Circular No 512/8/2000-CX Some doubts have been expressed whether parts falling under Chapters other than 86 of goods falling under heading 86.01 to 86.06 when within the factory in the manufacture of goods falling under heading 86.01 to 86.01 will be eligible for the exemption under Notification No.5/99-CE dated 28.2.99 (SL.No.266)
Keeping in view the problems faced by the exporters primarily due to the recent Port and Dock Workers’ strike, it has been decided to allow an extension in period of shipments of export of all varieties of Onion till 15th February, 2000 against the NOCs issued by the canalising agencies on or before 31.1.2000.
Circular No. 786-Income Tax Deduction of tax u/s 195 and the taxability of export commission payable to non-resident agents rendering services abroad – clarification regarding. In the Audit Report for 1997-98 (D P No 79(I.T.) The Comptroller & Auditor General (C&AG) raised an objection that the Assessing Officer in computing the Profits and Gains of Business or Profession, in a case in Mumbai charge, had wrongly allowed a deduction in respect of a payment to a non-resident where tax had not been deducted at source.
It has also been decided that information furnished by the companies under continuous disclosure requirements, as specified in the Listing Agreement, shall be published on the web site of the exchange instantly and stock exchanges are advised to make immediate arrangement for display of the information furnished by the companies instantly on the web site.
In partial amendment to the circular mentioned above it has been decided to increase the amount of the margin beyond which the member-brokers would have to mandatorily collect margins in respect of the client in a settlement, increased from Rs 50,0000/- to Rs.1,00,000.
Kind attention is invited to notification number 34(RE) and 35(RE) dated 10.12.98 and 11.12.98 respectively issued by DGFT fixing floor prices for certain iron and steel items falling under Chapter 72. In terms of Public Notice No. 24/98 dated 30.11.98 issued by DGFT, it is clarified that import of such iron and steel items below prices is allowed
Circular No. 510/06/2000-CX It is directed to say that doubts have arisen relating to the determination of the amount of rebate of excise duty in cases where prices of export-goods are doubted in foreign currency and as Valero excise duty is paid after converting the value in equivalent Indian rupee. Another doubt is that once duty is paid, should rebate be reduced and if the rebate is reduce, can the manufacturer be allowed to take reaccredit of the duties paid through debits in RG-23A Part-II or RG-23C Part-II
The traded derivatives shall be valued at market price in conformity with the stipulations of sub clauses (i) to (v) of clause 1 of the Eighth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
Brokers should seek permission from the Exchange before commencement of Internet trading facility after providing complete details of the features of implemented systems. e. Brokers should make periodic reporting to the Exchange as specified by the Exchange.
In the light of above facts, it is clarified that the minimum value addition of 33% for export of goods against payment in Indian Rupee under Paragraph 11.7 of the Exim Policy may be achieved by effecting an increase in intrinsic value of the export product as explained in paragraph 2 above.
