An issue has been raised seeking clarification on the ambiguity in the provisions of Rule 3(5) of the Service Tax Credit Rules, 2002 which reads that ‘in case the service provider, opts not to maintain separate accounts of input service meant for consumption in relation to rendering of such output service which are chargeable to service tax as well as exempted services or non-taxable services, he shall be allowed to utilize service tax credit for payment of service tax on any output service only to the extent of an amount not exceeding thirty five percent of the amount of service tax payable on such output service
RBI, vide Circular No. EC.Co.FII/347/11.01.01(22)/2003-04 dated July 11, 2003 permitted FIIs to participate in exchange traded interest rate derivative contracts and specified position limits for FII transactions in exchange traded interest rate derivatives.
SEBI has decided that Debenture Trustees would be allowed to associate with privately placed unlisted debt issues. The debenture trustees would be responsible for such issues and are accountable.
Import of consumables other than milk and dairy products, vegetable, horticulture and agriculture products would be permitted under the scheme. However, beverages, spirits and vinegar covered under Chapter 22 of ITC(HS) Classification or seafood items ( both processed and semi processed) are permitted to be imported.
In order to further strengthen the disclosures as made in the Letter of offer, certain additional disclosure requirements/modifications have been carried out in the existing standard format of the Letter of Offer.
The Stock Exchanges are directed to communicate to SEBI, the status of the implementation of the provisions of the above directions in Section II, Item No. 13 of the Monthly Development Report for the month of March, 2004.
The Board has received representation from PHD Chamber of Commerce and Industry with regard to general difficulties being faced by Service Tax assessees.
Any orders passed by Addl. Commissioners/Joint Commissioners can neither be revised (u/s 84) nor can it be appealed before any appellate authority (u/s 85 and u/s 86). Therefore, in order to avoid problems of appeals against the orders passed by Joint Commissioners /Additional Commissioners/ Commissioners of Central Excise, an amendment was carried out in section 73 of the Finance Act, 1994 on 16.7.2001, which limited the authority to ACs /DCs of Central Excise for issuing the Show Cause Notices for short levy of service tax and also determination of such short levy by way of adjudication
The matter has been examined by the Board. It may be mentioned that in case of classification disputes, by & large, option is given for provisional clearance/assessment , if the inquiries are going to take time. However, the Board desires that a disputed or offending consignment should also not be held up unless its import/clearance is totally prohibited or banned under any law for the time being in force [E.g. PFA,CITES, Weight & Measures Act,etc.] or where prosecution is contemplated.
Wherever an application is for a total value of Rs. 50,000 or more, the applicant or in the case of application in joint names, each of the applicants, should mention his/her permanent account number (PAN) allotted under the Income Tax Act, 1961
