I am directed to refer to this Department’s Office Memorandum F.No.467/104/2001 – Cus-V dated 12th December, 2001 (Circular No. 81 of 2001) wherein guidelines for considering requests for ad-hoc exemption from payment of customs duty under Section 25(2) of the Customs Act, 1962 have been issued. It has generally been observed that the importers are not aware of the correct procedure for seeking ad-hoc exemption as also the details of the documents/information that are required to be submitted along with the request. The importers invariably approach this Ministry only after the goods have arrived at the port of import resulting in payment of heavy demurrage charges.
The said instruction will apply to all EOUs and EHTP/STP/SEZ units whether they are engaged in activities of development of software or otherwise.
On the other hand the amendment in PN 64 dated 19.02.2003 pertains to such established domestic companies who fulfil certain specified criteria like being registered with both the central excise and state sales tax authorities and having paid both the taxes unless exempted and having a minimum investment in plant and machinery of Rs 50 lakhs. The Advance Licence issued to such domestic companies would carry an endorsement that the bond/ BG furnished would be as per the terms and conditions stipulated by the Department of Revenue.
Further, any new company which gets listed in the exchanges shall also be required to upload financial statements/documents on-line in the EDIFAR web site.
It may not be out of place to mention here that the proper officer should follow the procedure laid down under Rule 10A of Customs Valuation Rules, 1988 to satisfy himself about the possible under-valuation. He should then intimate the importer in writing the ground for doubting the truth or accuracy of the value declared in relation to the goods imported and also provide a reasonable opportunity of being heard, before rejecting the declared value.
Circular No.702/18/2003-CX I am directed to say that a doubt has arisen whether the refund claims of unutilized deemed credit of duty on procurement of grey fabrics used in the making of processed fabrics ultimately exported can be refunded in the background of the objection raised by C&AG about the admissibility of deemed credit on grey fabrics. C&AG has raised an objection that since grey fabrics is not mentioned as ‘declared inputs’ in the notification No.29/96-CE(NT) dated 03.09.96 (relevant at the material time),
Attention is invited to Public Notice No.392 (PN)/92-97 dated 1.1.1997 according to which import of Plastic Waste/Scrap (except PET Bottle Waste/Scarp) and animal dung or animal excreta shall not, be permitted, except against a license. Applicants while submitting the application as per provisions laid down in para 1(iv) of the said public notice shall adhere to all guidelines / conditions of this public notice. They shall also furnish the following additional information / details while submitting the application to DGFT.
As the risk containment measures and eligibility criteria for selection of stocks for derivatives trading have undergone a change, the monthly reporting format stands modified in the following aspects:
Circular No. 701/17/2003-CX I am directed to say that representations have been received expressing doubt whether unutilized CENVAT Credit of Additional Duty of Excise levied under Additional Excise Duty (Goods of Special Importance) [AED(GSI)] Act, 1957 paid on the fabrics used for the manufacture and export of ready made garments can be refunded in terms of rule 5 of CENVAT Credit Rules, 2002( hereinafter referred as to the said rules). A view has been expressed that refund of such credit can not be granted as in the first place,
Circular No. 2 of 2003-Income Tax income-tax at source under sections 193, 194, 194A and 194K of the Income-tax Act on the payment of incomes to Shri Ram Chandra Mission, Chennai, whose income is exempt for assessment years 2002-03 to 2004-05 under section 10(23C)(iv) of the Income-tax Act, 1961, has been examined by the Board
