Tuesday, 12 August 2014
Tribunal had to order pre-deposit after considering merits of the case and financial condition of as
Initial AY for availing of sec. 10A relief for 10 years to be counted from the year in which manufac
No denial of credit taken on return of duty-paid goods due to non-availability of evidence of their
Order of SetCom couldn’t be interfered with even if it made an error of law in calculating concealme
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F. No.437/89/2014-Cus IV
Government of India
Ministry of Finance
Department of Revenue
(Central Board Excise & Customs)
*****
New Delhi, dated 11th August, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002 (as
amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of
1962), the Board hereby assigns the Show Cause Notice F. No. DRI/MZU/F/16/2012-13
dated 07.04.2014 issued by Additional Director General, Directorate of Revenue
Intelligence, Mumbai Zonal Unit, Mumbai in the case of M/s Shreeji Trading Co., B-402,
Dhruv Co-operative Housing Society, Opp: Gangandeep JVDP Scheme, Gulmohar Road
No.1 Vile Parle (West), Mumbai and others to the Commissioner of Customs (Import),
Jawaharlal Nehru Custom House, Nhava Sheva, Post Uran, Distt. Raigad, Maharashtra
for the purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
1. The Additional Director General, Directorate of Revenue Intelligence, Mumbai
Zonal Unit, UTI Building, 13, Vithaldas Thackersey Marg, New Marine Lines,
Mumbai-400020.
2. The Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Nhava
Sheva, Post Uran, Distt. Raigad, Maharashtra-400707
3. The Commissioner of Customs (Airport & Admn.), Customs House, 15/1, Strand
Road, Kolkata-700001
4. The Commissioner of Customs (Import and General), New Custom House, Near
IGI Airport, New Delhi-110037
5. webmaster.cbec@icegate.gov.in
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F. No.437/59/2014-Cus IV
Government of India
Ministry of Finance
Department of Revenue
(Central Board Excise & Customs)
*****
New Delhi, dated 11th August, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002 (as
amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of
1962), the Board hereby assigns the Show Cause Notice http://ift.tt/1sAHkH6
dated 06.03.2014 issued by Additional Director General, Directorate of Revenue
Intelligence, Zonal Unit, Ahmedabad in the case of M/s Sarin Technologies India Pvt.
Ltd., A-704, Tanvi’s Diamoda Industrial Premises Co-op. Society Ltd., Novelty Silk Mill
Compound, S.V.Road, Dahisar (E) Mumbai to the Commissioner of Customs (Export),
Air Cargo Complex, Sahar, Andheri (East), Mumbai for the purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
(i) The Additional Director General, Zonal Unit, Ahmedabad, Rupen Bungalow, near
Jain Merchant Society, Paldi, Admedabad-380007.
(ii) The Commissioner of Customs (Export), Air Cargo Complex, Sahar, Andheri
(East), Mumbai-400059
(iii) The Commissioner of Customs (Import), Air Cargo Complex, Sahar, Andheri
(East), Mumbai-400059
(iv) webmaster.cbec@icegate.gov.in
Input credit available on legal services given by CA in respect of sales tax and banking issues
Applicant held bona fide buyer of property as the sale was completed before filing of winding-up ple
No liability of bank to withhold tax from cap gains remitted to a non-resident when it was merely ac
Revisional authority couldn’t take any decision without considering decisions cited by assessee
India Files Appeal Against Wto Ruling On Steel Exports To Us
The Business Line reported that India has filed an appeal against certain portions of a recent ruling passed by the World Trade Organisation in a case related to imposition of penal duties by the US on steel exports by Indian companies.
While the dispute panel’s report favoured India in its observation that the US’ determination of countervailing duties (CVD)—a levy to neutralise Government subsidies -- on high grade iron ore breached WTO rules, it rejected a number of objections raised by New Delhi on specific technical issues related to how penal duties are to be calculated.
In its notice of appeal against the panel ruling, India has asked for re-consideration of the panel’s decision to reject the challenges it had posed to the US method of calculating countervailing duties.
CVD has been imposed by the US on the ground that iron ore sourced by Indian steelmakers from public sector NMDC is supplied at subsidised rate because it is government-owned. In a case filed before the WTO in 2012, India rejected the claim and argued that NMDC always sells at the prevailing market prices which are determined by their exports to Japan and South Korea.
The WTO also ruled in India’s favour in the way it decided to define a ‘public body’. However, according to a statement on the web site of the US Trade Representative, the WTO rejected a number of Indian challenges which included challenges to over 300 instances of the use of ‘facts available’ and challenges to the US’ benchmark calculations and inclusion of new subsidy programmes in countervailing duty review proceedings.
The USTR had earlier said that it too would consider the option of challenging the panel report where it was observed that the US was in breach of WTO.
Source:- steelguru.com
Wheat And Rice Exports To Decline Over 15% This Year On Global Oversupply
Wheat and rice export from India is likely to hit severely this year due to lower prices in global markets on record high supply. Food grains shipment will also get affected due to a steep hike in import duty by the government of Iran, India's largest destination for grain exports. Experts believe India's grain exports will decline at least by 15% this year.
The United Nations' agriculture body the Food and Agricultural Organisation (FAO) has said global foodgrains prices slumped to hit six months low in July.
"Production prospects especially of foodgrains have improved especially in major producing countries including the United States, the European Union and India which is likely to keep global prices under pressure much of this year as well," said FAO study.
Most importantly, the largest importer of Indian rice constituting around 37.5% of total rice (both basmati and non-basmati) exports from India has doubled import duty to 45% from July 1 against 22.5% earlier. Consequently, rice exports to Iran will be difficult this year. Because of global oversupply, however, the loss in exports to Iran will not be covered up by any other country. Iran constitutes around 22.23% other cereals exported from India.
"This is a very challenging time for India's wheat and rice exports. We cloaked $10.5 billion exports of rice last year which we would not be able to achieve this year as Iran, India's largest rice importer, has turned surplus from domestic production this year," said Ajay Sahai, Director General and Chief Executive Officer of the Federation of Indian Export Organizations (FIEO).
Between April-May period, overall basmati rice exports declined by 16% to 622259 tonnes compared to 737987 tonnes in the corresponding period last year. Non basmati rice exports also declined by 5.5% to 820991 tonnes in the first two months of the current fiscal compared to 868643 tonnes in the same period previous year. Total exports of wheat plunged by a steep 23.5% to 1.30 million tonnes compared to 1.70 million tonnes in the same period previous year.
FAO forecasts global rice supply at 685.2 million tonnes in 2014-15 against 502.3 million tonnes of utilization. This means, the global rice market will remain in surplus with 183 million tonnes. Similarly, global wheat supply is estimated at 881 million tonnes compared to 699 million tonnes of utilization, resulting into 182 million tonnes of oversupply.
"Effective July 1, Iran has doubled import duty on foodgrains to 45% from 22.5% earlier. India, therefore, will lose a major grain market which would not be covered up by any others," said M P Jindal, President, All India Rice Exporters' Association.
India's wheat exports to Iran also face deadlocks over quality issues. In July 2013, Iranian authorities inform their Indian counterpart that wheat imported from India contains fungus fearing Karnal bunt, a disease does not affect human but fears to spread on farm fields. Iran has not imported wheat from India since 1996 due to quality issue despite importing large quantity of soyameal but, of late, the country evinced interest in resuming import due to restricted export from Russia, an earlier source for wheat.
Iran's above-average grain harvest in 2014 is attributed to favourable weather and moisture conditions with better snow accumulation in winter. In Iran, the second biggest wheat producer in the sub-region after Turkey, the 2014 production is anticipated to remain unchanged from the five-year average of about 13.5 million.
Source:- business-standard.com
Excess payment of estimated service tax could be adjusted against shortfall in payment of tax of sub
Hyundai India Puts Breaks On Export To Europe
Are escalating manufacturing costs and uncertain labour relations taking a toll on Hyundai's plans to make India a global hub for small cars? The Korean car major has decided to discontinue small car exports to the coveted European region, opting to source from factories in Turkey and the Czech Republic, even if Indian operations contribute to 15% of its global sales volumes.
Hyundai, which is the biggest car exporter from India and accounts for nearly 45% of total shipments, will stop the sale of India-made i10 and the newly-launched Elite i20 to the European countries, a move that will have an immediate impact on the company's exports this year.
The company, which exported 2.5 lakh units from India last year, expects this year's shipments at 1.9 lakh units, a decline of 24%. Rakesh Srivastava, senior VP (sales & marketing), said the lower overseas shipments will help free production capacity for the domestic market, which is crucial as the company is launching newer models.
"We have already launched four new models over the last one year, and more are coming. While India still remains a strong export base, the first priority is the domestic market." However, Hyundai India's plans for this year show that the company will be saddled with excess production volumes as the company hopes to sell 6 lakh units this year (domestic and exports) even as it has a production capacity for 6.8 lakh units.
Company officials admitted that sourcing the models from Turkey and the Czech Republic is more cost-efficient than exporting from India. Higher wage bills and logistics have increased manufacturing costs in India, prompting many companies to have a re-look at the global sourcing plans. Hyundai has long been seeking a rail link from its factory near Chennai to the port, but not much headway has been made here.
Labour relations have also not been very comfortable. While things have been quite on this front for sometime now, the company's plant has seen major tensions in the past, which had also disrupted production. The volatile history may have also prompted the company to opt for other locations as the European markets are among the key export regions and Hyundai would like to avoid any reasons that may lead to delays. Srivastava said Hyundai is focusing on markets like Latin America, Middle-East, Asia, Australia and New Zealand for export.
Source:- timesofindia.indiatimes.com