Budget 2014-15 : Amendments proposed in Service Tax, Excise and Customs

Budget 2014-15 : Amendments proposed in Service Tax, Excise and Customs

[Indian Customs Non-Tariff Notification] : Seeks to specify class of persons for the purposes of section 28E of the Customs Act, 1962.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 51 /2014-Customs (N.T.)

New Delhi, the11th July, 2014

G.S.R. (E).- In exercise of the powers conferred by sub-clause (iii) of clause (c) of section 28E of the Customs Act, 1962 (52 of 1962), the Central Government hereby specifies "the resident private limited company" as class of persons for the purposes of the said clause.

Explanation.- For the purposes of this notification,-

(a) "private limited company" shall have the same meaning as is assigned to "private company" in clause (68) of section 2 of the Companies Act, 2013 (18 of 2013);

(b) "resident" shall have the same meaning as is assigned to it in clause (42) of section 2 read with sub-section (3) of section 6 of the Income-tax Act, 1961 (43 of 1961).

[F.No. 334/15/2014-TRU]

(Pramod Kumar)

Under Secretary to the Government of India

Budget 2014-15 : Highlights of amendments proposed in Service Tax

Union Budget, 2014-15: Changes in Service Tax - reg.

India’S Oilmeal Exports Down

India’s oilseed meal exports have declined by 31 per cent at 592,850 tonnes for the first quarter ended 30 June 2014 (April to June).During the same period last year, exports of oilmeal were recorded at 856,686 tonnes, Solvent Extractors’ Association of India (SEAI) said in a quarterly report.

In June 2014, export of soybean meal drastically reduced to just 2,637 tonnes, lowest in the history, however export of rapeseed meal and castor meal saved the situation and reported at 193,313 tonnes compared to 360,822 tonnes in June 2013, the statement adds.

SEAI said, export of soybean meal reduced due to poor availability of soybean coupled with high price lead to total disparity in international market.

South Korea, Iran and Thailand were the major importers of oilmeal during the first quarter.

Oilmeal import by South Korea during April-June was reported at 295,249 tonnes, against 304,745 tonnes, consisting 142,750 tonnes of rapeseed meal, 152,062 tonnes of castor meal and 617 tonnes of soybean meal.

Iran imported of 102,275 tonnes, as compared to 260,734 tonnes last year consisting of 35,500 tonnes of soybean meal and 66,775 tonnes of rapeseed meal, the statement adds.

Thailand imported of 44,192 tonnes, as compared to 55,810 tonnes, consisting 41,800 tonnes of rapeseed meal and 2,392 tonnes of soybean meal.

Viet Nam imported 29,664 tonnes, compared to 37,156 tonnes last year consisting of 16,091 tonnes of rapeseed meal, 3,462 tonnes of soybean meal and 10,111 tonnes of rice bran extraction.

Taiwan imported 20,866 tonnes, against compared to 27,521 tonnes of last year consisting of 13,995 tonnes of rapeseed meal and 6,833 tonnes of castor meal and small quantity of 38 tonnes of soybean meal.

Import from Europe drastically reduced to 36,017 tonnes during the first quarter compared to 109,062 tonnes imported during the same period last year, SEAI statement.

Source:- thepigsite.com

India May Cut Gold Import Duty

India is likely to cut its gold import duty to 6 per cent from a record 10pc in Thursday’s budget, leading to a rise in imports, a senior official at the country’s biggest gold trade group said on Wednesday.

Higher overseas purchases by the world’s No.2 buyer of the precious metal after China should underpin global gold prices that have risen almost 10pc this year, recovering from a 28pc plunge in 2013.

The drop to 6]pc in import duty “is practical and it may be reduced further. A reduction in import duty may encourage more demand from the consumers”, Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation, told the Reuters Gold Forum.

Bamalwa, whose federation represents more than 300,000 jewellers, met Finance Minister Arun Jaitley late last month, and said: “He (Jaitley) seemed very positive and we expect some good news about the industry.”

Jaitley’s maiden budget will be the first major policy event since Prime Minister Narendra Modi’s landslide general election win in May.

Finance ministry officials were not immediately available for comment outside business hours. Gold imports into India are likely to rise 200 tonnes in the second half to December, a 14pc increase compared with the first half, Bamalwa said.

Source:- dawn.com

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