Shri. G. E. Veerabhadrappa, the senior-most Vice President of the Tribunal, was vide order dated 13.10.2011 appointed President of the Tribunal in an “officiating capacity till the post was filled up on regular basis“. Vide notification dated 5.5.2012 the said order was modified to read “in an officiating capacity up to 31.8.2012 or further orders“. On 31.8.2012, Shri. H. L. Karwa (the junior-most Vice President) was appointed the President in place of Shri. G. E. Veerabhadrappa. Shri. Veerabhadrappa was thereafter transferred on 7.11.2012 to Calcutta. Shri. Veerabhadrappa filed a Petition before the Central Administrative Tribunal (“CAT”) claiming that (i) the curtailment of the period of appointment till 31.8.2012 was unjustified, (ii) his removal from the post of President was actuated by “malice and personal vendetta” of the Law Secretary owing to his refusal to cancel the transfers of Shri. Hari Om Maratha and Smt. Diva Singh and (ii) the appointment of Shri. H. L. Karwa as President was irregular as found by the Appointments Committee of the Cabinet. The Law Ministry opposed the Petition on the ground that there were complaints regarding integrity and that the decision was taken at the highest level after “due consideration”. The CAT dismissed the Petition and Shri. Veerabhadrappa filed an appeal to the High Court. HELD by the High Court admitting the appeal but refusing interim stay: |
Thursday, 4 July 2013
G. E. Veerabhadrappa vs. UOI (Bombay High Court)
Interim stay on audit report is a sufficient reason to condone delay in filing appeal, says HC
AO not to record his satisfaction separately if penalty proceedings are initiated in assessment orde
INCOME TAX APPELLATE TRIBUNAL MUMBAI CONSTITUTION OF BENCHES FROM 08.07.2013 TO 11.07.2013
Amended Health Insurance guidelines: Medical practitioners cover Homeopathic Drs.; ‘Newborn’ mayn’t
Restriction to keep min. gap between two privately placed NCDs deferred, RBI clarifies
RBI eases ODI norms; allows residents to maintain Foreign Currency accounts for ODI purposes
Onion Prices Shoot Up By 52% In A Month
NASHIK: Onion prices at the country's largest wholesale market at Lasalgaon, near Nashik, have shot up by 52.17% in the last one month, triggering a hike in rates at the local retail markets as well. The average wholesale onion prices at the Lasalgaon Agriculture Produce Market Committee (APMC) in the district have gone up from Rs 1,225 per quintal last month, to Rs 1,750 per quintal on Thursday.
In the retail market in Nashik, on Thursday, good quality onion was being sold at Rs 25 per kg against Rs 15 per kg, a month ago.
Market officials said that the prices could go up to Rs 2,000 per quintal in the next fortnight if the demand from other parts of the country increases. Currently, onions from Lasalgaon are being supplied to West Bengal, Punjab, Madhya Pradesh and Rajasthan and being exported to Malaysia, Dubai and Bangladesh.
They blamed the decline in the supply of the crop over the last month and increase in demand in the domestic market for the price rise. The market on an average receives close to 15,000 to 20,000 quintals of onion a day, which has now declined to 9,000 to 11,000 quintals a day.
Speaking to TOI, a senior official from Lasalgaon APMC said, "The supply of onions from adjoining states of Madhya Pradesh and Rajasthan has decreased, while the demand for onion from Bangladesh has increased. This has led to the rise in the wholesale prices of onions in the wholesale market in the past one month."
The current produce reaching the market is the summer crop, which was harvested in April and May. As the shelf life of the summer crop is around seven to eight months, the farmers having storage capacity are storing onions with a hope of getting better prices. The official said that the summer crop will continue to arrive in the market until the arrival of Kharif crop, which is harvested in November.
In the past, onion prices had shot up in 2010 as the production in Kharif season was badly affected because of bad weather and unseasonal rains. In December 2010, average wholesale onion prices had reached around Rs 3,800 a quintal.
With an aim to control the price rise, the central government had imposed a ban on exporting onions on 20 December 2010. But, by the time government imposed ban on export, the summer crop stored by traders and farmers had already been exported. As a result, the Central government was compelled to import onion from the neighbouring countries like Pakistan and Bangaladesh to control the scarcity of crop.
Source:-timesofindia.indiatimes.com
Oil Export Solution On The Utsira High
4-Jul-2013
Statoil and its partners have made the investment decision for a joint oil export solution for the Edvard Grieg and Ivar Aasen fields.
The oil will be transported via a 43-kilometre oil pipeline from Edvard Grieg to the Grane oil pipeline, and then on to Sture.
The transport solution is a precondition for developing the Edvard Grieg (operated by Lundin) and Ivar Aasen (operated by Det norske oljeselskap) fields. Edvard Grieg is scheduled to start producing in 2015 and Ivar Aasen in 2016. The new pipeline will be called the Edvard Grieg oil pipeline.
Statoil is a partner in both fields and operator for the joint venture for oil transport.
The investment decision was made by Statoil and the partners, based on a recommended solution from Gassco. A plan for installation and operation (PIO) has been submitted to the Norwegian Ministry of Petroleum and Energy.
'We are an important player in the Sleipner and Utsira area, and are therefore concerned with robust solutions that provide the possibility of expanded activities in the area in the future,' says Tor Martin Anfinnsen, senior vice president for trade with crude oil, wet gas and refined products in Statoil.
Statoil's extensive project experience from similar projects and market position within procurements and pipeline installation constitute the framework for implementation of the project.
Source:-www.oilvoice.com
HC allowed ‘Provision for warranty’ as there were instances that actual exp. exceeded such provision
Adjudication order without disposing off the request for cross examination of witness is quashed
Rupee Opens Flat At 60.11 Per Dollar
The Indian rupee opened flat at 60.11 per dollar versus 60.13 yesterday.
Anant Narayan, Standard Chartered Bank said, "Demand from oil importers and the much expected inflows for the HUL open offer led to rupee volatility yesterday. The rupee could be weak on overnight dollar strengthening. The range for the day is seen between 60.10-60.40/USD."
Source:-www.moneycontrol.com
Privatization At India’S Dozen Big Ports Needs An Urgent Dose Of Reform
4-Jul-2013
India’s plan to triple cargo-handling capacity at its ports to 3.2 billion tonnes by 2020 with private funds worth Rs.3 trillion is losing steam after many marquee project tenders collapsed because of a lack of interest from bidders.
A mega container terminal at Chennai port failed to receive any price bids after several deadline extensions. In many instances, port authorities are receiving just one-two price bids, offering revenue share in the single digits. Notable among these is a project to ramp up capacity at Haldia Dock Complex of Kolkata port with private funds worth Rs.1,710 crore. Kolkata port received a solitary bid from a private firm that offered a revenue share of 1%. Port contracts are decided on the basis of revenue share—the entity that’s willing to share the most from its annual revenue gets the deal. A Rs.650-crore plan to expand container-handling capacity at Visakhapatnam port is in trouble as the lone bidder offered a revenue share of 4%.
While India’s shipping ministry appears to be optimistic about the success of its port privatization plans, the ground reality presents an entirely different picture with the annual target for awarding port contracts being missed repeatedly.
So much so that Prime Minister Manmohan Singh stopped short of setting an annual target for awarding port projects for the fiscal that began on 1 April, unlike in the previous two years.
Of the proposed two new ports—one in Andhra Pradesh and the other in West Bengal—he directed the shipping ministry to award only one over the next six months at a review meeting of infrastructure ministries held on 28 June. Projects awarded at very high revenue share quotations have failed to progress after the successful bidder realized the project was unviable at that rate, as in the case of the fourth container terminal at Jawaharlal Nehru port, near Mumbai, and had to be scrapped. At Ennore port, the successful bidder for a container terminal abandoned the contract after failing to get bank funding due to the high revenue share it had quoted in the tender.
A private container loading facility at Kandla port collapsed last year, just a few years into a 30-year contract, because the port authority did not fulfil its obligations under the contract.
Given the general slowdown in the economy, accompanied by low cargo volume and a difficult funding environment, port developers are seen to prefer smaller projects with a lower risk profile. Developers having captive cargo are also increasingly winning port contracts because they are better placed to implement projects without any snags. As India’s port expansion plans face multiple hurdles, the shipping ministry is smug in its belief that all is well, hoping that the tide will turn when the economy improves.
In the ports sector, public-private partnerships (PPPs) are partnerships only in name. That’s because the risks associated with PPP port projects are heavily loaded onto the private developer; there is no proper risk sharing between the two sides. Squeezing out the highest revenue share from private developers is the cornerstone of India’s port privatization programme.
The low bidder turnout and the single-digit price quotations should be a cause for worry for port authorities in awarding contracts because it will lead to allegations of selling port assets cheaply. Secondly, it has sparked fresh demands from port unions that the capacity expansion plan should be financed by the government-owned ports themselves from internal resources without relying on private funds. Unions have opposed the privatization of cargo-handling activities for fear of losing jobs.
Their fears have been borne out by the fact that the number of regular workers at the 12 Union government-controlled ports has fallen below 51,000 from nearly 100,000 about a decade ago when the port privatization programme was flagged off.
The government recently approved several policy decisions to hasten the implementation of highway projects, another sector in which projects have got stuck. These include altering the timeline for stake sales by the original promoters of highway projects and streamlining the environment clearance process.
India’s ports sector could similarly benefit from some policy decisions, such as granting flexibility to port operators to build capacity gradually, depending upon the growth in cargo rather than in one go at the beginning of the contract period, irrespective of volume.
Projects also have to be structured in such a way that they attract more bidders and, more so, competitive price bids. Port projects should also be put to tender only after receiving environmental clearance rather than the other way round, which is currently the norm. This will help insulate the private investor from cost escalations due to delays in statutory approvals. And the sooner the guidelines on a free-pricing regime are announced by the shipping ministry that controls the 12 ports, the better it will be for boosting investor sentiment in the sector.
Source:-www.livemint.com
How To Benefit From Service Tax Amnesty
4-Jul-2013
Today, almost all services fall within the ambit of service tax, except for a few that feature in the negative list. When the negative list concept was introduced last year, 17 broad categories of services - such as public transport, health and education were included in it. Later, a master circular was issued in June 2012, which exempted 39 services from the ambit of service tax. Budget proposals introduce changes to the negative list and updates are available on CBEC's website. Currently, the service tax exemption limit is Rs 10 lakh and the current rate is 12%.
As a first step, if you are providing any services to another person for consideration (other than as a salaried employee ), it is advisable to look up the negative list to see whether you fall within the service tax net (http:// www.servicetax.gov.in/notifications /notfns-2012 /st25-2012 .htm). If you do and have defaulted , you could benefit from the Voluntary Compliance Encouragement Scheme, popularly referred to as the Service Tax Amnesty Scheme 2013. The Central Board of Excise & Customs ( CBEC) on May 13, 2013 issued a notification providing clarifications about the amnesty scheme. Read on to learn more...
I haven't registered under the Service Tax Act. Can I still opt for amnesty scheme?
Yes, after registering, a taxpayer with pending service tax dues can make a declaration under the amnesty scheme. Details of registration are available at https:// www.aces .gov.in/Reg_FAQ.jsp. If you have registered, but haven't filed your return or not made correct disclosures in your service tax return, you can still opt for the amnesty scheme.
What are the salient features of the amnesty scheme?
The service tax dues in respect of which the amnesty is available pertain to the period from October 1, 2007 up to December 31, 2012. The defaulting taxpayer has to pay 50% of the dues by December 31, 2013 and the remaining by June 30, 2014. In case the June 2014 deadline is missed, the tax dues should be paid by December 31, 2014 together with interest for the period of delay, computed from July 1, 2014. Service tax dues under the amnesty scheme will be computed at the rates applicable at the time when these taxes were originally due and not the rates prevailing on the date of making the amnesty declaration or actual deposit of tax under the scheme. Actual payment of service tax dues has to be made. The notification clarifies that un-used CENVAT credit cannot be used to set off the tax payable under the amnesty scheme.
What are the benefits available under the amnesty scheme?
The amnesty scheme offers immunity from penalty, interest and any other proceeding under the service tax laws provided the declaration of unpaid service tax dues made under the scheme is truthful. If the service tax authorities believe that the voluntary declaration of tax dues is not accurate , they have the power to scrutinize the books.
Who is not eligible to opt for the amnesty scheme?
Service tax dues in respect of which: (i) any showcause notice or order of determination under section 72, 73 or 73A of the Finance Act, 2013, has been issued as of March 1, 2013, or (ii) any audit, investigation or audit has been initiated by way of search, issuance of summons or requiring production of information ; and such an audit, investigation into the same is pending are not covered under the scheme.
Source:-timesofindia.indiatimes.com
Surgical Cotton Export Opens Up Lucrative Oppurtunities For Indian Farmers
PUNE: Desi cotton varieties are likely to open up a huge export market of surgical cotton, giving a remunerative alternative to cotton farmers from rain-fed areas like Vidarbha. India is the only country that grows desi cotton varieties highly suitable for surgical cotton.
The project of high-density cotton cultivation using desi varieties, being implemented by the Central Institute of Cotton Research , has been extended to 37 rain-fed districts this year after being implemented in 8 districts of Vidarbha last year.
The aim of the project is to increase cotton yield in shallow soils where Bt cotton is not suitable. The coarse fibre of desi cotton rolls easily in large layers. With large untapped export market and a huge unmet domestic demand, farmers have been getting more price for desi cotton over its Bt counterpart in the last 7-8 years.
"The desi cotton production in the country is not enough to meet the domestic requirement. If we can increase its production, we will be able to develop an export market," said PR Ramasubramanian, deputy general manager, Ramaraju Surgical Cotton Mills, a leading manufacturer of surgical cotton with an annual turnover of Rs 250 crore in 2012-13. In the high-density planting system used in this project, the aim is to get 1,800 kg lint/hectare from a plant population of 1.67 lakh plants/hectare.
"Even if each plant bears six bolls of 4 gram each, we can get 1,800 kg lint from a hectare," said K Kranti, director, CICR. This method of cultivation is used successfully in Brazil, where cotton is grown in rain-fed shallow soils with five times the Indian shallow soil cotton yield. More than 30% of the cotton area in India consists of shallow cotton soils, especially in the Vidarbha region. Bt cotton is not suitable for these soils as it requires high input costs and timely irrigation.
Source:-economictimes.indiatimes.com
Government Plans To Hike Sugar Import Duty To 15%
4-Jul-2013
NEW DELHI: The government plans to increase import duty on sugar to 15 per cent from the current 10 per per cent in order to curb shipments and clear sugarcane arrears to farmers estimated at about Rs 9,000 crore.
The imports are putting pressure on domestic prices and thereby preventing millers from clear cane arrears to farmers. Currently, millers are selling sugar to wholesalers/traders at rates lower than even the cost of production.
"We had a meeting on this issue today. The Finance Minister and the Agricuture Minister were also present. We have agreed to raise import duty on both raw and refined sugar to 15 per cent," Food Minister K V Thomas told PTI.
Stating that the industry has demanded higher sugar import duty of 30-40 per cent, the Minister said: "We have taken cautious steps and agreed for a marginal increase of 5 per cent fearing price rise at a time when state governments have started procuring sugar from open market for PDS."
This will help mills to clear cane arrears, which have risen to Rs 9,000 crore from Rs 5,000 crore in the last one year, he added.
After the meeting, Food Ministry has moved a proposal to this effect to the Finance Ministry for formal approval.
According to the Indian Sugar Mills Association (ISMA), the country has imported nearly 6,00,000 tonnes of raw sugar and another 1,00,000 tonnes of refined sugar from Pakistan so far this marketing year.
Commenting on the government's plan, ISMA Director General Abinash Verma said, "The industry has demanded increase in import duty to 40 per cent. The import duty of 15 per cent may not be sufficient to stop imports completely."
He said that market sentiments are dampened because of imports, leading to a fall in prices and preventing traders from stocking the sweetener.
Currently, ex-factory price of sugar in Uttar Pradesh and Maharastra is ruling at Rs 31 and 28.50 per kg, respectively, as against the production cost of Rs 35 and Rs 31 per kg, respectively.
The country has sufficient stocks to meet the domestic demand. Production is estimated to be at 24.5 million tonnes in 2012-13 marketing year (October-September), against the annual demand of 22-23 million tonnes.
Source:-economictimes.indiatimes.com
If statue allows perpetuity in sec. 80G exemption, it can't be withdrawn without giving an opportuni
P Chidambaram hopes to place direct taxes code bill in Monsoon session
The government plans to introduce a bill for a direct taxes code (DTC) during the forthcoming monsoon session of Parliament, Finance Minister P Chidambaram has said.
The code, which will replace the existing Income Tax Act 1961, aims to rationalise tax rates to bring more people and companies under the tax net.
"It (modified draft of DTC) will be ready in a day or two. Then we will take it to the Law Ministry and do the drafting. Once the drafting is done, we will take the note to the Cabinet and the official amendments to the Direct Taxes Act, 2010, I hope to place it in the Monsoon session," he told PTI.
The month-long monsoon session of Parliament is expected to start in late July.
The Minister said there are three versions to the DTC Bill -- the DTC 2009 version, DTC 2010 bill and the Standing Committee report-- and he would endeavour to reconcile them.
"We have to reconcile all three as far as possible and I have an obligation to adhere, as far as possible, to the recommendations of the Standing Committee," Chidambaram said.
The DTC Bill was introduced in Parliament in 2010 and was referred to the Standing Committee on Finance headed by senior BJP leader Yashwant Sinha.
Among other things, the Committee had suggested raising the income tax exemption limit to Rs 3 lakh as against Rs 2 lakh proposed in the DTC Bill, 2010.
The Income Tax Act was enacted in 1961. The first draft prepared by Chidambaram in 2009 had proposed a income tax slab from Rs 1.6-10 lakh, Rs 10-25 lakh and Rs 25 lakh and above. Besides, the corporate tax was proposed at 25 per cent.
This was followed by the draft DTC Bill prepared by the then Finance Minister Pranab Mukherjee in 2010 which proposed the slabs at Rs 2-5 lakh, Rs 5-10 lakh and Rs 10 lakh and above. Here the corporate tax was proposed at 30 per cent.
The Standing Committee in its recommendation suggested the slabs in the brackets of Rs 3-10 lakh, Rs 10-20 lakh and Rs 20 lakh and above. On corporate tax, it recommended that the rate be retained at 30 per cent.
The current rates for income tax would continue at 10, 20 and 30 per cent respectively.
Quarterly interest means depositors lose Rs 2500 crore per year
To study the impact of this discrimination, one needs to compare the interest liability on a Rs 1 lakh education loan at the end of the year compared to earnings from a fixed deposit assuming interest on both was 10%. While the interest earned on the FD would be around Rs 10,381, the interest liability on the loan would be Rs 10,471. Such comparison is only possible in education loans where there is no repayment in the first year.
At present, the Reserve Bank of India (RBI) mandates banks to apply interest on deposits at quarterly or larger intervals. Banks also calculate interests accrued on a fortnightly basis but only for reporting to RBI.
The technical report by Ashish Das from IIT's mathematics department published this week is expected to be taken seriously by RBI, considering that the central bank itself had raised the issue in the past. The report, titled 'Interest of bank depositors in chaos', has studied interest application frequency on bank deposits and the methodology used by banks in calculating interest income.
The regulator also paid heed to earlier reports from the same author, which resulted in regulatory changes including recommendation that banks apply interest on daily balances in savings deposits. A subsequent paper had suggested that RBI directs banks to reduce fees charged to merchants for settling payments from debit cards since banks were merely transferring funds from customer accounts and not providing a loan to the cardholder as was happening in credit cards.
"The application of interest at six monthly rests has been more of a legacy. It was more from the ease and convenience of interest computation at the pre-computer era. Such a scenario no longer exists since the country today has a satisfactory level of computerization in commercial banks," said Das. The report points out that because of lax regulation some banks such as HDFC Bank (effective April 2011) moved from their earlier quarterly application of interest to half yearly application. "Such a move, though beneficial to the banks, is at the cost of their SB depositors," the report said.
If banks were directed to apply interest at the end of every month, the return for the depositor would rise by a around Rs 90 for someone with a Rs 1 lakh FD.
At a systemic level, total savings to banks runs into crores considering that there are 800 million bank accounts with Rs 15.5 lakh crore in savings accounts and Rs 45 lakh crore in FDs.
The study also finds that the amount of tax deducted at source can come down by Rs 400 to Rs 500 crore if banks applied TDS at the end of the financial year and paid the amount out of savings account rather than charging it to the fixed deposit.
Matter remanded as provisions of DTAA weren’t examined by AO while taxing the receipts
EPFO unveils revised PF transfer form for online transactions
The launch of full fledged service of online transfer of provident fund transfer claims would take more than a month, EPFO's Central Provident Fund Commissioner K K Jalan said.
The revised transfer claim form, which could be used online as well as manually, was unveiled by the Labour and Employment Minister Sis Ram Ola.
According to Jalan, the full fledged service of online transfer of PF accounts on changing jobs would be possible only after employers' have digital signatures for the purpose. This is estimated to cost around Rs 700 for an employer.
At present, Employees' Provident Fund Organisation (EPFO) is supposed to settle a transfer of PF claim in 30 days period as per its citizen charter. Through online settlement of claims, the body envisages to do it in three days.
On this occasion, the Minister said the expectation of EPFO beneficiaries for a timely settlement of claims is a justified one.
During 2012-13, 107.62 lakh claims were settled, out of which 88 per cent of claims were processed within the prescribed 30 days as per the body's citizen charter. EPFO is expecting 1.2 crore claims in the current fiscal.
The Labour Minister directed that all efforts should be made to not only settle the claims within the time, but also to reduce the time taken in settlement of claims.
The revised form will be called 'Transfer Claim Form' instead of Form 13 for easy comprehension by beneficiaries.
The form can be presented after verification, either through the present employer or the previous employer. Earlier, the form could be submitted after verification only through the present employer.
Exp. incurred within India can’t be compartmentalized as head office exp.; can’t be disallowed under
HC grants relief to assessee even after CCE(A) dismissed appeal due to expiry of permissible condona
Transfer of a case should be followed by transfer of pending proceedings as well
Participation in tender and borrowing on interest establishes commencement of business
Hiring of railway wagons to railways isn’t ‘Supply of Tangible Goods for Use Services’ - HC
Notification No 25 (RE-2013) / 2009-2014 dated 03-07-2013
GOVERNMENT OF INDIA
MINISTRY OF COMMERCE AND INDUSTRY
DEPARTMENT OF COMMERCE
NOTIFICATION NO.25 (RE-2013)/ 2009-2014
NEW DELHI, DATED The 3rd July, 2013
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the following amendments in the Foreign Trade Policy(FTP) 2009-2014.
Para 4A.2.1 and Para 4A.2.2 of FTP are being amended to allow reduction in size of diamond from ‘0.25 carat and above’ to ‘0.10 carat and above’ for certification by authorised laboratories in India and abroad (and re-import duty free in case of export after certification). After amendment the opening portion of the amended paras 4A.2.1 & 4A.2.2 would read as under:-
“4A.2.1 Following are authorised laboratories for certification/grading of diamonds of 0.10 carat and above:.........”
“4A.2.2 An exporter (with annual export turnover of Rs 5 crores for each of the last three years) may export cut & polished diamonds (each of 0.10 carat or above) to any of the above agencies/laboratories with re-import facility at zero duty within 3 months from the date of export.”
Effect of this Notification: Cut & polished diamonds of 0.10 carat or above can be exported and thereafter re-imported duty free after certification by authorised laboratories. Earlier this was allowed for diamonds of size 0.25 carat and above only.
(Anup K. Pujari)
Director General of Foreign Trade and
E-mail:dgft@nic.in
(Issued from F. No. 01/94/180/165/AM12/PC-4)
Customs Notification No. 14/2013-Customs (ADD) dated 03-07-2013
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 14/2013-Customs (ADD)
New Delhi, dated the 3rd July, 2013
G.S.R. (E).- Whereas in the matter of import of Acetone (hereinafter referred to as the subject goods), falling under tariff item 2914 11 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act) , originating in, or exported from, the Chinese Taipei (hereinafter referred to as the subject country) and imported into India, the designated authority vide its final findings, in notification No. 14/04/2006-DGAD, dated 4th January 2008 published in the Gazette of India, Extraordinary, Part I, Section I, dated the 4th January, 2008 had recommended imposition of anti-dumping duty on all imports of the subject goods from subject country in order to remove the injury to the domestic industry;
And whereas, on the basis of the aforesaid findings of the designated authority, the Central Government had imposed an anti-dumping duty on the subject goods, vide notification of the Government of India in the Ministry of Finance (Department of Revenue), notification No. 33/2008-Customs, dated the 11th March, 2008 , published in Part II, Section 3, Sub-Section (i) of the Gazette of India, Extraordinary, dated the 11th March, 2008 vide number G.S.R. 174 (E), dated the 11th March, 2008;
And whereas, M/s Chang Chun Plastics Co. Ltd, Chinese Taipei had requested for review in terms of rule 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules) in respect of exports of the subject goods made by them, and the designated authority, vide new shipper review notification No. 15/30/2010-DGAD dated the 20th April, 2011 published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 20th April 2011, had recommended provisional assessment of all exports of the subject goods made by the above stated party till the completion of the review by it;
And whereas, in exercise of the powers conferred by sub-rule (2) of rule 22 of the said rules, the Central Government, after considering the aforesaid recommendation of the designated authority, vide, notification of the Government of India in the Ministry of Finance (Department of Revenue), notification No. 44/2011-Customs, dated the 27th May, 2011 , published in Part II, Section 3, Sub-section (i) of the Gazette of India, Extraordinary, dated the 27th May, 2011 vide number G.S.R. 416 (E), dated the 27th May, 2011 had ordered that pending the outcome of the said review by the designated authority, the subject goods, when exported by M/s Chang Chun Plastics Co. Ltd, Chinese Taipei and imported into India, shall be subjected to provisional assessment till the review is completed;
And whereas, the designated authority vide notification No. 15/2/2011-DGAD, dated the 15th April, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 15th April,2011, had initiated review in terms of sub-section (5) of section 9A of the said Customs Tariff Act, read with of rule 23 of the said rules, in the matter of continuation of anti-dumping duty on imports of said goods, originating in, or exported from, said country, and had recommended withdrawal of the said anti-dumping duty vide notification No. 15/2/2011-DGAD, dated the 10th April,2012, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 10th April,2012;
And whereas, on the basis of the aforesaid findings of the designated authority, the Central Government had withdrawn the antidumping duty on imports of said goods from the said country vide, notification of the Government of India in the Ministry of Finance (Department of Revenue), notification No. 29/2012-Customs (ADD), dated the 29th May, 2012 , published in Part II, Section 3, Sub-Section (i) of the Gazette of India, Extraordinary, dated the 27th May, 2011 vide number G.S.R. 398 (E), dated the 29th May, 2012;
And whereas, the designated authority in the matter of new shipper review initiated vide notification No. 15/30/2010-DGAD dated the 20th April, 2011 published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 20th April 2011, vide its final findings in notification No. 15/30/2010-DGAD, dated 17th April, 2013 published in the Gazette of India, Extraordinary, Part I, Section I, dated the 17th April, 2013 had recommended to impose anti-dumping duty of USD 201.27 per MT on all imports of subject goods, when exported by M/s Chang Chun Plastics Co., Ltd., Chinese Taipei and imported into India during the period from the date of initiation of the new shipper review investigation recommending provisional assessment namely the 20th April, 2011 to the date of withdrawal of antidumping duty by Department of Revenue vide Notification No.29/2012-Customs (ADD) dated the 29th May, 2012 ;
Now, therefore, in exercise of the powers conferred by sub-section (1) read with sub-section (5) of section 9A of the said Customs Tariff Act, read with rules 18, 20 and 22 of the said rules, the Central Government, herby orders that all imports during the period from the date of initiation of the new shipper review investigation recommending provisional assessment namely the 20th April, 2011 to the date of withdrawal of antidumping duty by Department of Revenue vide Notification No.29/2012-Customs (ADD) dated 29th May, 2012 of the subject goods exported by M/s Chang Chun Plastics Co. Ltd, Chinese Taipei and subjected to provisional assessment in pursuance of the notification of the Government of India in the Ministry of Finance (Department of Revenue), notification No. 44/2011-Customs, dated the 27th May, 2011 , published in Part II, Section 3, Sub-section (i) of the Gazette of India, Extraordinary, dated the 27th May, 2011 vide number G.S.R. 416 (E), dated the 27th May, 2011 shall be subjected to final assessment on the payment of anti-dumping duty of USD 201.27 per MT.
Explanation. - For the purposes of this notification, rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
[F. No. 354/ 65/2007-TRU (Pt-1)]
(Akshay Joshi)
Under Secretary to the Government of India
Assessee to be informed beforehand by revenue before adjustment of its refund with the pending deman
Services of passenger transport starting and ending in India are taxable in India
RBI announces guidelines on capital requirements for bank exposures to central counterparties
RBI issues updated Master Circular on nomination facility of relief or saving bonds
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INCOME TAX APPELLATE TRIBUNAL,NEW DELHI CONSTITUTION OF BENCHES FROM 08.07.2013 TO 11.07.2013
IT cash flows to rise with new service tax rule
The government's notification on Tuesday that allows SEZs and units operating in them to not pay service tax - instead of paying the tax and then claiming refunds - is expected to remove a major source of pain for IT companies and improve their cash flow.
With the STPI (Software Technology Parks of India) tax holiday ending, the SEZ scheme, with its tax advantages , have become important for the IT sector as a means to retain its competitive edge globally. In April this year, the government provided a big boost to IT SEZs when it withdrew the minimum land area requirement for them. Previously, an IT SEZ could be established only on land area of 10 hectares or more. This hugely restricted the ability of companies to claim SEZ benefits. Nasscom said the upfront service tax exemptions would enable at least 80% of services used by SEZs to be exempt from imposition of service tax . These would include services like leased line, telecom, manpower supply, software licensing, and renting and maintenance. The new notification also allows a consolidated filing for multiple SEZ units with a common service tax registration. "This will reduce the number of filings we have to do," Mittal said. Mittal hoped that the new notification would also speed up refunds of payments made in the past. "We have heard that the Central Board of Excise and Customs has instructed IT commissioners in different regions to do that. And we find that some refunds are already happening," he said. In April, government withdraws minimum land area requirement for IT SEZs. On June 30, government issues circular recognizing that all R&D centres cannot be painted with the same brush, thus bringing clarity on issues like transfer pricing which has led to lots of litigation by IT MNCs. On July 2, government issues notification that allows SEZs and units operating in them to not pay service tax. Earlier, the tax had to be paid and then companies had to claim refunds, which resulted in lots of paper work and funds being locked up. Government has said it will shortly issue `Safe Harbour' rules. These are international disclosure practices that will bring further certainty in assessment of R&D centres and check litigations in transfer pricing. |