I am directed to invite your attention to Board’s Circular F.No.512/91/93-CUS.VI, dated 18th May 1994 regarding the duty payable on excisable goods cleared from 100% Export Oriented Units/ Units in the Export Processing Zone into the Domestic Tariff Area (DTA). A copy of the Circular is enclosed for ready reference. Subsequently, another Circular was issued vide F.No.345/12/99-TRU, dated 24-9-1999 (copy enclosed), suggesting a method for computing excise duty payable on the DTA clearances of EOU/EPZ units. As the instructions contained in the two Circulars referred to above were not in harmony with each other, a doubt has been raised as to the correct method of calculation of duty for such DTA clearances of EOUs/EPZ units.
Notification No.362 – Income Tax It is notified for general information that the enterprise, listed at para. (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 2001-2002, 2002-2003 and 2003-2004
Approval granted to M/s Macronet for internet service under Section 10(23G) of Income Tax Act for 2001-2004, subject to compliance.
In continuation of Notification No. 47( RE-2000) /1997-2001 dated 21.12.2000, the following additionsshall be made against the Code No. 0703(1) in Table B of Schedule 2 of the said ITC(HS) relating to “onions ( all varieties other than Bangalore Rose onion and Krishnapuram onions)” under the column, ‘ nature of restriction.
During deliberations in the DEPB Committee, it was noticed that certain field formations are assessing DEPB shipping bills for certain products which are not squarely covered under the relevant DEPB rate entries, and are assessing such shipping bills by splitting the FOB value into two or more elements by costing method or otherwise, and granting DEPB credit in regard to the value of that element which gets covered by the DEPB rate entry.
Circular No.568/5/2001-CX Rule 2, which provide for definitions, has been amended to insert clauses (1a) and (1b) to define the expressions “appointed day” and “appointed time”. The objective of this amendment is to make the other rules simple to read. By defining “appointed time”, there will not be any need for amending rules in case Government decided to change the time of presenting the Budget. The Ministry of Parliamentary Affairs communicates the appointed day (Budget Day)
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 16/2000-Customs, dated the 1st March, 2000 [G.S.R. 168 (E), dated the 1st March, 2000] and was last amended by notification No. 2/2001 – Customs, dated the 8th January, 2001 [G.S.R. 12 (E), dated the 8th January, 2001].
In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Central Excise Rules, 1944, except as respects things done or omitted to be done before such amendment
The import of components shall be permitted on net to net basis with accountability clause and the type, technical specifications (including part no., if any), etc., of the components sought for import should conform to those utilised in the manufacturer of the resultant product, which should be reflected in export documents (shipping bills) also.
The stock exchanges proposing to buy-back the membership rights of their inactive members would be allowed to do so, within the existing legal framework.
