it was inter-alia clarified that Bond shall be backed by a bank guarantee or cash security or surety and that in respect of importers specified in Paras 2(a) to (d) of the said Circular (excepting in the case of public sector undertakings) who are eligible for BG exemption, the Bond shall be backed by a surety.
Circular No. 6 of 2003-Income Tax The work of receipt of tax payments and issue of refunds is conducted by the Banks authorized for such purposes by the Reserve Bank of India (RBI). As a compensation for the work so conducted, the Central Government pays to the Banks, through RBI, commission termed as “Turnover Commission
I am directed to say that as you are aware that taxation of services was started in July, 1994 in a limited way with three services and since then the scope has been extended considerably. At present, 58 services are subjected to levy of Service Tax. The revenue from Service Tax sector has also been growing appreciably over the time.
