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CLR Snippets | Committee on Export Promotion to evaluate services to exporters
A Technical Committee on Services I Facilities to Exporters has been constituted under the chairmanship of Shri G Padmanabhan, Executive Director Reserve Bank of India (RBI). The Committee has representation from the EXIM Bank, Export Credit Guarantee Corporation (ECGC), Federation of Indian Export Organization (FIEO), Indian Banks` Association (IBA), Foreign Exchange Dealers Association of India… Read More
Major Tea producing Nations form “International Tea Producers Forum”
Major tea producing Countries have come forward in setting up of a Forum for the producers to interact more closely with each other on matters of common interests. The forum would also articulate and facilitate the implementation of decisions emanating from Food and Agriculture Organisation (FAO)/ Inter Governmental Groups (IGG) on Tea Meetings. The Forum… Read More
Data on Import of sub-standard product from China
The details of cases of import of sub-standard products from China detected by the Customs Department for the last four years is as under: Year Number of Cases Value of goods involved (Rs.in Crores) Duty involved (Rs. In Crores) Fine/Penalty imposed (Rs.inCrores) 2009-10 49 2.802 0.432 1.0518 2010-11 3 0.746 0.013 0.049 2011-12 - - - - 2012-13 (uptoFebruary, 2013) - - -… Read More
Anti-Dumping Duty on Import of Solar PV Modules
The Ministry examines the effects of dumped goods on the domestic industry, and not cheap goods. Dumping takes place if the export price of a product is less than the normal value prevailing in the exporter™s country. In order to offset the adverse effects of dumped imports, Domestic Industry can avail the trade defence measures… Read More
Schemes Implemented by MPEDA to Boost Export
The Government established The Marine Products Export Development Authority (MPEDA) in 1972 to promote the export of marine products. MPEDA has taken appropriate steps to boost export by effectively implementing a number of schemes. The details of the schemes are mentioned in the Annexure. The details of exports are given below:- TOTAL EXPORT OF MARINE PRODUCTS… Read More
Airlines to charge fees for unbundled services
Civil Aviation Ministry Permits Scheduled Airlines to Charge Fees for Certain Unbundled Services Separately The Minister for Civil Aviation ,Shri Ajit Singh, has decided to permit scheduled airlines to unbundle certain services and to charge fees for these services separately. This is based on the recommendations of the Nathan Economic Consultants in their report on… Read More
President Speak | Tax Payer an important partner in revenue generation
The President of India, Shri Pranab Mukherjee attended the Valedictory Ceremony of the 65th Batch of Indian Revenue Services today (April 29, 2013) at Nagpur. Speaking on the occasion the President said tax collection is neither a simple nor popular task. Tax collectors should be conscious of the rights and duties of citizens. The tax… Read More
Auction of Government of India Dated Securities
Ref.No.IDMD /3001/08.02.032/2012-13 April 29, 2013 All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers. Dear Sirs, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) (a) 7.83 percent Government Stock 2018 for a notified amount of Rs.3,000 crore (nominal)… Read More
CLR Snippets | RBI releases Data on ECB / FCCB for March 2013
The Reserve Bank of India has today released the data on External Commercial Borrowings (ECB) and Foreign Currency Convertible Bonds (FCCB), both through Automatic Route and Approval Route, for the month of March 2013. Ajit Prasad Assistant General Manager Press Release : 2012-2013/1797 Read More
Retrospective operation of Section 80IA(4) is valid as per amendment
CLR Editorial Notes: In this case, a retrospective amendment made in Sec 80IA(4) of the IT Act, was challenged by the appellant, on the following grounds: (i) it was a fresh levy of tax, (ii) no reasons were given to support the retrospective levy, (iii) the period of retrospective operation was long and so it… Read More
Settlement Commission has no jurisdiction to grant immunity or waiver from the statutory liability to pay interest
Ratio of the Case: With effect from 1 June 2007 an amended provision was brought into force by which the Settlement Commission cannot any longer grant a waiver or immunity from the liability to pay interest. CLR Editorial Notes: The Petitioner is this case had challenged an order of the Settlement Commission under section 127 C (5) of… Read More
Section 11AC penal provision can be invoked on an intent to evade payment duty
CLR Editorial Notes: This is an Appeal filed by the Appellant against an Order-in-Appeal filed by the Department for a penalty on Excise duty payments. The Appellant is engaged in the manufacture of Electric Meters; during the period June 2005 to May 2007 they have received small quantity of Electric Meter for trading purpose and the same were traded. In… Read More
Cenvat Rule 6 – In case of clearances to SEZ units, No reversals are required
CLR Editorial Notes: In this appeal filed by the assessee, the challenge was against a demand raised on the appellant in terms of Rule 6(3) of the CENVAT Credit Rules 2004 for the period from July to December 2008. During the said period, the appellant (a unit in the domestic tariff area) had cleared their products to… Read More
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