The regional offices may accept the logging carried out by the Customs Authorities based on their assessment of the final export product provided the corresponding inputs are accounted for as per the existing norms or those fixed by the competent authorities.
The STC number will be alphanumeric. The first part would be the 10-Character PAN issued by Income-tax authorities to the Service Tax assessees (hereinafter referred to as ‘concerned person’) to whom the STC Number is to be allotted. The second part would comprise of a fixed 2-Character alpha code (ST). This will be followed by numeric-code-001, 002, 003, ………. etc. Since all concerned persons requiring registration in terms of Rule 4 of Service Tax Rules, 1994 (hereinafter referred to as the Rules) will be applying for allotment of STC Number, a centralized allotment will be done
In the meeting of the derivative exchange/segments, held on August 2, 2001, it was decided that reporting of derivative transactions to the media and the newspapers should be in a uniform format.
Circular No. 12 of 2001-Income Tax The Finance Act, 2001, has substituted the existing section 92 of the Income-tax Act by new sections 92 and 92A to 92F. These new provisions lay down that income arising from an international transaction between associated enterprises shall be computed having regard to the arm’s length
In this regard, it is clarified that import of aforementioned items shall be free in case the specific item has been allowed freely in this book separately. For example, import of table fans (Exim Code No. 84145101) is freely importable. Thus, the table fans in CKD/SKD conditions or in ready to assemble sets shall also be freely importable.
The issue of the holidays affecting the schedule of the settlements was also discussed in the meeting of the Group on Risk Management Systems for the Equity Markets held on August 14, 2001. When a particular day is holiday for both trading and settlement.
Circular No.583/20/2001-CX I am directed to invite reference to Board”s Circular No.308/24/97-CX dated 27.3.97 whereby it was clarified that the process of putting together the duty paid articles into a container like carton, kit etc., so that a new commercially distinct product viz, “Cable Jointing Kits” comes into existence would amount to manufacture and would be appropriately classifiable under heading 85.47 of Central Excise Tariff Act, 1985.
ccording to Clause 10 of the Seventh Schedule of the SEBI (Mutual Funds) Regulations, 1996, a mutual fund scheme can invest upto 10% of its NAV in the equity shares or equity related instruments of any company
Certain doubts appear to have been raised in trade & industry circles in regard to date of effect of these tariff values specially w.r.t. consignments which have already arrived and are pending clearances for home consumption – whether from the port/ air cargo/ ICDs etc. or from warehouses
It has come to the notice of SEBI that there is a conflicting interpretation of clause 97 and clause 100 of uniform norms for Good/Bad delivery with respect to validity period of company objection memos.
