TIOL-DDT 231 · 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">
<html>
<head>
<title>Untitled Document</title>
<meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1">
</head>
<body>
<div align="justify">
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <strong><font color="#663399" size="3">TIOL-DDT
231</font><br>
28 10 2005<br>
Friday</strong></font></p>
</div>
<p align="center"><strong><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Exchange
rates announced for imported goods and export goods</font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_095.htm"><strong>Notification
Nos 95</strong></a> and <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_096.htm">96/2005-NT-CUSTOMS</a></strong>,
dated, October 26, 2005 fix the exchange rates for imports and exports
respectively with effect from 1st November, 2005. Notifications 83 and 84/2005-Cus.
(N.T.), dated 27-09-2005 are superseded.</font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Hi-Tech
auction of goods by Customs </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs
has sold 301 lots/consignments of unclaimed, confiscated and time-expired warehoused
goods through 104 e-auctions, conducted so far. E-auction system was started
initially by Chennai Custom House, but has later been introduced in Mumbai Custom
House as well as Jawahar Custom House, Nhava Sheva. The system of e-auctions
has resulted in elimination of cartels and syndicates, and has succeeded in
fetching bids under the most competitive conditions and in a transparent manner.
The system of e-auctions is being introduced in other customs formations also
to ensure auctions of all goods in a transparent manner. </font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Due
date for filing of returns extended in J&K</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Central
Board of Direct Taxes has extended the due date for filing of income tax returns
to 31st March, 2006 for assessees in the State of Jammu and Kashmir. Also, the
tax audit report u/s 44AB of the I T Act can now be submitted by 31st March,
2006 in the State. The due date for filing these documents was 31st October,
2005. CBDT has taken this decision in view of the extraordinary circumstances
prevailing in Jammu and Kashmir due to the earthquake that hit the State on
8th of this month.</font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Repeal
of agri produce cess act</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
Union Cabinet today gave its approval to introduce a Bill in Parliament for
repealing the Agricultural Produce Cess Act, 1940 and the Produce Cess Act 1966
in order to remove the cess on exports.</font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>'Removal
of cess will make India globally competitive'</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Mr.
Kamal Nath, Union Minister of Commerce, said that the decision to repeal the
Agricultural Produce Cess Act, 1940 and the Produce Cess Act, 1966 in order
to remove the cess on exports will make Indian agricultural products more competitive
in the global markets. “This will make our exports more competitive. We
cannot subsidise exports like the developed countries, but at least let us not
tax them”, he said.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
cess under these Acts is a tax on exports. In the present national and
international context, it is bad economics to tax exports. From a national
perspective, agricultural exports are being seen as a means to augment farm
incomes. Exports are being incentivised through schemes, which involve
foregoing of revenue. Taxing some of these very exports, which are being
incentivised, is inconsistent and illogical. From the international perspective
also, it seems illogical to levy a tax on agricultural exports, when many other
countries are aggressively promoting their agricultural exports through large
subsidies. A cess would only make the exports more expensive and uncompetitive.
Agricultural exports already form a significant proportion of India’s
total exports and there still remains a vast untapped potential for exports
from this sector, the proposal argued. </font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Import
of Onions- Customs minions not impressed</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A
huge consignment of onions has been imported from Pakistan to bring down the
price of the precious commodity. But it seems the consignment is yet to be cleared
by Customs. What can they do? Rules are Rules!</font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DRI
seizes four more luxury cars</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">THE
Directorate of Revenue Intelligence on Wednesday seized four luxury cars from
industrial houses and a businessman in Pune for evading Customs Duty to the
tune of Rs 2.60 crore. The four cars — three Porsches and one Mercedes
Benz — were seized as a part of the crackdown on luxury cars that were
imported under the Export Promotion of Capital Goods (EPCG) scheme. It is reported
that the Porsches belonged to three big industrial houses, while the Mercedes
Benz to a Pune-based businessman. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">While
on that here’s another picture from the website of Intercep which sold
the Hummer to Sunil Shetty with their catchy write up.</font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>PRIZED
POSSESSION: Suniel Shetty</strong></font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/sshummer.jpg" width="249" height="198"><br>
<br>
<strong><font color="#006633">SUNIEL’S NEW SET OF WHEELS</font></strong></font></p>
<p align="center"><strong><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif">IS
A HUMMER, NO LESS</font></strong></p>
<p align="justify"><font color="#000000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>What
is it about action heroes and ‘size’? First, it was California governor
Arnold Schwarzenegger who eyed the US military Humvee mini-trucks and converted
one into a luxury SUV. Then, commercially marketed as the Hummer, it soon became
the rage at desert safaris in the Gulf and on US freeways. Now, Suniel Shetty
has gone and got himself a snow-white Hummer-H2 and people’s eyeballs
are falling off as the huge, almost-armoured truck rolls on the Mumbai roads.
“It’s the size that attracted me. I hate cramped up sports cars
and the regular sedans are too boring,” confessed Shetty. Now, errant
drivers, lane-cutting cabbies and autorickshaw-wallahs beware… Suniel
is humming a new song. And it’s heavy metal!</strong></font></p>
<p align="justify"><font color="#6633CC" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Excise:
A hateful tax levied upon commodities, and adjudged not by the common judges
of property, but wretches hired by those to whom excise is paid.-</strong> Samuel
Johnson, Dictionary of English Language, 1755.</font></p>
<p align="justify"><font color="#FF9999" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF6666">Until
Monday with more DDT</font></strong></font></p>
<p align="justify"><font color="#FF6666"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice Weekend. </font></strong></font></p>
<p align="justify"><font color="#FF6666"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail
your comments to</font></strong></font><strong><font color="#FF9999" size="2" face="Verdana, Arial, Helvetica, sans-serif">
</font></strong><font color="#FF9999" size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></font></p>
</body>
</html>