TIOL-DDT 13 · the untouched capture
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<html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body bgcolor="#FFFFFF"> <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#0000CC" size="3">TIOL-DDT 13</font><br> 20 12 2004<br> Monday</b></font></p> <p align="center"><b><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif">EOUs - CENVAT CREDIT AND REFUND OF TERMINAL EXCISE DUTY </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br> <br> Well Done DGFT!</font></b></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Our edit team had pointed out in our story <b>ANOTHER 'SURATISATION' IN THE OFFING : IS CBEC WAITING FOR A REPEAT?</b> a couple of weeks ago that goods cleared to EOUs are deemed exports and so the suppliers are eligible for refund of terminal excise duty and now the EOUs are eligible for Cenvat credit. We had pointed out that CBEC/DGFT should take remedial steps to avoid future complications.<br> <br> DDT is happy to report that DGFT has responded positively. By <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2004/dgft04pub032.htm">DGFT PN 32/2004- 2009</a>, it has been provided that deemed credit benefit will be given only if cenvat credit is not availed and a certificate to that effect is produced. <br> <br> <font color="#006633"><b>But what about settlement Commission? </b></font><br> <br> While congratulating DGFT for the prompt response, we would like to bring to the notice of DGFT and CBEC another major issue which also we had covered some time back.<br> <br> The new Foreign Trade Policy stipulates that cases under it can be considered by the Settlement Commission w.e.f from 1.4.2005. We had pointed out that the Board vide Circular no. <a href="http://taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=25&filename=notification/custom/2002/cuscir53.htm" target="_blank"><strong>53/2002-Cus</strong></a><b>,</b> Dated 20th August '2002 had opined that Settlement Commission had no jurisdiction to entertain cases in relation to export obligation. But the Settlement Commission had been admitting and settling such cases. Now the Foreign Trade Policy empowers this. We hope that the DGFT who was prompt in issuing the cenvat clarification will in consultation with CBEC clarify this position at least before April 2005.<br> <br> <font color="#006633"><b>DRI again in the dock - now has a commissioner for company.</b></font><br> <br> When we carried our first story on DRI's incompetence, we never could imagine the response and certainly we never hoped to repeat. But the scathing attack on DRI and the adjudicating commissioner in a recent CESTAT order, is too serious to be kept under wraps. Poor investigation coupled with ignorant adjudication is causing irreparable damage to the image of the awe-inspiring Agency. Its time we wake up!<br> <br> See 'Breaking News' and </font><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><a href="https://taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=28&filename=legal/cestat/2004/2004-TIOL-1052-CESTAT-MAD.htm" target="_blank">2004-TIOL-1052-CESTAT-MAD</a></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">.<br> <br> The ideal solution is for the Government to live within its means not yours<br> <br> Until tomorrow with more of DDT<br> <br> Have a Nice Day </font></p> </body> </html>