This circular is being issued in exercise of powers conferred by section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with section 10 of the Securities Contracts(regulation) Act 1956, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Accordingly, the stock exchanges, their members and mutual funds are hereby advised to ensure that necessary software and procedures for the levy, collection and remittance of STT are put in place immediately in accordance with the enclosed draft Rules.
The matter has been examined. It has been observed that EOUs are entitled to avail CENVAT Credit Scheme w.e.f . 06.09.2004 vide notification No. 18/2004-CE (N.T.) dated 6.9.2004. Thus, the EOUs who receive duty paid goods can avail input credit for the duty paid on such goods and utilize the credit for payment of duty on DTA clearances and if for some reasons, the credit cannot be utilized,
Constitution of the National Advisory Committee on Accounting standard u/s 210A of the Companies Act, 1956
The Export Obligation period shall be reckoned from the date of clearance of Penicillins and its salts or 6-APA only and not from the date of clearance of other input items mentioned in the licence. For example if the material is imported in 12th month the Export Obligation shall have to be fulfilled in 12+6 = 18 months time.
The Finance Bill (No.2), 2004 has been enacted on 10.09.2004. With the enactment of the Finance Bill, The following new services have come under the service tax levy
I am directed to say that as you are aware that the facility of removal of petroleum products without payment of duty from the factory of production to a warehouse or from one warehouse to another warehouse has been withdrawn w.e.f 6th September, 2004 vide notification No. 17/2004-CE (N.T.) dated 4th September, 2004. However
Please refer to Ministry’s Circular No. 756/72/2003-CX dated 16.10.2003 on the above subject, advising to send SLP proposals against the Tribunal’s orders on the above subject. Some SLPs were accordingly filed, but thereafter Board decided not to file further SLPs on the issue in view of the fact that such orders of the Tribunal are only interim orders and no revenue can be said to be involved
I am directed to say that the Government has decided to withdraw w.e.f. 6.9.2004 the warehousing facility of removal of petroleum products from the refineries to warehouses or from one warehouse to another warehouse without payment of duty. Accordingly, Notification No. 47/2001-CE (N.T.) dated 26.06.2001, issued under rule 20(1) of Central Excise Rules has been rescinded by Notification No.17/2004-CE (N.T.) dated 4.9.2004.
In respect of categories ( i ) to (iii) above Trade Notices / Public Notices may continue to be issued as per the present practice. However, the Commissioners should reproduce the entire circular, instructions and the guidelines of the Board without editing, paraphrasing or summarizing them.
