Accordingly, a notification bearing No.80/2002-Cus, dated 10th December,2002 has been issued in this regard. A copy of the same is enclosed for ready reference. The said Notification will be effective from 10th December, 2002.
Circular No. 680/71/2002-CX I am directed to state that clarifications have been sought from the field formation on whether woven textile fabrics manufactured by a composite mill or a manufacturer engaged in the processing of fabrics along with weaving of fabrics within the same factory would attract an aggregate excise duty of 12% ad valorem in accordance with notification No. 14/2002-CE, dated 1-3-2002 or not.
This has reference to the circulars issued by SEBI for reporting of FIIs trades/ investments in equity as well as debt through the local custodians by submission of floppies as well as hard copy.
Circular No. 679/70/2002-CX I am directed to refer to Board’s Circular No. 378/11/98-CX dated 12.3.98 wherein it has been clarified that in situation where deferment of payment of Sales tax for particular period is allowed by State Government as incentive, Sales tax is deductible from the wholesale price for determination of assessable value for levy of Central Excise duty even though it may not be deposited immediately with the State Government.
Circular No. 678/69/2002-CX I am directed to say that doubts have been raised regarding the classification and dutiability of “thrust bearing assembly” used in submersible power driven pumps. Some field officers have taken the stand that it is a ‘bearing’ falling under sub-heading 8483.90 whereas the assesses are contending that it is merely a part of power driven pump falling under sub-heading 8413.99
I am directed to refer to the subject mentioned above and to say that a doubt has been raised as to whether palm stearine is classifiable under CTH 15.11 or 38.23 of the Customs Tariff.
I am directed to refer to the subject mentioned above and to say that a representation has been received from an Indian manufacturer alleging that imporated Zinc Oxide discs are being cleared by Customs
The mutual funds shall report the compliance of above requirements in the periodical meetings of the Boards of AMCs and trustees and they shall report the compliance in their quarterly and half-yearly reports submitted to SEBI.
The Department of Revenue had issued a Circular No 62/2002 dated 26.09.2002 on the aforesaid subject wherein the Central Board of Excise and Customs had re-examined the issue afresh. The Board had concluded that the service providers who actually require items like carpets, crockery, marble, chandeliers etc under the EPCG Scheme shall be given the same.
Trade have represented at various fora that the above instructions have led to harassment in the field formations with consequent adverse impact on the exports
