TIOL-DDT 252 · the untouched capture
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<!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"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <strong><font color="#996699" size="3">TIOL-DDT 252</font><br> 01 12 2005<br> Thursday </strong></font></div> <p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br> DAILY DOSE OF TAXATION </font></strong></p> <p align="justify"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">with Vijay Kumar</font></strong></p> <p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DDT is one year old</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It’s not celebration but a reminder that so much is yet to be done! Thank you netizens for your support.</font></p> <p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>EPCG – 25% bank guarantee for custodians</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board has decided that service providers in the port handling sector who are appointed as Custodians by the jurisdictional Customs/Central Excise authorities shall be eligible for 25% Bank Guarantee for importing capital goods under EPCG Scheme. Circular No.58/2004-Cus. dated 21.10.2004 stands modified to this effect.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=25&filename=notification/custom/2005/cuscir05_049.htm">CIRCULAR NO. 49/2005-Cus, Dated : November 29, 2005</a></strong> </font></p> <p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Anti-dumping duty on Acrylonitrile Butadiene Rubber (NBR),</strong> </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Anti-dumping duty on Acrylonitrile Butadiene Rubber (NBR), originating in, or exported from European Union (except Germany), Brazil and Mexico was imposed by Notification No. 53/2005-Customs dated the 7th June, 2005 and was to be valid till 6th day of December, 2005. Now this provisional duty is confirmed and Notification No. 53/2005 is superseded.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2005/ctariff05_100.htm">NOTIFICATION NO. 100/2005-Cus., Dated: November 29, 2005</a></strong></font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Standard Input Output Norms (SION) changes</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The DGFT has brought in several changes in the Standard Input Output Norms (SION) </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2005/dgft05pn070.htm">PUBLIC NOTICE NO. 70 (RE:2005)/2004-2009, Dated: November 29, 2005</a></strong></font></p> <p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Import of marble – DGFT clarifies</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As per <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=46&filename=notification/dgft/2005/dgft05cir024.htm">DGFT Circular No. 24/2004-09</a></strong> dated 30.8.2005, </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">“Eligibility- Entitlement would be restricted to those applicants who have set up manufacturing / processing units in the country and have made imports of these items in the preceding years when these items were under SIL list.”</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the DGFT clarifies that </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">“manufacturing / processing units should have been set up during the years when marble was under SIL List or before. Hence documentary evidence showing establishment of manufacturing / processing units during that period should be produced”.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Similarly the circular prescribed that</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The total import of rough marble blocks under Exim Code Nos.25151100, 25151210, 25151220, will be subject to a ceiling of 1.30 lakh MT per licensing year. The entitlement of individual firm will be worked out on the basis of the turnover of the preceding year. The applicant will be required to furnish a Chartered Accountant certificate certifying his turnover. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now the DGFT clarifies that</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">the entitlement will be calculated on the basis of the turnover of marble imported under Chapter 25 of the ITC (HS) Classification of Export Import Items 2004-09 only. These companies who have been importing under Chapter 25 may also add their complete turnover for imported marble for the preceding year i.e. 2004-05. For this purpose a revised Chartered Accountant certificates indicating turnover of the preceding year (2004-05) based on above criteria should be filed. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=46&filename=notification/dgft/2005/dgft05cir034.htm">POLICY CIRCULAR. NO 34 (RE-2005)/2004-09, Dated : Nov 30, 2005</a> </strong></font></p> <p align="center"><strong><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif">Corrupt Customs – a global phenomenon?</font></strong></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Of 10 areas rife with corruption in Vietnam, the field considered top is land management, followed by customs and traffic police, according to a survey by the Central Committee for Internal Affairs.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Most respondents said that corruption is stirred by greed, not by poverty, because it often occurs among figures in authority. Corrupt officials often intentionally cause difficulties for citizens seeking civil services in order to extort money from them. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">From a report in VietNamNet Bridge yesterday.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF6666">Until tomorrow 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 day. </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 size="2" face="Verdana, Arial, Helvetica, sans-serif"> </font></strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></font></p> </body> </html>