Government of India announces amendments to excise duties on woven fabrics and apparel processing under Notification No. 38/2003, effective April 30, 2003.
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India.
Notification No. 36/2003 provides duty exemption for first clearances of specified goods, up to ₹25 lakh, with conditions on aggregate value and documentation.
Notification No. 35/2003-Central Excise exempts first clearances of fabrics for home consumption up to ₹20 lakhs from excise duty, effective from 30th April 2003.
“normal rate of duty” means the duty of excise specified in the First Schedule to the said Central Excise Tariff Act read with any relevant notification (other than this notification) issued under sub-section (1) of section 5A of the said Central excise Act.
In exercise of the powers conferred by Section 5 of the Foreign Trade ( Development & Regulation ) Act, 1992 ( No. 22 of 1992) read with 1.1, 2.1 and 2.4 of the Export and Import Policy, 2002-2007( As amended upto 31.3.2003 ), the Central Government hereby makes the following amendments in the Schedule 2 ITC(HS) Classification of Export and Import items.
n the Private Limited Company and Unlisted Public Limited Company ( Buy-back of Securities) Rules, 1999, in Schedule-II, after clause (xx), the following clause shall be inserted, namely
In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Paragraph 1.1 of the Export and Import Policy, 2002-2007, as amended from time to time, the Central Government hereby makes the following amendments in Exim Policy, 2002-07 (as amended upto 31.3.2003).
A new Appendix IV to Schedule I of ITC(HS) Classification of Export and Import Items, 2002-2007, will be appended. This Appendix IV will contain a list of countries which are parties to the “Montreal Protocol on substances that deplete the Ozone layer”. This is with reference to Licensing note of Chapter 29 in ITC (HS) Classification of Export and Import Items, 2002-2007.
Notification No.84 – Income Tax It is notified for general information that enterprise/industrial undertaking, 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 2002-2003, 2003-2004 & 2004-2005
