TIOL-DDT 1815 · the untouched capture
Rendered as it looked. Links and images are disabled in this view; the file itself is untouched.
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> <html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body> <p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=14276"><img src="http://www.taxindiaonline.com/RC2/image/ddt/ddt_1794.jpg" alt="DDT in Limca Book of Records" width="175" height="120" hspace="5" border="0" align="right"></a></font></strong></font></strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3">TIOL-DDT 1815</font><br> 15.03.2012<br> Thursday</strong></font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Deterrent Action - Board Authorises Member (CE) </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AS</strong> per Para 3 of Notification No. 5/2012 – CENT dated 12.03.2012, </font></p> <blockquote> <p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>An officer authorized by the Central Board of Excise and Customs</strong> shall examine the recommendations received from the Chief Commissioner of Central Excise or Director General of Central Excise Intelligence and issue an order specifying the type of facilities to be withdrawn or type of restrictions imposed, along with the period for which said facilities will not be available or the period for which the restrictions shall be operative. </font></em></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now, the Board has authorised the Member (Central Excise), Central Board of Excise and Customs to issue orders in terms of Notification No. 5/2012-Central Excise (N.T) </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">There was a similar Notification No. 1/2007 CENT dated 19.01.2007, earlier authorizing Member (CE), CBEC under the now superseded Notification No. 32/2006 CENT dated 30.12.2006. Notification No. 1/2007 CENT is now superseded. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The maze of these notifications and the confusion were explained in detail in yesterday's DDT. </font></p> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=30&filename=notification/excise/2012/exnt12_06.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notifications 6/2012-CE (NT)., Dated: March 13, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Reimport of Diamonds - Customs Exemption - CBEC ratifies DGFT </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>BASIC</strong> Customs Duty of 2% on import of cut & polished diamonds has been imposed by the Department of Revenue with effect from 16.1.2012 vide Notification No. 01/2012. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">By DGFT Notification No. 100 (RE-2010) /2009-2014, dated February 28, 2012 , it was stipulated that <em><strong>such duty will not be applicable</strong> on re-import of cut & polished diamonds (each of 0.25 carat or more) sent for certification/ grading abroad to the authorised laboratories. (Earlier also similar provision existed in FTP which was deleted after the Basic Customs Duty on cut and polished diamonds was brought down to zero.) </em></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">While reporting this in <strong><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=14386" target="_blank">DDT 1805 - 29.02.2012</a></strong>, we asked, <font color="#FF6633"><strong>But can customs duty be exempted by a notification issued by the DGFT; shouldn't there be a Customs Notification? </strong></font></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Customs Notification has now been issued. The Notification exempts cut and polished diamonds falling within chapter 71 when re-imported into India after certification/grading by the laboratories / agencies as notified in the Foreign Trade Policy in this regard, from the whole of the duty of customs, subject to fulfillment of the following conditions:- </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Cut and polished diamonds: </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. are re-imported by gems and jewellery exporters having a track record of at least three years and having an annual average turnover of five crore rupees and above during the preceding three licensing years; Each piece of cut & polished diamonds so re-imported shall not be less than 0.25 of a carat in weight; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. shall be re-imported within a period of three months from the date of exportation; </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. shall be allowed to be re-imported only on production of certification/grading report from the said laboratories or agencies; and </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. so re-imported shall match with corresponding diamonds mentioned in the invoice at the time of exportation in terms of value, height, circumference and weight. </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">But why was this notification was not issued on February 28, when the DGFT announced that no Customs duty need be paid. </font></p> <p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2012/ctariff12_009.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notifications 9/2012-Cus., Dated: March 09, 2012</font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Service Tax Wing of the Board </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AFTER </strong>18 years of the introduction of the Service Tax in India, the Revenue Department has allocated specific items of work to the Service Tax wing in the Board. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Service Tax wing in the Board under Member (Service Tax) is allotted the following work allocation : </font></p> <blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Amendment to Service Tax Rules, 1994 and allied rules pertaining to procedure. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. Work relating to Service Tax procedural matters such as registration, assessment, scrutiny, returns including its formats. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. Monitoring of field formations for Service Tax work; Formulation of action plan </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. Monitoring and implementation of Key Performance Indicators including Service Tax revenue collection, performance in technical areas of work by field formations. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5. Providing comments against litigation before Courts on matters of constitutional validity or policies framed by Government, after a period of two years from the change; and in respect of matters emanating from Service Tax wing. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6. Issue of clarifications or instructions in respect of taxable Services, where there is a clear stated position in law, which has been raised by trade or field formations </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7. Furnishing replies to C&AG, Draft Audit Paras, PAC reply on matters involving Service Tax procedure and issues relating to individual assessees and other work connected with aforesaid items. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8. All Parliament Questions, complaints, representations relating to above items of work and other work connected with aforesaid items. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9. Any other item of work of a miscellaneous nature that may be specifically allotted to by the Chairman (CBEC) or Member (Service Tax). </font></p> </blockquote> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">All other item of work relating to Service Tax, including Finance Act, 1994 and other legislation, exemptions and abatement, preparation for Union Budget on Service Tax, Goods Service Tax roadmap, revenue analysis, modeling, fixation of revenue targets, clarification on issues referred by chambers and associations etc. would continue to be handled by Joint Secretary (TRU-II) under the charge of Member (Budget). </font></p> <p><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=41&filename=notification/servicetax/2012/sercir153.htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Circular No. 153/04/2012-Service Tax, dated: March 06, 2012 </font></strong></a></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Budget 2012 - Tomorrow </font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IT</strong> is going to be a day of hope; it is going to be a day of despair. It is to be the best day for some and worst day for some. The FM has enough reasons to be proud and more reasons to be ashamed. The Budget unfolds tomorrow. Right from the morning, you will be subjected to palpitating experts analysing the economy on TV channels, from all angles – except the right one. All kinds of misinformation and ignorance will be paraded as pearls of wisdom. Intellectual constipation and expressional diarrhoea will be very much visible. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In all this cacophony of sound and fury signifying nothing, the tricks our babudom play on us through those not so very popular notifications, will be completely lost sight of. We, in TIOL will bring you the essence of the budget without its rhetoric. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">We are closing our Budget Run Up today and from tomorrow, we will carry in depth analyses of the complications in the budget. We hope the Finance Minister and his Babus have considered your views and wishes. As could be seen from our Budget Run Up, not many want any reduction in taxes – what worries the taxpayers is the cumbersome procedure and harassment. If you can make tax payment simple and less complicated, many of us will be grateful. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Railway Budget derailed into the very existence of the Government and whether the Union Budget can get through Parliament is itself in doubt. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Poor Mr. Pranab Mukherji – he is certainly not in an enviable place! </font></p> <p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Jurispruden</font><font color="#FF6633" size="5">tiol</font><font color="#006600"> – Friday's cases</font></strong></font></strong></font></p> <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>TOMORROW</strong>, being Budget Day, we will not be carrying any cases in our Breaking News. Do stay with us for the Budget. </font></p> <p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more <strong>DDT </strong></font></p> <p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a Nice Day. </font></p> <font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong> <a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com </a></strong></font> </body> </html>