It is clarified that import of furniture is allowed to hotels under EPCG Scheme.This issues with the approval of Director General of Foreign Trade.
The Stock Exchanges may shift these companies from TFTS to NRS provided there are no other specific grounds for continuation of the trading in these scrips in TFTS.
The matter has been examined by the Board and it has been decided to waive the condition of Bank Guarantee for “Shipping Lines” who are handling more than 5000 TEUs ( as Import Containers) in a financial year for the purpose of transshipment of import & export cargo from any Gateway Ports to feeder ports/ICDs/CFSs & vice versa, by Road.
It is clarified that the benefit of duty credit under Served from India Scheme will be available only to those remittances which are received as service charges and fee levied for the specific services rendered by the applicant. For example for the financial services sector the following indicative list of foreign exchange remittance would not be counted for entitlement under the Scheme.
It is hereby reiterated that an exporter desiring to obtain RCMC shall apply to the Export Promotion Council that relates to his main line of business as per Appendix 27 of the Handbook of Procedures (Vol 1). However, the exporter has the option to take the membership of any other Export Promotion Council in addition.
As per HSN notes in the heading 85.12, the exclusions include an assembly of switches for mounting on the steering column (CTH 85.37) which is nothing but “lever combination switch”. Since “lever combination switches” are specifically classifiable under CTH 85.37, whereas in general, switches are classifiable under CTH 85.36, it appears that “lever combination switches’ are not switches in the normal meaning of the term and hence these may not be treated as switches for the purpose of Customs Notification No. 25/99 dated 28.2.1999, S.No. 112.
In view of the decision of the Export Promotion Board, you are requested to ensure that, to the extent possible holidays should be decided in consultation with the Ports/Airports Authority or Custodians , as the case may be , so that holidays are synchronized , to ensure smooth flow of trade.
I am directed to invite your attention to Board’s Circular No. 650/41/2002-CX dated 7th August, 2002 on the above mentioned subject which was issued in the light of the judgment of the Tribunal in cases of M/s Inalsa limited Vs CCE, Delhi and M/s Kirloskar Electric Co. Vs CCE, Bangalore wherein the Tribunal held that the assessee was entitled to Modvat credit on the inputs used in the finished products which were destroyed due to circumstances beyond their control
Based on the queries/ suggestion received as regards clause (f) under “Reconstitution of Governing Board” of the above referred circular, it is hereby clarified that the Public Representative on the Boards of Subsidiary Companies will continue till the time new Public Representatives are appointed in their place.
Circular No. 5 of 2004-Income Tax A non-resident entity may outsource certain services to a resident Indian entity. If there is no business connection between the two, the resident entity may not be a Permanent Establishment of the non-resident entity, and the resident entity would have to be assessed to income-tax as a separate entity.
