TIOL-DDT 2589 · the untouched capture
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<p><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 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=23157"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2015_1.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="300" height="148" 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></strong></font></strong></font></strong></s>TIOL-DDT 2589</font><br>
01 05 2015 <br>
Friday </strong></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Finance Bill Passed in Lok Sabha - Service Tax Penal Provisions aligned with Central Excise </font></em></strong></font></p>
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<td width="50%" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Proposed in the Finance Bill 2015 </font></td>
<td width="50%" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As passed in the Lok Sabha on 30 04 2015 </font></td>
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<td valign="top"><p><em><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Penalty for failure to pay service tax. </font></strong></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">76. (1) Where service tax has not been levied or paid, or has been short-levied or short-paid, or erroneously refunded, for any reason, other than the reason of fraud or collusion or wilful misstatement or suppression of facts or contravention of any of the provisions of this Chapter or of the rules made thereunder with the intent to evade payment of service tax, the person who has been served notice under sub-section (1) of section 73 shall, in addition to the service tax and interest specified in the notice, be also liable to pay a penalty not exceeding ten per cent. of the amount of such service tax: </font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Provided that where such service tax and interest is paid within a period of thirty days of- </font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) the date of service of notice under sub-section (1) of section 73, no penalty shall be payable; </font></em></p>
<p> </p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) the date of receipt of the order of the Central Excise Officer determining the amount of service tax under sub-section (2) of section 73, the penalty payable shall be twenty-five per cent. of the penalty imposed in that order, only if such reduced penalty is also paid within such period. </font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) Where the Commissioner (Appeals), the Appellate Tribunal or, the court, as the case may be, modifies the service tax determined under sub-section (2) of section 73, then, the amount of penalty payable thereon, shall also stand modified accordingly, and the benefit of reduced penalty under the proviso to sub-section (1) shall be available if such service tax, interest and reduced penalty so payable, is paid within a period of thirty days from the date of receipt of the order by which such modification is made.". </font></em></p></td>
<td valign="top"><p><em><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Penalty for failure to pay service tax. </font></strong></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">76. (1) Where service tax has not been levied or paid, or has been short-levied or short-paid, or erroneously refunded, for any reason, other than the reason of fraud or collusion or wilful misstatement or suppression of facts or contravention of any of the provisions of this Chapter or of the rules made thereunder with the intent to evade payment of service tax, the person who has been served notice under sub-section (1) of section 73 shall, in addition to the service tax and interest specified in the notice, be also liable to pay a penalty not exceeding ten per cent. of the amount of such service tax:</font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Provided that where <font color="#FF0000">such (this word is removed now)</font> service tax and interest is paid within a period of thirty days of- </font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) the date of service of notice under sub-section (1) of section 73, no penalty shall be payable; <font color="#FF0000">and proceedings in respect of such service tax and interest shall be deemed to have been concluded; (added)</font></font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> (ii) the date of receipt of the order of the Central Excise Officer determining the amount of service tax under sub-section (2) of section 73, the penalty payable shall be twenty-five per cent. of the penalty imposed in that order, only if such reduced penalty is also paid within such period. </font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2)<font color="#FF0000"> Where the amount of penalty is increased by the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be, over and above the amount as determined under sub-section (2) of section 73, the time within which the reduced penalty is payable under clause (ii) of the proviso to sub-section (1) in relation to such increased amount of penalty shall be counted from the date of the order of the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be .</font>(substituted) </font></em></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Did they make a mistake in substituting this clause instead of adding a new clause? </font></p></td>
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<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Penalty for failure to pay service tax for reasons of fraud, etc. </font></strong></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">78. (1) Where any service tax has not been levied or paid, or has been short-levied or shortpaid, or erroneously refunded, by reason of fraud or collusion or wilful mis-statement or suppression of facts or contravention of any of the provisions of this Chapter or of the rules made thereunder with the intent to evade payment of service tax, the person who has been served notice under the proviso to sub-section (1) of section 73 shall, in addition to the service tax and interest specified in the notice, be also liable to pay a penalty which shall be equal to hundred per cent. of the amount of such service tax:</font></em></p>
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<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Provided that where such service tax and interest is paid within a period of thirty days of -</font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <br>
(i) the date of service of notice under the proviso to sub-section (1) of section 73, the penalty payable shall be fifteen per cent. of such service tax;</font></em></p>
<p> </p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) the date of receipt of the order of the Central Excise Officer determining the amount of service tax under sub-section (2) of section 73, the penalty payable shall be twenty-five per cent. of the service tax so determined: </font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Provided further that the benefit of reduced penalty under the first proviso shall be available only if the amount of such reduced penalty is also paid within such period.</font></em></p>
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<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) Where the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be, modifies the service tax determined under sub-section (2) of section 73, then, the amount of penalty payable thereon, shall also stand modified accordingly, and the benefit of reduced penalty under the first proviso to sub-section (1) shall be available if such service tax, interest and reduced penalty so payable, is paid within a period of thirty days from the date of receipt of the order by which such modification is made. </font></em></p></td>
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Penalty for failure to pay service tax for reasons of fraud, etc.</font></strong></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">78. (1) Where any service tax has not been levied or paid, or has been short-levied or shortpaid, or erroneously refunded, by reason of fraud or collusion or wilful mis-statement or suppression of facts or contravention of any of the provisions of this Chapter or of the rules made thereunder with the intent to evade payment of service tax, the person who has been served notice under the proviso to sub-section (1) of section 73 shall, in addition to the service tax and interest specified in the notice, be also liable to pay a penalty which shall be equal to hundred per cent. of the amount of such service tax:</font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <font color="#FF0000">Provided that in respect of the cases where the details relating to such transactions are recorded in the specified record for the period beginning with the 8th April, 2011 upto the date on which the Finance Bill, 2015 receives the assent of the President (both days inclusive), the penalty shall be fifty per cent. of the service tax so determined.(now inserted)</font> Provided that where <font color="#FF0000">such (word removed)</font> service tax and interest is paid within a period of thirty days of - </font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) the date of service of notice under the proviso to sub-section (1) of section 73, the penalty payable shall be fifteen per cent. of such service tax;<font color="#FF0000"> and proceedings in respect of such service tax, interest and penalty shall be deemed to be concluded (inserted now)</font></font></em></p>
<p><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> (ii) the date of receipt of the order of the Central Excise Officer determining the amount of service tax under sub-section (2) of section 73, the penalty payable shall be twenty-five per cent. of the service tax so determined: </font></em></p>
<p><em><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">Provided also that the benefit of reduced penalty under the second proviso shall be available(inserted now)</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> only if the amount of such reduced penalty is also paid within such period.</font></em></p>
<p><em><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"> Explanation.--For the purposes of this sub-section, "specified records” means records including computerised data as are required to be maintained by an assessee in accordance with any law for the time being in force or where there is no such requirement, the invoices recorded by the assessee in the books of accounts shall be considered as the specified records. (inserted now)</font></em></p>
<p><em><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"> (2) Where the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be, modifies the amount of service tax determined under sub-section (2) to section 73, then the amount of penalty payable under sub-section (1) and the interest payable thereon under section 75 shall stand modified accordingly, and after taking into account the amount of service tax so modified, the person who is liable to pay such amount of service tax, shall also be liable to pay the amount of penalty and interest so modified. (substituted now)</font></em></p>
<p><em><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"> (3) Where the amount of service tax or penalty is increased by the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be, over and above the amount as determined under sub-section (2) of section 73, the time within which the interest and the reduced penalty is payable under clause (ii) of the second proviso to sub-section (1) in relation to such increased amount of service tax shall be counted from the date of the order of the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be (inserted now) </font></em></p></td>
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<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Transitory Provisions: Section 78B</font></strong></p>
<p> <em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) Notwithstanding anything contained in sub-section (1), in respect of cases falling under the provisions of sub-section (4A) of section 73 as was in force prior to the date of coming into force of the Finance Act, 2015, where no notice under the proviso to sub-section (1) of section 73 has been served on any person or, where so served, no order has been passed under sub-section (2) of section 73, before such date, the penalty leviable shall not exceed fifty per cent. of the service tax </font></em></p></td>
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Transitory Provisions: Section 78B </font></strong></p>
<p><em><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) In cases where show cause notice has been issued under sub-section (1) of section 73 or under the proviso thereto, but no order has been passed under sub-section (2) of section 73 before the date on which the Finance Bill, 2015 receives the assent of the President, the period of thirty days for the purpose of closure of proceedings on the payment of service tax and interest under clause (i) of the proviso to sub-section (1) of section 76 or on the payment of service tax, interest and penalty under clause (i) of the second proviso to sub-section (1) of section 78, shall be counted from the date on which the Finance Bill, 2015 receives the assent of the President.(substituted now) </font></em></p></td>
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<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Consequent Notifications - Credit of Education Cess can be used for payment of Excise Duty </font></em></strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Finance Minister made certain announcements in Lok Sabha and promised the required notifications. CBEC was prompt to issue the notifications immediately. These are the notifications issued yesterday. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Since the budget day, there was a concern as to what would happen to the cenvat credit of education cess and the Board took all of two months to clarify the position. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification 12/2015 -CENT, dated 30.04.2015 amends the CENVAT Credit Rules, 2004 to stipulate that </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>"the credit of Education Cess and Secondary and Higher Education Cess paid on inputs or capital goods received in the factory of manufacture of final product on or after the 1st day of March, 2015 can be utilized for payment of the duty of excise leviable under the First Schedule to the Excise Tariff Act: </em></font></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Provided also that the credit of balance fifty per cent. Education Cess and Secondary and Higher Education Cess paid on <font color="#660066">capital goods received in the factory of manufacture of final product in the financial year 2014-15</font> can be utilized for payment of the duty of excise specified in the First Schedule to the Excise Tariff Act: </font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Provided also that the credit of Education Cess and Secondary and Higher Education Cess paid on input services received by the manufacturer of final product <font color="#660066">on or after the 1st day of March, 2015</font> can be utilized for payment of the duty of excise specified in the First Schedule to the Excise Tariff Act.” </font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">What about the balance of CENVAT credit of education cess lying in CENVAT account as on 28.02.2015? The amendment to CENVAT Credit Rules allows credit on inputs/input services received on or after 01.03.2015, but it does not provide solution to the balance of credit as on 28.02.2015. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">What if someone had already received the inputs/input services before 28.02.2015, but did not take credit of education cess? Should he lose that? </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">In case of capital goods, it is not mandatory that the balance 50% should be taken only in the immediate next financial year. Then, why they allowed the credit only to the capital goods received in 2014-15, but not before that? </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"style="background-color:#FFFF00" span="span">Why can't they make a simple amendment without creating any fresh problems? </font></p>
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<td colspan="3" valign="top"><div align="center"><strong><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs </font></strong></div></td>
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<td width="87" valign="top"><strong><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5OTY=" target="_blank"><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 28 /2015-Customs </font></a></strong></td>
<td colspan="2" valign="top"><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends notification No. 12/2012- Customs, dated the 17th March, 2012 - customs duty increased on sugar and many other changes </font></td>
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<td width="87" valign="top"><strong><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5OTc=" target="_blank"><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 29 /2015-Customs </font></a></strong></td>
<td colspan="2" valign="top"><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends notification No. 39/96- Customs, dated the 23rd July, 1996 - Exemption from additional duty of customs levied under section 3 of the Customs Tariff Act (both CVD and SAD) in respect of certain entries of notification No.39/96-Customs, dated 23.07.1996 are withdrawn </font></td>
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<td width="87" valign="top"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5OTg=" target="_blank"><strong><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 30 /2015-Customs </font></strong></a></td>
<td colspan="2" valign="top"><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends notification No. 27/2011- Customs, dated the 1st March, 2011 - export duty on iron ore fines reduced from 30% to 10%. </font></td>
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<td colspan="3" valign="top"><div align="center"><strong><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">CENTRAL EXCISE </font></strong></div></td>
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<td width="87" valign="top"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgwMDE=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 23 /2015-Central Excise </font></strong></a></td>
<td colspan="2" valign="top"><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends notification No. 62/95 - Central Excise, dated the 16th March, 1995 and notification No. 63/95- Central Excise, dated the 16th March, 1995 - exemption to Ordnance Factories & Defence PSUs is withdrawn. These changes will be effective from 01.06.2015. Level playing field & Make In India mantra at work?</font></td>
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<td width="87" valign="top"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgwMDI=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 24 /2015-Central Excise </font></strong></a></td>
<td colspan="2" valign="top"><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends notification No. 12/2012- Central Excise, dated the 17th March, 2012 - Excise duty exemption on finishing agents, dye carriers to accelerate the dyeing or fixing of dye-stuffs, printing paste and other products and preparations of any kind used in the same factory for the manufacture of textiles and textile articles has been withdrawn. Back to old ways? </font></td>
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<td width="87" valign="top"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgwMDM=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 25/2015-Central Excise </font></strong></a></td>
<td colspan="2" valign="top"><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends notification No. 16/2010-Central Excise, dated the 27th February, 2010 - Chewing Tobacco. </font></td>
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<td width="87" valign="top"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgwMDQ=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 26/2015-Central Excise </font></strong></a></td>
<td colspan="2" valign="top"><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends notification No. 14/2015-Central Excise, dated the 1st March, 2015 - exemption from education cess on DTA clearances from EOUs. </font></td>
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<td width="87" valign="top"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgwMDU=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 27/2015-Central Excise </font></strong></a></td>
<td colspan="2" valign="top"><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends notification No. 15/2015-Central Excise, dated the 1st March, 2015 - - exemption from education cess on DTA clearances from EOUs. </font></td>
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<td width="87" valign="top"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5OTk=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 12/2015-Central Excise (N.T.) </font></strong></a></td>
<td colspan="2" valign="top"><strong><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends CENVAT Credit Rules, 2004 - Cenvat credit of Education Cess and Secondary & Higher Education Cess for payment of basic excise duty. What happens to the balance credits of Education Cesses lying in the account as on 28.02.2015 is not forthcoming? </font></strong></td>
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<td width="87" valign="top"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgwMDA=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 13/2015-Central Excise (N.T.) </font></strong></a></td>
<td colspan="2" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends the Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules, 2010 </font></td>
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<td colspan="3" valign="top"><div align="center"><strong><font color="#993300" size="2" face="Verdana, Arial, Helvetica, sans-serif">SERVICE TAX </font></strong></div></td>
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<td colspan="2" valign="top"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgwMDY=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 12/2015- Service Tax </font></strong></a></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Amends notification No. 25/2012-ST dated the 20th June, 2012 so as to exempt certain specified services.Life Insurance business provided under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Jan Dhan Yojana (PMJDY), General Insurance business provided under Pradhan Mantri Suraksha Bima Yojana (PMSBY), collection of contribution under Atal Pension Yojana (APY). Incidentally, the notification is dated 30th </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Aoril , </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2015 - perhaps what they meant is April. </font></p> </td>
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</table>
<p align="center"><font face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600" size="3">Can two Exemption Notifications be simultaneously allowed - CBEC Clarifies. </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> issue as to whether an importer can simultaneously avail the exemption benefits under two notifications, one for Basic Customs Duty and the other for CVD was clarified by the Board in Circular No.41/2013-Customs dated 21.10.2013 that an importer while availing of BCD exemption on steam coal under notification No.46/2011-Customs, dated 01.06.2011 can simultaneously avail of concessional CVD at 2% under S.No.123 of notification No.12/2012-Customs, dated 17.03.2012. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Drawing the same analogy, in the case of muriate of potash and urea for use in the manufacture of other fertilizers, Board clarifies that importers can simultaneously avail benefit of S.No.198 or 203 of notification No.12/2012-Customs, dated 17.03.2012 for concessional rate of BCD and S.No.127 of notification No.12/2012-Central Excise for CVD exemption. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This clarification is contained in the letter from JS, TRU explaining the notifications issued yesterday. </font></p>
<p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Please also see <a href="http://www.taxindiaonline.com/RC2/NewsDesc.php?MpoQSrPnM=MTg4ODQ=" target="_blank">DDT 2214 22.10.2013 </a></font></strong></p>
<p><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTgwMDc=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC JSTRUD.O.F.No.334/5/2015-TRU, Dated: April 30, 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Tariff Value of Gold and Silver Increased </font></em></strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Government has increased the Tariff value of Gold from 388 USD to 393 USD per 10 gms. The tariff value of Silver is increased from 524 USD to 537 USD per kilogram. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff values of all the oils, Brass Scrap have been changed. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Tariff values as on <strong>15.04.2015</strong> and with effect from <font color="#FF0000"><strong>30.04.2015</strong></font> are as under: </font></p>
<table width="90%" border="1" align="center" cellpadding="3" cellspacing="0">
<tr bgcolor="#E2F0D5">
<td width="587" colspan="5" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Table 1 </font></strong></div></td>
</tr>
<tr bgcolor="#E2F0D5">
<td width="48" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No. </font></strong></div></td>
<td width="103" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter/ heading/ sub-heading/tariff item </font></strong></div></td>
<td width="196" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods </font></strong></div></td>
<td width="111" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD (Per Metric Tonne) <br>
from 15.04.2015 </font></strong></div></td>
<td width="129" valign="top"><div align="center"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD (Per Metric Tonne) <br>
from 30.04.2015 </font></strong></font></div></td>
</tr>
<tr bgcolor="#BFFFFF">
<td width="48" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1) </font></strong></div></td>
<td width="103" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) </font></strong></div></td>
<td width="196" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3) </font></strong></div></td>
<td width="111" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(5) </font></strong></div></td>
<td width="129" valign="top"><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="#BFFFFF">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 10 00 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Palm Oil </font></td>
<td width="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">658 </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">650 </font></strong></font></div></td>
</tr>
<tr bgcolor="#BFFFFF">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 10 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBD Palm Oil </font></td>
<td width="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">682 </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">659 </font></strong></font></div></td>
</tr>
<tr bgcolor="#BFFFFF">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 90 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others - Palm Oil </font></td>
<td width="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">670 </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">655 </font></strong></font></div></td>
</tr>
<tr bgcolor="#BFFFFF">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 10 00 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Palmolein </font></td>
<td width="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">684 </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">662 </font></strong></font></div></td>
</tr>
<tr bgcolor="#BFFFFF">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 20 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">RBDPalmolein </font></td>
<td width="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">687 </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">665 </font></strong></font></div></td>
</tr>
<tr bgcolor="#BFFFFF">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1511 90 90 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Others -Palmolein </font></td>
<td width="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">686 </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">664 </font></strong></font></div></td>
</tr>
<tr bgcolor="#BFFFFF">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1507 10 00 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Crude Soyabean Oil </font></td>
<td width="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">726 </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">752 </font></strong></font></div></td>
</tr>
<tr bgcolor="#BFFFFF">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7404 00 22 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Brass Scrap (all grades) </font></td>
<td width="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3469 </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3460 </font></strong></font></div></td>
</tr>
<tr bgcolor="#BFFFFF">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1207 91 00 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Poppy seeds </font></td>
<td width="111" valign="top"><div align="right"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2602 </font></strong></font></div></td>
<td width="129" valign="top"><div align="right"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2602 </font></strong></font></div></td>
</tr>
<tr>
<td width="587" colspan="5" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"style="background-color:#FFFF00" span="span">Table 2 </font></strong></div></td>
</tr>
<tr bgcolor="#D2FFD2">
<td width="48" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No. </font></strong></td>
<td width="103" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter/ heading/ sub-heading/tariff item </font></strong></td>
<td width="196" valign="top"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods </font></strong></td>
<td width="111" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD <br>
from 15.04.2015 </font></strong></div></td>
<td width="129" valign="top"><div align="right"><strong><font color="#FF0000"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD <br>
from 30.04.2015 </font></font></strong></div></td>
</tr>
<tr bgcolor="#D2FFD2">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">71 or 98 </font></td>
<td width="196" 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="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">388 per 10 grams </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">393 per 10 grams </font></strong></font></div></td>
</tr>
<tr bgcolor="#D2FFD2">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">71 or 98 </font></td>
<td width="196" 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="111" valign="top"><div align="right"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">524 per kilogram </font></strong></div></td>
<td width="129" valign="top"><div align="right"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">537 per kilogram </font></strong></font></div></td>
</tr>
<tr>
<td width="587" colspan="5" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif" style="background-color:#FFFF00" span="span">Table 3 </font></strong></div></td>
</tr>
<tr bgcolor="#FFD7C4">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">S. No. </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chapter/ heading/ sub-heading/tariff item </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Description of goods </font></td>
<td width="111" valign="top"><div align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD (Per Metric Tons) <br>
from 15.04.2015 </font></strong></div></td>
<td width="129" valign="top"><div align="center"><font color="#FF0000"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tariff value USD (Per Metric Tons) <br>
from 30.04.2015 </font></strong></font></div></td>
</tr>
<tr bgcolor="#FFD7C4">
<td width="48" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></td>
<td width="103" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">080280 </font></td>
<td width="196" valign="top"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Areca nuts </font></td>
<td width="111" valign="top"><div align="right"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2264 </font></strong></font></div></td>
<td width="129" valign="top"><div align="right"><font color="#0000FF"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2264 </font></strong></font></div></td>
</tr>
</table>
<p><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5OTU=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 42/2015-Cus.(N.T.), Dated: April 30 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Income Tax - Extremely Simplified Procedure </font></em></strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>REPLYING</strong> to the debate on the Finance Bill, the FM said, </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Recently a controversy did come up. There is an old income tax form of 12 pages which was made 13.5 pages. I was out of the country when it was done. I had it stopped. I am having the entire matter reviewed and very soon you will hear of an extremely simplified procedure coming from us. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">An easy taxation form in which an assessee is able to do things himself and does not have to run to various advisors. </font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Exchange Rates changed </font></em></strong></font></p>
<p align="justify"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Central government has notified new exchange rates for imported goods and for export goods in respect of the following foreign currencies viz. Danish Kroner, Euro, Norwegian Kroner, Pound Sterling and Swedish Kroner from today. </font></p>
<p><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5OTM=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification 41/2015-Cus(NT), Dated: April 30, 2015 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Expeditious clearance of export goods to Nepal - CBEC Instructions </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Ministry of External Affairs has announced "Operation Maitree" under which India has embarked upon massive rescue, relief and evacuation operations in Nepal. A number of organizations/individuals as a part of their contribution to the relief operations may be required to procure relief items for export to Nepal. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In this regard, CBEC has directed the Chief Commissioners that field formations may be instructed to ensure all possible facilitation for expeditious procurement of goods meant for cross border supplies to Nepal from India. All procedural formalities, relating to export of relief items under bond or duty free procurement of relief items for export, may be expeditiously completed in order to facilitate export of relief items to Nepal on an urgent basis and where necessary, temporary orders may be issued by the Chief Commissioner to remove difficulty in complying with the procedures prescribed. </font></p>
<p><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MTc5OTQ=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC F.No. 201/03/2015-CX.6., Dated April 30, 2015</font></strong></a></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Monday is a holiday - Buddha Purnima</font></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tuesday with more <strong>DDT</strong></font></p>
<p><strong><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice weekend.</font></strong></p>
<p><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"><strong>vijaywrite@tiol.in</strong></a></font></p>
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