TIOL-DDT 192 · the untouched capture
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<p><font size="2"><b><font color="#663399" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT
192</font><font color="#0000FF" face="Verdana, Arial, Helvetica, sans-serif"><br>
</font></b><font face="Verdana, Arial, Helvetica, sans-serif"><b>01 09 2005<br>
</b></font></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Thursday</b></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Government
amends Import Manifest (Aircraft) Regulations, 1976</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Regulations are amended to ensure that:-</font></p>
<p align="justify"> <font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1)
The passenger manifest shall be delivered within fifteen minutes of the closure
and departure of the flights from the originating stations.</font></p>
<p align="justify"> <font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2)
The manifest shall be transmitted electronically to the Indian Customs.</font></p>
<p align="justify"> <font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3)
Where the manifest cannot be delivered electronically due to some unavoidable
reason, the same may be delivered as acceptable to the concerned Commissioner
of Customs in accordance with the conditions prescribed in the procedure.”.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Similar
amendment is made to the Export Manifest (Aircraft) Regulations, 1976</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>NOTIFICATION
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_074.htm">NO.
74</a> and <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_075.htm">75/2005</a>-CUSTOMS
(N.T), Dated : August 30, 2005 </b></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Tariff
value of brass scrap hiked </b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
government has hiked the tariff value of imported brass scrap by 83 dollars
per Metric Tonne. The tariff value which used to be USD 1867 is now increased
to USD 1950. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_076.htm">NOTIFICATION
NO. 76/2005-CUSTOMS (N.T), Dated : August 31, 2005</a> </b></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Draft
SEZ Rules</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
highlights of the Draft SEZ Rules:-</font></p>
<p> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Minimum Area
</b></font></p>
<p ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) Multi Product
Special Economic Zone - One Thousand Hectares</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b)
Sector specific Special Economic Zones, including port or airport based Special
Economic Zone- One Hundred Hectares With reduced area for Megahalya, Nagaland,
Arunachal Pradesh, Mizoram, Manipur, Tripura, Sikkim, Jammu & Kashmir,
Himachal Pradesh or Uttranchal.</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">
Before recommending any proposal for setting up of Special Economic Zone,
the concerned State should have either enacted its State legislation for Special
Economic Zone or notified its Special Economic Zone policy supported by requisite
notifications to provide for the following</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">
While recommending a proposal for setting up of Special Economic Zone to Board,
State Government shall indicate whether the area incorporated in the proposed
Special Economic Zone is free from environmental prohibition.</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Letter
of Approval for Developer</b>.- The Central Government shall, within 30 days
of communication received by it under sub-section (9) of section 3 of the
Act, grant a letter of approval in Form to the person or the State Government
concerned or in Form C, if the approval is for providing infrastructural facilities
in the Special Economic Zone,</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
letter of approval for Developer shall be valid for a period of three years
within which time effective steps shall be taken to implement the approval:
Provided that Board may extend this validity period for a further period of
two years, on merits.</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">Free
Trade and Warehousing Zones may be created as stand alone Special economic
Zones or as part of the Multi Product Special Economic Zones. The processing
area and Free Trade and Warehousing Zone shall be fully secured by boundary
wall or wire mesh fencing having a height of at least two meters and 40 centimeters
above plinth level with top sixty centimeters barbed wire fencing with mild
steel angle with specified entry and exit points, subject to the satisfaction
of Development Commissioner: </font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">the
SEZ shall from the date notified, be deemed to be a Port, Airport, ICD, Land
Customs Station under Section 7 of the Customs Act;</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Approval Committee may consider and permit conversion of Export Oriented Units
or Software Technology Park Units or Electronic Hardware Technology Park Units
into Special Economic Zone Unit provided it fulfils the requirements :</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">the
Unit shall execute Bond-cum-Legal Undertaking with regard to its obligations
regarding proper utilization and accountal of goods including capital goods,
spares, raw materials, components and consumables including fuels, imported
or procured duty free of and on earning of Positive Net Foreign Exchange Earning
as provided under these rules;</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">Supplies
from the Domestic Tariff Area to a Special Economic Zone Developer or Unit
for their Authorized operations shall be treated as Physical Exports and all
export entitlements for physical exports under the provisions of the Foreign
Trade Policy, Customs Act including the Rules made there under, Central Excise
Act and Rules made there under shall be admissible for such supplies : </font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">
the SEZ Importer shall file Bill of Entry for home consumption in quintuplicate
giving description with specially stamped endorsement as “Special Economic
Zone Cargo” along with Bill of Lading or Airway Bill and invoice and packing
list with Authorized Customs Officer who shall register and assign a running
annual serial no. and assess the Bill of Entry, on the basis of transaction
value, which shall not require any Counter signature of the Proper Officer</font></p>
<p > <font size="2" face="Verdana, Arial, Helvetica, sans-serif"> The Unit may
temporarily remove following goods to Domestic Tariff Area without payment
of duty, namely: - </font></p>
<p > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) Capital
goods and parts thereof for repairs and return thereof;</font></p>
<p > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) Sample
goods for display, export promotion, exhibition and return thereof;</font></p>
<p > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) Goods for
job work, test, repair, refining and calibration and return thereof;</font></p>
<p > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">(d) Laptop
or notebook computers or video projection systems for use by an authorized
employee of a Unit or developer;</font></p>
<p > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">(e) Any other
goods with the prior approval of the Authorized Officer;</font></p>
<p > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">Unit may remove
following goods from Special Economic Zone to Domestic Tariff Area without
payment of duty: -</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">Goods
imported and admitted into Special Economic Zone after payment of duty of
Customs as applicable are cleared into Domestic Tariff Area without any processing
subject to the condition that identity of goods is established to the satisfaction
of the Proper Officer;</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">
Used packing materials except metal containers;</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">
Computer and computer peripherals, including printer and plotter and scanner
and monitor and key board and storage units donated with approval of the Proper
Officer to recognized non-commercial educational institutions or registered
charitable hospitals or public libraries or public funded research and development
establishments or organizations of Government of India or Government of a
State or Union Territory after two years of admission of goods and use by
Unit, whether imported or procured from Domestic Tariff Area;</font></p>
<p align="justify" > <font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Unit shall achieve Positive Net Foreign Exchange to be calculated cumulatively
for a period of five years from the commencement of production according to
the following formula: Positive Net Foreign Exchange = A – B > 0 Where:
A: is Free on Board (FOB) value of exports, including exports to Nepal &
Bhutan against freely convertible currency.</font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/pdfdocs/draft_sez_rules.pdf"><strong>See
the Draft of SEZ Bill</strong></a></font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Second
Administrative Reforms Commission</b></font></p>
<p align="justify" ><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Government
of India has notified the constitution of the second Administrative Reforms
Commission to prepare a detailed blueprint for revamping the public administration
system. The Commission will suggest measures to achieve a pro-active, responsive,
accountable, sustainable and efficient administration for the country at all
levels of the Government. The Commission will comprise of Shri Veerappu Moily
as Chairperson, Shri V. Ramachandran, Dr. A.P. Mukherjee, Dr. A.H. Kalro and
Dr. Jayaprakash Narayan as Members, and Smt. Vineeta Rai as Member-Secretary.
The Commission is required to submit its reports to the Government within
a period of one year.</font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>DUE
DATE FOR ANNUAL RETURN AND QUARTERLY STATEMENT OF TDS BY GOVERNMENT DEDUCTORS
EXTENDED </b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">With
a view to avoid hardships being faced by the Government offices in filing
annual TDS return for financial year 2004-05 and quarterly statement of TDS
for the quarter ending 30.6.2005, the Central Board of Direct Taxes (CBDT)
has extended the due date for filing such return/statement to 30th of September,
2005 in respect of Government deductors all over the country. An order to
this effect was issued by CBDT. </font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Reliance
gets Show Cause Notice for Rs. 9500 Crores from Central Excise </b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Reliance
Industries Ltd, got a Show Cause Notice from Central Excise asking the company
to explain why action should not be taken against it for shgort payment of
duty amounting to Rs 9,500 crore. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
notice has been issued for non-payment of duty on export of petrol, high-speed
diesel and aviation turbine fuel from the company’s Jamnagar refinery during
the five-year period from August 31, 2000 to August 31, 2005. The basis of
the notice is - you guessed it right – an Audit objection from CAG. Watch
for the Reliance counter to observe how the share market reacts to this news.</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#FF0000">Until
tomorrow with more DDT<br>
<br>
</font></b></font><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Have
a nice day.<br>
<br>
Mail your comments to</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>
</b><a
href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></font></p>
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