TIOL-DDT 2519 · the untouched capture
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399"><s><strong><strong><strong><strong><strong><font color="#663399"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=20079"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2014_1.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="250" height="123" hspace="5" border="0" align="right"></a></font></strong></strong></strong></strong></strong></s><font size="3">TIOL-DDT 2519 </font></font><br>
16 01 2015 <br>
Friday <font color="#663399"><s><strong><strong><strong><strong><strong><font color="#663399"></font></strong></strong></strong></strong></strong></s></font></strong></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><font color="#006600"><em>Simplification of Customs Procedures - CBEC Instructions </em></font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> avoidable delays on account of non-uniform Customs procedures adopted at some ports/Customs stations not only increase transaction cost and time of clearance but also prove to be major constraints in making Indian ports international transshipment hubs. Therefore, a Committee was set up by Ministry of Shipping for simplification of shipping related Customs procedures. The Committee has made, certain recommendations for implementation by Customs: </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC has examined the recommendations and Board has taken some decisions: </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Henceforth the number of hard copies of IGM required to be submitted by shipping lines/steamer agents at a Customs House shall be restricted to 2 (two) only. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. At present, the port clearance is given on the strength of a bond and a guarantee which are given each time a vessel enters. As a measure of simplification, Board has decided to give an option to the steamer agent to (a) give a continuity bond and (b) merge the guarantee with the continuity bond. This would reduce the number required documents from 2 (two) to1 (one)and periodicity (of submission) would also get reduced drastically. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. Recognizing the need for reducing number of copies of SMTP, Board has decided that only 1 (one) copy of SMTP would be sufficient and Customs at ICD should not insist on more number of hard copies of SMTP (Sub Manifest Transhipment Permit). </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. With a view to boost inter-modal transportation of transshipped cargo and <font color="#FF0000">simply </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">[perhaps what the Board meant is 'simplify']</font></font> procedure, Board has decided that henceforth no separate permission is required from jurisdictional Customs in case of change of mode of transshipment under the Goods Imported (Conditions of Transhipment) Regulations, 1995. However, the carrier is required to intimate the change to the jurisdictional Commissioner of Customs who will ensure the bond covers both modes of transport. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board wants the Chief Commissioners to ensure that the decisions are complied with strictly by field formations. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc1NjM=" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC Circular No. 02/2015-Cus., Dated: January 15, 2015 </strong></font></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><font color="#006600"><em>Customs - valuation of export goods when declared FOB is more than 150% of value declared in ARE-1 </em></font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>MUMBAI </strong>Customs Commissioner yesterday issued some very important instructions to his staff. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>FOB more than 150% of value </strong>: If the FOB value declared in the shipping bill is found to be more than 150% of the value declared in ARE-1, the matter should be brought to the notice of Dy. / Asstt. Commissioner of Customs in charge of CFS from where the goods are being exported for further verification in this regard. Moreover in case of project exports wherever the FOB value is found to be more than 150% of ARE-1 value, value declared in the ARE-1 must be mentioned in the inspection/examination reports /comments in shipping bills. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>ARE-1 not mentioned in Shipping Bill </strong>: Wherever ARE-1/ARE-2 is not declared in the shipping bill the officers shall not make any endorsement of shipment on such ARE1/ARE-2 produced subsequently, unless due procedure for amendment of such shipping bill has been followed. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Verification of availment of CENVAT credit </strong>: where ARE-1/ARE-2 is mentioned in the shipping bills, the dock officers should ensure that in inspection/examination reports /comments in shipping bills, it has to be compulsorily mentioned as to whether the following are availed: </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. CENVAT Credit;or </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. Notification 21/2004 - Central Excise (N.T) dated 06.09.2004 (Claim for rebate of duty paid on materials used in the manufacture or processing of finished export goods);or </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. Notification 43/2001 - Central Excise (N.T) dated 26.06.2001 (Removal of input material without payment of duty from a factory of the producer or the manufacturer or the warehouse or any other premises, for use in the manufacture or processing of finished export goods) </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>These measures are to facilitate the trade</em>. </font></p>
</blockquote>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/misc_cir/standingoder15_02.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>JN Custom House (NS IV) Standing Order No. 02/2015., Dated: January 15, 2015 </strong></font></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><font color="#006600"><em>SSI Notification and 3/2014-CE - a disconnect </em></font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> a mail, we were informed of the following by a registered SSI unit. </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. They are engaged in the manufacture of Rail Joints for the Indian Railways. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. Rails are supplied free of cost by Railways and without the cover of any duty paying documents. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. The Notification in question is No. 3/2014-C.E., dated 3-2-2014 and it provides the following rate of duty - </font></p>
</blockquote>
<table width="90%" border="1" align="center" cellpadding="3" cellspacing="0">
<tr>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Sl. No. </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">heading or sub-heading </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of excisable goods </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Rate </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Condition No. </font></strong></p></td>
</tr>
<tr>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1) </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3) </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(4) </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(5) </font></strong></p></td>
</tr>
<tr>
<td valign="top"><p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">"205A </font></em></p></td>
<td valign="top"><p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7302 or 8530 </font></em></p></td>
<td valign="top"><p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Railway or tramway track construction material of iron and steel. </font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Explanation. </strong>- For the purposes of this exemption, the value of the goods shall be the value of goods excluding the value of rails. </font></em></p></td>
<td valign="top"><p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">12% </font></em></p></td>
<td valign="top"><p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">49";</font></em></p></td>
</tr>
</table>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Condition 49: </font></p>
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<tr>
<td valign="top"><p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">"49 </font></em></p></td>
<td valign="top"><p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">If manufactured out of rails on which duty of excise has been paid and no credit of duty paid on such rails has been taken under rule 3 or rule 13 of the Cenvat Credit Rules, 2004.". </font></em></p></td>
</tr>
</table>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. The assessee satisfies the condition mentioned against the said entry and, therefore, stake their claim for the same. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5. As mentioned, since they are a SSI unit and do not avail any CENVAT credit on inputs, they are not required to pay any CE duty for an aggregate clearance value of Rs.1.5 crores in terms of notification 8/2003-CE. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6. For computing this value of Rs.1.5 crores, the SSI unit takes into account the value as arrived in terms of the Explanation to the notification. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7. The department has objected to the same and resultantly the assessee has been asked to pay excise duty. It is the department's view that the "Explanation" would be applicable for computing the value only when the assessee 'pays' the duty of 12% Basic in terms of the amending notification 3/2014-CE and not otherwise. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8. Applying the provisions of section 4 of the CEA, 1944 read with rule 6 of the Valuation Rules, 2000, they are including the value of the rail in the value of the rail joints manufactured and cleared by the assessee. This has led to astronomical CE duty demand on the small-time assessee. Shutting down of business is the only option left. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9. In this Make in India era, there are hundreds of such small time rail joint manufacturers who would be saddled with crores of demands. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">10. Unless the CBEC listens to their plea and carries out the necessary amendment in the SSI notification,doomsday is near. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>There is also another issue </strong> with this. Sl No 30 of Notification No 5/2006 CE dated 01.03.2006 provided exemption from the value of Rails. This Notification was in force up to 16.3.2012.With effect from 17.03.2012, concessional rates of duty vide Notification Nos 3/2005-CE dated 24.2.2005, 3 to 6/2006-CE, all dated 1st March, 2006, 10/2006-CE dated 1.3.2006;2/2008-CE dated 1.3.2008;and 59/2008-CE dated 7.12.2008 - merged into a Single Notification No 12/2012 dated 17.03.2012. This new consolidated Notification has 344 entries and in the process of consolidation, some of the earlier entries were lost sight of. One such entry is Sl No 30 of Notification No 5/2006 CE. This has been rectified vide amending Notification No 3/2014 CE dated 03.02.2014 and the exclusion of value of rails has been restored for the above goods. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">But, for the period from 17.03.2012 to 02.02.2014, there was no exemption because of a mistake by a babu and the department is demanding differential duty on value of rails during this period. Again astronomical sums from Small Scale Industries! </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Perhaps, a section 11C notification would be in order. </font></p>
<p align="center"><font color="#006600" face="Georgia, Times New Roman, Times, serif"><strong><font size="3"><em>Tariff Value of Gold, Silver and oils increased</em></font></strong></font></p>
<p align="justify"> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Government has increased the Tariff value of Gold from 392 USD to 401 USD per 10 gms. The tariff value of Silver is also increased from 519 USD to 543 USD per kilogram. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Apart from the above, Tariff values of all oils have been hiked. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> The Tariff values as on <strong>31.12.2014 </strong> and with effect from <strong><font color="#FF0000">15.01.2015</font> </strong>are as under: </font></p>
<table width="90%" border="1" align="center" cellpadding="5" cellspacing="0">
<tr bgcolor="#DFFFEA">
<td colspan="5" valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Table 1 </strong></font></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"></font></p></td>
</tr>
<tr bgcolor="#DFFFEA">
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>S. No. </strong></font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Chapter/ heading/ sub-heading/tariff item </strong></font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Description of goods </strong></font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Tariff value USD (Per Metric Tonne) <br>
from 31.12.2014 </strong></font></p></td>
<td valign="top"><p align="center"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Tariff value USD (Per Metric Tonne) <br>
from 15.01.2015 </strong></font></p></td>
</tr>
<tr>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>(1) </strong></font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>(2) </strong></font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>(3) </strong></font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>(5) </strong></font></p></td>
<td valign="top"><p align="center"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>(6) </strong></font></p></td>
</tr>
<tr bgcolor="#DFFFEA">
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 10 00 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Palm Oil </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>669 </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>705 </strong></font></p></td>
</tr>
<tr>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 10 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBD Palm Oil </font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>696 </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>729 </strong></font></p></td>
</tr>
<tr bgcolor="#DFFFEA">
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 90 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others - Palm Oil </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>683 </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>717 </strong></font></p></td>
</tr>
<tr>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 10 00 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Palmolein </font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>700 </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>739 </strong></font></p></td>
</tr>
<tr bgcolor="#DFFFEA">
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 20 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBD Palmolein </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>703 </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>742 </strong></font></p></td>
</tr>
<tr>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 90 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others -Palmolein </font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>702 </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>741 </strong></font></p></td>
</tr>
<tr bgcolor="#DFFFEA">
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1507 10 00 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Soyabean Oil </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>843 </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>894 </strong></font></p></td>
</tr>
<tr>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7404 00 22 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Brass Scrap (all grades) </font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>3697 </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>3637 </strong></font></p></td>
</tr>
<tr bgcolor="#DFFFEA">
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1207 91 00 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Poppy seeds </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="right"><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>3747 </strong></font></p></td>
<td valign="top"><p align="right"><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>3747 </strong></font></p></td>
</tr>
<tr>
<td colspan="5" valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Table 2 </strong></font></font></p></td>
</tr>
<tr bgcolor="#DFFFEA">
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>S. No. </strong></font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Chapter/ heading/ sub-heading/tariff item </strong></font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Description of goods </strong></font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Tariff value USD <br>
from 31.12.2014 </strong></font></p></td>
<td valign="top"><p align="center"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Tariff value USD <br>
from 15.01.2015 </strong></font></p></td>
</tr>
<tr>
<td colspan="5" valign="top"> </td>
</tr>
<tr bgcolor="#DFFFEA">
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">71 or 98 </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Gold, in any form in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed. </font></p></td>
<td valign="top" bgcolor="#DFFFEA"><p align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>392 per 10 grams </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>401 per 10 grams </strong></font></p></td>
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<tr>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">71 or 98 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Silver, in any form in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed. </font></p></td>
<td valign="top"><p align="right"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>519 per kilogram </strong></font></p></td>
<td valign="top"><p align="right"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>543 per kilogram </strong></font></p></td>
</tr>
<tr>
<td colspan="5" valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Table 3 </strong></font></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"></font></p></td>
</tr>
<tr>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>S. No. </strong></font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Chapter/ heading/ sub-heading/tariff item </strong></font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Description of goods </strong></font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Tariff value USD (Per Metric Tons) <br>
from 31.12.2014 </strong></font></p></td>
<td valign="top"><p align="center"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Tariff value USD (Per Metric Tons) <br>
from 15.01.2015 </strong></font></p></td>
</tr>
<tr>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">080280 </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Areca nuts </font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>2183 </strong> </font></p></td>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>2183 </strong></font></p></td>
</tr>
</table>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc1NjU=" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Notification No. 10/2015-Cus.(N.T.), Dated: January 15 2015 </strong></font></a></p>
<p align="center"><font size="3" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600" face="Georgia, Times New Roman, Times, serif"><em>Customs - New Exchange Rates from Today </em></font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC </strong>has notified new exchange rates for Imported Goods and for Export Goods with effect from 16 January 2015. The US Dollar is 62.30 rupees for imports and 61.30 rupees for exports. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Exchange rates were last notified on 1st January 2015. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc1NjY=" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Notification No.09/2015 - Cus.,(N.T.), Dated: January 15, 2015</strong></font></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><strong><font color="#006600">Jurispruden</font></strong></strong></em><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><em><font color="#FF6633" size="4">tiol</font></em></strong></font></strong></font><em><strong><strong><font color="#006600">-Monday's cases</font></strong></strong></em></font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><strong><img src="http://www.taxindiaonline.com/RC2/image/stories/ddt_hammer.jpg" alt="Legal Corner Icon" width="100" height="84" hspace="5" border="0" align="left"></strong>Income Tax </strong></font></p>
<p align="justify"><strong><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Income tax - Whether benefit of deduction u/s 32AB can be extended to term loans taken against trucks and tankers - YES: HC </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> issue before the bench is - Whether the benefit of the deduction u/s 32AB cannot be extended to term loans taken against trucks and tankers. And the verdict goes against the Revenue. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Customs</strong></font></p>
<p align="justify"><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Cus - Export of non-basmati rice- Redemption fine imposable in lieu of confiscation is limited by the ceiling of market price of the confiscated goods - Tribunal could not have reduced the value declared and legalized a patent illegality - Appeal dismissed: High Court </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> appellant filed a shipping bill for the export of a consignment of 125.00 MT of "Indian Pusa 1121 Parboiled Rice", which was valued at Rs.67.82 lacs (FOB). When the customs department carried out an inspection and examination it was revealed that the goods were non-basmati rice and were not of the description contained in the shipping bill. </font></p>
<p align="justify"><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Central Excise </strong></font></p>
<p><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CENVAT - Although Steatite Ceramics, CTH 6804, are capital goods and appellants are entitled to take only 50% credit in first year, they have taken full credit - since they are entitled to balance credit in subsequent year, at the most, interest for intervening period is payable: CESTAT </strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>appellant is a manufacturer of enamel, paints, thinner and varnish. They procured Steatite Ceramics, used in the manufacture of paints, and took CENVAT Credit of duty paid on these goods. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Monday with more DDT </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Have a nice weekend. </strong></font></p>
<p align="justify"><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"><a href="mailto:vijaywrite@tiol.in">vijaywrite@tiol.in </a></font></p>
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