EXCISE LAWS/NT : Section 5A of the Central Excise Act, 1944 - Power to Grant Exemption from Duty of Excise - Exemption to Specified Excisable Goods - Provision of Concessional Rate of Central Excise Duty on Specified Goods - Amendment in Notification No.12/2012-C.E., Dated 17-3-2012
Monday 20 April 2015
If assessee forgoes excise exemption on deemed exports, he may claim its refund in terms of Foreign
Excise & Customs : FTP : In case of deemed exports, assessee has two options : (a) first, to claim exemption; or (b) seek refund of duty paid by him; hence, where assessee had not availed of exemption, refund of 'duty paid' cannot be denied
No TP adjustment on interest rate charged from AE if it was higher than rate computed by LIBOR
IT/ILT : Where in terms of agreement, assessee was entitled to receive 2 per cent extra mobile phones along with its purchased quantity from Chinese parties, in view of fact that apart from confirmation from suppliers, assessee brought on record bill entry, purchase invoice etc. in support of its claim that value of said swap units was duly accounted for, impugned addition made in that respect by Assessing Officer was to be set aside
Cancellation of house allotment due to non-payment of deposit didn't amount to unfair trade practice
MRTP : In a complaint filed against GDA under MRTP Act for unfair trade practice no direction could be issued for delivery of possession of flat allotted to complainant when that flat had already been issued to another person and complainant had not challenged cancellation of allotment
Pressure cooker is taxable at 12.5% under Assam VAT Act
CST & VAT : Assam VAT - Pressure cooker being sold by assessee would fall under residuary Entry No. 1 of Fifth Schedule to VAT Act and was liable to tax at rate of 12.5 per cent
No pre-deposit of interest if pre-deposit of principal demand of service tax is waived off
Service Tax : Where pre-deposit of principal demand of service tax is waived off, Tribunal cannot order pre-deposit of mere interest component, as interest is consequential; hence, direction of pre-deposit of interest was set aside
Organizing seminar by State forum of bankers club for benefit of bank employees wasn't charitable ac
IT: Where assessee-trust was rendering service to banks by organizing lectures and seminars for benefit of bank employees, same was not charitable activity and assessee was not entitled for recognition under section 2(15)
Cme: Asian Demand Influencing World Meat Markets
The report is published in April and October and can be found on the web at the following
Over the years, global trade in livestock and poultry has become a significant factor, in part because of the surge in demand from emerging markets but also due to the emergence of large global producers in Asia and South America, challenging traditional exporting countries in North America, EU and Oceania.
Shifts in global meat trade have significant implications for prices in the US domestic market and thus deserve attention.
The data set from USDA covers all large players and USDA offers three updated forecasts for a given year, becoming an important resource for market participants.
Some may not realise that the US is the largest world beef importer in the world. Most of the beef coming here is lean manufacturing beef that goes into hamburger production, and a strong US dollar and record high lean beef values have made the US the most valuable grinding beef market in the world.
As a result, most beef suppliers to the US have ramped up shipments. US beef imports for 2015 currently are projected at 1.320 million MT (carcass wt.), revised by 95 thousand MT compared to the October forecast but still slightly lower than in 2014.
However, note that US beef imports are 387,000 MT (+41%) higher than in 2011. China has emerged in recent years as a global beef buyer and the latest USDA data confirmed that position.
Combined beef imports of China Mainland and Hong Kong in 2015 are projected at 1.250 million MT, revised lower from the 1.265 MMT projected in October but still about 18 per cent higher than in 2014. It is truly impressive than in 2011, combined beef imports from China/Hong Kong were a mere 181,000 MT.
The growth in Chinese beef demand has certainly transformed beef world trade. China has been able to fill its growing needs through both direct purchases from Australia and Uruguay as well as indirect flows from Hong Kong, which in turn relies on USA and Brazil for its beef.
But if China has been the major market mover on the import side, India has become by far the largest beef exporter in the world. Keep in mind that almost all Indian beef exported comes from water buffaloes, otherwise called carabeef.
Its products are shipped across Asia, the Middle East and Africa. Some product likely finds its way into China through grey channel trade but because of its FMD status it does not compete directly with the US.
As with China, India beef supply bears watching as it has an outsize influence on global beef trade.
Brazil exports in 2015 are currently forecast to be 2 million MT, revised down by 235 million MT compared to the October forecast but still 5 per cent higher than a year ago and 50 per cent higher than in 2011.
World beef trade has been shifting, with more product available in South America and India and increased demand in North America and Asia.
Source:thecattlesite.com
Sharp Decline In Rubber Production In Kerala, Output Declines More Than 15%
Production of natural rubber in Kerala has declined by more than 15 per cent during last fiscal as against the yield for the corresponding previous year as unremunerative prices kept rubber growers away from tapping.
Production of natural rubber during 2014-15 was 6,55,000 tonnes which is 15.4 per cent lower than 7,74,000 tonnes produced in 2013-14, according to the latest figures released by the Rubber Board.
Kerala accounts for more than 90 per cent of the total rubber production in the country. The total area under rubber cultivation in the state is 5.45 lakh hectares. Besides, some 11.50 lakh farmers, most of whom are small-holders, are engaged in cultivation of the commodity.
"The main reason for reduction in production is that rubber growers desist from tapping due to sharp fall in prices of natural rubber," Cochin Rubber Traders Association President N Radhakrishan told PTI.
Production decreased by 26.6 per cent to 35,000 tonnes in March 2015 from 47,700 tonnes during March 2014, Rubber Board said. Total rubber consumption by various industries, including tyre manufacturers, was 10,18,185 tonnes during 2014-15 which was 3.7 per cent more than the previous year. Total rubber imports for 2014-15 were 4,14,606 tonnes, an increase of 54,000 tonnes over previous year.
Natural rubber production was at a low ebb ever since the prices nosedived to as low as Rs 120 a kg from as high as Rs 250 a kg two years ago.
"The poor return and high labour cost has forced many of the growers, 75 per cent small and marginal farmers, to keep away from tapping," Radhakrishnan said.
Mathew, a small-farmer, said rubber has become a "very unattractive venture. The unrestricted massive imports by tyre companies have also pushed down domestic demand," he said.
Hiking import duty on rubber and bringing port restrictions would push up the domestic demand for the commodity, thereby providing provide relief to farmers, he added.
source:economictimes.indiatimes.com
India Exports 10.81 Million Tons Of Rice In First Eleven Months Of Fy 2014-15, Up 8.5% From Last Year
India exported around 10.81 million tons of rice (including basmati and non-basmati) in the first eleven months of FY 2014-15 (April - March), up about 8.5% from around 9.96 million tons exported during the same period in FY 2013-14, according to provisional data released by the Agricultural and Processed Food Products Export Development Authority (APEDA).
In value terms, India’s total rice exports have earned around Rs.43,722 crore (around $7.16 billion) during April 2014 – February 2015, up about 2% from around Rs.42,733 crore (around $7 billion) earned during the same period in FY 2013-14. In USD terms, value of rice exports during the eleven-month period increased by about 2% y/y.
India's basmati rice exports have declined about 4% to around 3.3 million tons in April 2014 - February 2015 from around 3.44 million tons exported during the same period in FY 2013-14.
In value terms, basmati rice exports declined to about Rs.25,087 crore (around $4.12 billion) during the first eleven months of FY 2014-15, down about 5% from around Rs.26,515 crore (around $4.4 billion) earned in the same period in FY 2013-14. In USD terms, India’s basmati rice exports declined by 6% y/y in April 2014 – February 2015.
India's basmati rice exports were primarily impacted due to Iran's ban on rice imports since November 2014.
India’s non-basmati rice exports in April 2014 - February 2015 increased to around 7.51 million tons, up about 15% from around 6.52 million tons recorded in the same period in FY 2013-14.
In value terms, non-basmati rice exports earned about Rs.18,635 crore (around $3 billion), up about 15% from around Rs.16,218 crore (around $2.67 billion) in the same period in FY 2013-14. In dollar terms, non-basmati rice exports increased by 12%y/y during the ten-month period.
Source:oryza.com
‘India To Cut Down 10% Crude Import By 2022’
The Bharatiya Janata party (BJP)-led government at the Centre would cut down India’s crude oil import by at least 10 per cent in the next seven years and bring it down to 67 per cent of the country’s total demand, Dharmendra Pradhan, Union minister of state (independent charge) for petroleum and natural gas, said.
Simultaneously, domestic output would be also increased, he said. “Right now we import about 77 per cent of our crude oil requirement. It is a matter of shame that we are importing such a huge quantity of crude oil even after 68 years of Independence.
By the time Independence completes 75 years, we want to bring this down to 66 per cent, for which we will of course have to step up our domestic output,” Pradhan said. He was addressing a press conference at the end of his four-day tour of Assam.
Source:hellenicshippingnews.com
Builder entitled to deduction of interest if bank loan was transferred to housing society as per dev
IT : Interest paid to bank on borrowed fund which was advanced by builder to housing society and recoverable later on from purchasers of flats, would be allowable
Mmtc To Import Lng From The Spot Market
The Bharatiya Janata party (BJP)-led government at the Centre would cut down India’s crude oil import by at least 10 per cent in the next seven years and bring it down to 67 per cent of the country’s total demand, Dharmendra Pradhan, Union minister of state (independent charge) for petroleum and natural gas, said.
Simultaneously, domestic output would be also increased, he said. “Right now we import about 77 per cent of our crude oil requirement. It is a matter of shame that we are importing such a huge quantity of crude oil even after 68 years of Independence.
By the time Independence completes 75 years, we want to bring this down to 66 per cent, for which we will of course have to step up our domestic output,” Pradhan said. He was addressing a press conference at the end of his four-day tour of Assam.
Source:hellenicshippingnews.com
No tax recovery from director of public Co. without issuing notice of lifting corporate veil to dire
IT : Director of a public limited company could not be treated as director of a private limited company, by lifting corporate veil under section 179 without issuing show cause notice to him
Actual management of operations is 'Business Auxiliary Service' and not Management Consultancy Servi
Service Tax : Management of a factory is different from management consultancy and such management services which are executory in nature would merit classification under 'Business Auxiliary Service' and not under 'Management Consultancy Service'
Removing moisture from raw honey is deemed as manufacturing activity for sec. 10B relief
IT : Activity of removing moisture from raw honey and thereupon repacking and exporting same to various countries amounted to 'manufacturing' activity eligible for exemption under section 10B
Earlier assessments couldn't be held erroneous on ground of non-genuine transactions of subsequent y
IT/ILT: Where Assessing Officer passed earlier assessment order after examining all facts and evidences relating to transaction of know-how and DMF, Only because TPO in subsequent year took a view that purchase of technical know-how and DMF was not genuine; assessment order could not be revised under section 263
Commission paid to NR agent for procurement of export orders outside India wasn't taxable; not liabl
IT : Where commission paid by assessee to non-resident agent for procuring export orders was not chargeable to tax in hands of said agent, assessee was not liable to deduct tax at source
HC admits winding-up plea against company on its wilful failure to pay an admitted debt
CL: Where a company wilfully neglected to pay an admitted debt, winding up against company was to be admitted
No assessment of escaped turnover solely on basis of statements collected by enforcement wing during
CST & VAT : Tamil Nadu VAT- Assessment cannot be mechanically done by placing reliance on statement collected by enforcement wing; it is to be done by Assessing Officer independently
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