TIOL-DDT 2549 · the untouched capture
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<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3"><s><strong><font size="2"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><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=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></font></strong></font></strong></font></strong></font></strong></s></font></strong></font></strong></font></strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3">TIOL-DDT 2549</font><br>
</strong></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>02 03 2015<br>
</strong></font><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Monday</font></strong></p>
<p align="center"><em><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><strong>Budget 2015 - The Tax Revenue</strong></font></em></p>
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<td valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Revenue in Crores </font></strong></div></td>
<td valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2014-15 </font></strong></div></td>
<td valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2015-16 </font></strong></div></td>
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<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Corporation Tax </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4,26,079 </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4,70,628 </font></div></td>
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<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Income Tax </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2,78,599 </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3,27,367 </font></div></td>
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<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1,88,713 </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2,08,336 </font></div></td>
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<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Central Excise </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1,85,480 </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2,29,808 </font></div></td>
</tr>
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<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Service Tax </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1,68,132 </font></div></td>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2,09,774 </font></div></td>
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<td valign="top"><div align="center"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">Total Tax Revenue </font></strong></div></td>
<td valign="top"><div align="center"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">12,51,391 </font></strong></div></td>
<td valign="top"><div align="center"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">14,49,490 </font></strong></div></td>
</tr>
</table>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>SO</strong>, the Finance Minister is going to collect nearly two lakh crores more than what he did in the previous year. And that is the tax burden on us in the coming year.</font></p>
<p align="center"><em><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><strong>How Wealth Tax is to be abolished</strong></font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN </strong>Para 113 of his Budget Speech, the Finance Minister said, <em>"I have therefore decided to abolish the wealth tax and replace it with an additional surcharge of 2% on the super-rich with a taxable income of over Rs.1crore".</em></font></p>
<p align="left"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Section 3 of the Wealth Tax Act reads</font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Charge of wealth-tax.</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>3. (1)Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the first day of April, 1957 but before the first day of April, 1993, a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company at the rate or rates specified in Schedule I.</em></font></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the 1st day of April, 1993, wealth-tax in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company, at the rate of one per cent of the amount by which the net wealth exceeds fifteen lakh rupees.</font></em></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Provided that in the case of every assessment year commencing on and from the 1st day of April, 2010, the provisions of this section shall have effect as if for the words "fifteen lakh rupees", the words <em>"thirty lakh rupees" </em>had been substituted.</font></p>
<p align="left"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In the Finance Bill 2015, Clause 79 reads as:</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In section 3 of the Wealth-tax Act, 1957, in sub-section (2), with effect from the 1st day of April, 2016, after the words, figures and letters "from the 1st day of April, 1993", the words, figures and letters "but before the 1st day of April, 2016" shall be inserted.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This is how wealth Tax is proposed to be abolished with effect from 1 st April 2016.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Wealth-tax Act, 1957 (‘the WT Act') was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor for achieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act through cross checks. Accordingly, all the assets of the assessees were taken into account for computation of net-wealth. The levy of wealth-tax was thoroughly revised on the recommendation of Tax Reform Committee headed by Raja J. Chelliah vide Finance Act, 1992 with effect from 01.04.1993. The Chelliah Committee had recommended abolition of wealth-tax in respect of all items of wealth other than those which can be regarded as unproductive forms of wealth or other items whose possession could legitimately be discouraged in the social interest.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Currently, wealth-tax is levied on an individual or HUF or company, if the net wealth of such person exceeds Rs.30 lakh on the valuation date, i.e. last date of the previous year. For the purpose of computation of taxable net wealth, only few specified assets are taken into account.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">More than seven years ago, we carried an article <a href="http://www.taxindiaonline.com/RC2/print_story.php?newsid=6725"><strong>Should FM abolish Wealth Tax</strong> </a>?</font></p>
<p align="center"><em><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><strong>It was not Budget alone</strong></font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CENTRAL Excise and Service Tax Audit norms to be followed by the Audit Commissionerates</strong> - <strong>Circular No. <a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc3MTY=" target="_blank">995/02/2015</a>-CX., Dated: February 27, 2015</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC has issued norms and guidelines for audit by the many Audit Commissionerates created recently. Some years ago, Board had purchased several copies of a software called idea for assisting in Audit. Any idea what happened to that?</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Recovery of arrears in installments and amendment of Garnishee Notice - Circular No. <a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc3NTg=" target="_blank">996/3/2015</a>-CX., Dated: February 28, 2015</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board clarifies that recovery officers do have powers to add, amend, vary or rescind any Garnishee Notice issued. However, the interest of revenue has to be suitably safeguarded.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It has been decided by the Board to allow recovery of arrears of taxes, interest and penalty in installments. The power to allow such payment in monthly installments shall be discretionary and shall be exercised by the Commissioners for granting sanction to pay arrears in installments upto a maximum of 24monthly installments and by the Chief Commissioners for granting sanction to pay arrears in monthly installments greater than 24 and upto a maximum of 36monthly installments.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Simplification of Registration Procedures in Central Excise and Service Tax - Circular No. <a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc3NjA=" target="_blank">997/4/2015</a>-CX., Dated: February 28, 2015</strong> and <strong>ORDER NO <a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc3NjE=" target="_blank">01/2015</a>-SERVICE TAX, Dated: February 28, 2015</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Under the new simplified procedure, once duly completed application form is received online on ACES, registration would be granted within two working days and issued online without any examination of the documents and verification of documents or premises before the grant of registration, thus initiating trust based registration. Simultaneously, assessee would be enabled to electronically pay duty. Further, the assessee would not need a signed copy of Registration Certificate as proof of registration. Registration Certificate downloaded online from ACES system would be accepted as proof of registration. Verification of the documents and premises shall be carried out post facto.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Withdrawal of prosecution filed in a court - Circular No. <a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc3NTc=" target="_blank">998/5/2015</a>-CX., Dated: February 28, 2015</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC directs that where on identical allegation a noticee has been exonerated in the quasi-judicial proceedings and such order has attained finality, Chief Commissioner shall give direction to the Central Excise Officer in the concerned Commissionerate to file an application through Public Prosecutor requesting the Court to allow withdrawal of the Prosecution in accordance with law. This direction is applicable for Central Excise, Customs and Service Tax.</font></p>
<p align="center"><em><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><strong>Place of Removal - Board Clarifies</strong></font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>BOARD</STRONG> was requested to clarify that in the case of exports, for purposes of CENVAT credit of input services, the place of removal is the port or the airport from where the goods are finally exported.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board clarifies:</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In the case of clearance of goods for export by manufacturer exporter, shipping bill is filed by the manufacturer exporter and goods are handed over to the shipping line. After Let Export Order is issued, it is the responsibility of the shipping line to ship the goods to the foreign buyer with the exporter having no control over the goods. In such a situation, transfer of property can be said to have taken place at the port where the shipping bill is filed by the manufacturer exporter and place of removal would be this Port/ICD/CFS. Needless to say, eligibility to CENVAT Credit shall be determined accordingly.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In the case of export through merchant exporters, however, two transactions are involved. First is the transaction between the manufacturer and the merchant exporter. The second transaction is that between the merchant exporter and the foreign buyer. As far as Central Excise provisions are concerned, the place of removal shall be the place where the property in the goods passes from the manufacturer to the merchant exporter. In most of the cases, this place would be the factory gate since it is here that the goods are unconditionally appropriated to the contract in cases where the goods are sealed in the factory, either by the Central Excise officer or by way of self-sealing with the manufacturer of export goods taking the responsibility of sealing and certification.</font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc3NTk=" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Circular No. 999/6/2015-CX., Dated: February 28, 2015</strong></font></a></p>
<p align="center"><font color="#006600"><em><font size="3" face="Georgia, Times New Roman, Times, serif"><strong>Tariff Value of Gold, Silver Decreased</strong></font></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Government has decreased the Tariff value of Gold from 397 USD to 393 USD per 10 gms. The tariff value of Silver is also decreased from 551 USD to 549 USD per kilogram.</font></p>
<p align="left"><font face="Verdana, Arial, Helvetica, sans-serif"><font size="2">Tariff values of most of the oils have also been reduced.</font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">TheTariff values as on <strong>13.02.2015</strong> and with effect from <font color="#FF0000"><strong>27.02.2015</strong></font> are as under:</font></p>
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<td colspan="5" valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong style="background-color:#FFFF00">Table 1 </strong></font></div></td>
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<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No.</font></strong></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter/ heading/ sub-heading/tariff item</font></strong></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods</font></strong></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD (Per Metric Tonne) <br>
from 13.02.2015 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD (Per Metric Tonne) <br>
</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">from 27.02.2015</font></strong></td>
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<tr bgcolor="#97FFFF">
<td width="0" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1) </font></strong></div></td>
<td width="0" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) </font></strong></div></td>
<td width="0" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3) </font></strong></div></td>
<td width="0" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(5) </font></strong></div></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="center"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(6) </font></strong></font></div></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 10 00 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Palm Oil </font></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">669 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="right"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">684 </font></strong></div></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 10 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBD Palm Oil </font></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">710 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="right"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">706 </font></strong></div></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 90 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others - Palm Oil </font></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">690 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="right"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">695 </font></strong></div></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 10 00 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Palmolein </font></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">719 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="right"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">715 </font></strong></div></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 20 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBDPalmolein </font></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">722 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="right"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">718 </font></strong></div></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 90 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others - Palmolein </font></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">721 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="right"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">717 </font></strong></div></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1507 10 00 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Soyabean Oil </font></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">792 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="right"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">803 </font></strong></div></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7404 00 22 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Brass Scrap (all grades) </font></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3484 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="right"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">3508 </font></strong></div></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1207 91 00 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Poppy seeds </font></td>
<td width="0" valign="top"><strong><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif">3747 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="right"><strong><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif">3747 </font></strong></div></td>
</tr>
<tr bgcolor="#DFFFEA">
<td colspan="5" valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong style="background-color:#FFFF00">Table 2</strong></font></div></td>
</tr>
<tr bgcolor="#DFFFEA">
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No. </font></strong></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter/ heading/ sub-heading/tariff item </font></strong></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods </font></strong></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD <br>
from 13.02.2015 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD <br>
from 27.02.2015 </font></strong></font></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">71 or 98 </font></td>
<td width="0" valign="top"><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></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">397 per 10 grams </font></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">393 per 10 grams </font></td>
</tr>
<tr bgcolor="#97FFFF">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">71 or 98 </font></td>
<td width="0" valign="top"><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></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">551 per kilogram </font></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">549 per kilogram </font></td>
</tr>
<tr bgcolor="#DFFFEA">
<td colspan="5" valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong style="background-color:#FFFF00">Table 3</strong></font></div></td>
</tr>
<tr bgcolor="#FFD9C6">
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No. </font></strong></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter/ heading/ sub-heading/tariff item </font></strong></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods </font></strong></td>
<td width="0" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD (Per Metric Tons) <br>
from 13.02.2015 </font></strong></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD (Per Metric Tons) <br>
from 27.02.2015 </font></strong></font></td>
</tr>
<tr bgcolor="#FFD9C6">
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">080280 </font></td>
<td width="0" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Areca nuts </font></td>
<td width="0" valign="top"><div align="center"><strong><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif">2280 </font></strong></div></td>
<td width="0" valign="top" bgcolor="#DFFFEA"><div align="center"><strong><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif">2280 </font></strong></div></td>
</tr>
</table>
</div>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc3MTc="><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Notification No. 26/2015-Cus.(N.T.), Dated: February 27, 2015</strong></font></a></p>
<p align="center"><em><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><strong>A great Job by Revenue Officers</strong></font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Officers of the Indian Revenue Service in both the Boards have done a commendable job. It is not an easy task to draft all these complicated Bills and notifications, especially in the Indirect Taxes. The Himalayan task they had so silently executed is incredible. The Legislative wing of CBEC is called Tax Research Unit (TRU) and the bright boys in TRU have done tremendous research and for one tenth of this work, they would get Ph.D from the best universities.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DDT</strong> salutes these sincere stalwarts.</font></p>
<p align="center"><font face="Geneva, Arial, Helvetica, sans-serif"><em><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><strong>Budget With TIOL</strong></font></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>WE</strong> brought to you incisive analyses on some of the issues pertaining to the budget from our in-house experts and our distinguished guests who are all noted authorities in the field. We will bring you more analyses on the budget today and in the coming days from the best brains in the country.</font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more <strong>DDT </strong></font></p>
<p align="justify"><strong><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day.</font></strong></p>
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