TIOL-DDT 2940 · the untouched capture
Rendered as it looked. Links and images are disabled in this view; the file itself is untouched.
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"
"http://www.w3.org/TR/html4/loose.dtd">
<html>
<head>
<title>Untitled Document</title>
<meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1">
</head>
<body>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=26988"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2016.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="252" height="220" hspace="5" border="0" align="right" ></a></font></strong></font><font color="#663399" size="3">TIOL-DDT 2940</font><br>
29 09 2016<br>
Thursday</strong></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600">Service Tax - Adjudication - JC's Adjudication Power Enhanced to Rs. 2 Crore; Supdt. 10 lakh</font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>MAYBE</STRONG> before the GST comes into existence, CBEC wants to dispose of as many cases as possible at the Departmental level. The Board has enhanced the adjudication powers of the officers. The existing and revised monetary limits are:</font></p>
<div align="justify">
<table width="90%" border="1" align="center" cellpadding="3" cellspacing="0">
<tr>
<td valign="top"><div align="center"><strong> </strong></div></td>
<td valign="top"><div align="center"><strong> </strong></div></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Prior to 28.09.2016 </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">With Effect From 28.09.2016 </font></strong></p></td>
</tr>
<tr>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Sr. No. </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Central Excise Officer </font></strong></p></td>
<td valign="top"><p align="center"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Amount of service tax or CENVAT credit specified in a notice </font></strong></p></td>
<td valign="top"><div align="center"><strong> </strong></div></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"><div align="center"><strong> </strong></div></td>
</tr>
<tr>
<td valign="top"><p align="center"><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">Superintendent of Central Excise </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Not exceeding Rs. one lakh (excluding the cases relating to taxability of services or valuation of services and cases involving extended period of limitation.) </font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Not exceeding rupees ten lakh (excluding the cases relating to taxability of services or valuation of services and cases involving extended period of limitation). </font></p></td>
</tr>
<tr>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2)</font></div></td>
<td valign="top"><div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Assistant Commissioner of Central Excise or Deputy Commissioner of Central Excise </font></div></td>
<td valign="top"><div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Not exceeding Rs. five lakhs (except cases where Superintendents are empowered to adjudicate.) </font></div></td>
<td valign="top"><div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Not exceeding rupees fifty lakh (except cases where Superintendents are empowered to adjudicate).</font></div></td>
</tr>
<tr>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(3) </font></div></td>
<td valign="top"><div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Joint Commissioner of Central Excise </font></div></td>
<td valign="top"><div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Above Rs. five lakhs but not exceeding Rs. fifty lakhs </font></div></td>
<td rowspan="2" valign="top"><div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Rupees fifty lakh and above but not exceeding rupees two crore, </font></div></td>
</tr>
<tr>
<td valign="top"><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(4) </font></div></td>
<td valign="top"><div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Additional Commissioner of Central Excise </font></div></td>
<td valign="top"><div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Above Rs. twenty lakhs but not exceeding Rs. fifty lakhs </font></div></td>
</tr>
<tr>
<td valign="top"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(5)</font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Commissioner of Central Excise</font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Without limit.</font></p></td>
<td valign="top"><p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Without limit. </font></p></td>
</tr>
</table>
</div>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">So, now Superintendents can adjudicate up to ten lakh rupees, AC/DC up to fifty lakh, JC/ADC upto two crore and Commissioner as usual without limits. As such to many an assessee, it doesn't matter who adjudicates and with what limit, as the Show Cause Notices are routinely confirmed. It would be better if the intermediary stage of Commissioner (Appeals) is abolished. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now, what will happen to the pending cases? In the next few months the major activity in the Commissionerates would be to transfer </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. All cases pending with Commissioner where the demand is less than two crore rupees, to the ADC/JC. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. All cases with ADC/JC where the demand is less than fifty lakh rupees, to the DC/AC. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. Most of the cases with DC/AC where the demand is less than ten lakh rupees, to the Superintendent. </font></p>
</blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The assessees will be addressed letters to intimate the new adjudicating authority. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Perhaps the Board would now rescind the Circular <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=41&filename=notification/servicetax/2005/sercir80.htm" target="_blank"><strong>80/01/2005-ST</strong> </a>dated August 10, 2005 and come out with a new one. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Maybe till GST comes, there will be no adjudication, only transfer of files! </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA1ODc=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 44/2016-ST., Dated: September 28 2016 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600"><a name="f1"></a>Audit Commissioners can now adjudicate </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>WHEN</STRONG> the Audit Commissionerates were formed in 2014, their job was meant to be to audit and to issue Show Cause Notices. These notices were to be adjudicated by the jurisdictional Central Excise/Service Tax Officers. CBEC in Circular No. <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=31&filename=notification/excise/2014/excircular985.htm" target="_blank">985/09/2014-CX</a></strong>, dated, September 22, 2014 clarified, <em>"Audit function will end with the issuance of show cause notice and further action including adjudication and follow-up shall be the responsibility of Executive Commissioner." </em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=30&filename=notification/excise/2014/exnt14_30.htm" target="_blank">30/2014-CENT</a></strong>, dated 14.10.2014 conferred the powers on Audit officers as: </font></p>
<div align="justify">
<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><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Central Excise Officer </font></strong></p></td>
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Central Excise Officers whose powers are to be exercised </font></strong></p></td>
<td valign="top"><p><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Purposes </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>
</tr>
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Principal Chief Commissioner of Audit or Chief Commissioner of Audit </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Chief Commissioner of Central Excise </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Audit and issue of Show Cause Notice </font></p></td>
</tr>
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Principal Commissioner of Audit or Commissioner of Audit </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Commissioner of Central Excise </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">-do- </font></p></td>
</tr>
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Additional Commissioner of Audit </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Additional Commissioner of Central Excise </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">-do- </font></p></td>
</tr>
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Joint Commissioner of Audit </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Joint Commissioner of Central Excise </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">-do- </font></p></td>
</tr>
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5. </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Deputy Commissioner of Audit </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Deputy Commissioner of Central Excise </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">-do- </font></p></td>
</tr>
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6. </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Assistant Commissioner of Audit </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Assistant Commissioner of Central Excise </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">-do- </font></p></td>
</tr>
<tr>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7. </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Superintendent of Audit </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Superintendent of Central Excise </font></p></td>
<td valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">-do- </font></p></td>
</tr>
</table>
</div>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now, all these officers are, in addition to the powers of audit and issue of Show Cause Notice, empowered to adjudicate. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA1ODY=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 47/2016-CENT., Dated: September 28 2016</font></strong></a></p>
<p align="center"><font color="#006600" face="Georgia, Times New Roman, Times, serif"><strong><em><font size="3"><a name="f2"></a>Service Tax - ST-3 Form Amended</font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Government has amended the Service Tax Rules to make changes in the ST-3 Form, mainly to include <em>Krishi Kalyan Cess</em>. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA1ODA=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification No. 43/2016 - ST., Dated: September 28 2016 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f3"></a>Discontinuation of practice of making manual debits on physical copy of Advance Authorizations registered at EDI Customs port - CBEC Instruction </font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IT </strong> was brought to Board's notice that even for Advance Authorizations registered electronically at EDI Customs location i.e. where electronic ledger gets maintained, the physical authorizations, that are simultaneously issued and presented, are endorsed by Customs with manual debits of usage and this practice is not uniformly followed at all EDI ports of registration. It was informed that such manual endorsements replicate work, cause delay, and at times also lead to errors, all of which impose transaction costs on trade. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board, as a measure of enhancing the ease of doing business for exporters has decided that the practice of evidencing debits manually on physical copy of Advance Authorization shall be discontinued with respect to future authorizations electronically registered at Customs EDI locations. Henceforth, the officer examining the imported goods and/ or giving Out-of-Charge order shall also re-check that the proper debit of the authorisation in the EDI system has been made. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA1ODU=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC F.No.605/30/2015-DBK., Dated: September 28 2016 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f4"></a>Income Tax Declaration Scheme - No need of PAN </font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong> Income Declaration Scheme, 2016 came into effect from 1st June, 2016 and is to close tomorrow. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Can an assessee who does not have a PAN file declaration under the Scheme? </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBDT has decided that in such cases a declaration under the Scheme can be filed manually before the jurisdictional Pr.Commissioner/Commissioner by quoting the date and acknowledgment number of PAN application form. The Pr.Commissioners/Commissioners are directed to accept such declarations. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">However, the jurisdictional Pr.Commissioner/Commissioner shall issue Form-2 only after the allotment of PAN to the declarant. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA1ODE=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBDT Instruction No. 10/2016., Dated: September 28 2016 </font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f5"></a>FTP - Allocation of quantity for export of preferential quota sugar to EU under CXL quota</font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>DGFT has allocated a quantity of 10,000 tons of white sugar under CXL concessions to European Union (EU) for the period October, 2016 to September, 2017. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA1ODI=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">DGFT Public Notice No. 34/2015-2020., Dated September 28 2016</font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600"><a name="f6"></a>FTP - Inadvertent Errors corrected </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>DGFT has corrected some inadvertent errors in <strong><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA0Nzg=" target="_blank">Public Notice No. 29</a></strong> dated 08.09.2016 and in <strong><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA0MzM=" target="_blank">Public notice No. 27</a></strong> dated 31.08.2016. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA1ODM=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">DGFT Public Notice No. 35/2015-2020., Dated September 28 2016</font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600"><a name="f7"></a>FTP - New Office of DGFT at Belagavi, Karnataka </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong>DGFT has opened a new Regional Office at Belagavi, Karnataka for the five districts of Belagavi, Bagalkot, Dharward, Uttara Kannada and Bijapur. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA1ODQ=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">DGFT Public Notice No. 36/2015-2020., Dated September 28 2016</font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600"><a name="f8"></a>SAKSHAM - Bonanza for CBEC </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Revenue Officers who were feeling left out and ignored in the GST Scheme received a boost yesterday when the cabinet sanctioned a whopping Rs.2,256 crore for the 'Project SAKSHAM', the new Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC). The IRS officers are very happy that they have their own version of GSTN, all for themselves. Subramanian Swamy was quick to tweet - <em>"The unravelling of GSTN has begun. The Cabinet today set up a new back end network called Saksham under CBEC and allocated 2256 crores." </em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">But the Government has clarified that <em>there is no overlap in the GST-related systems of CBEC and GSTN. </em></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f9"></a>Global Competitiveness Index - India's Rank Improves </font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DATA</strong> released yesterday by the World Economic Forum (WEF) shows that India's ranking in the Global Competitiveness Index (GCI) has improved by 16 places for the second year in a row. According to the latest ranking, India is placed 39th among 138 countries, ahead of BRICS countries other than China which is ranked 28th. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Finance Minister Arun Jaitley said that the India's rank has steadily improved from 71 in 2014-15 to 55 in 2015-16 and to 39 in the latest report. With this improvement in its ranking, India has covered a long distance and is well on its way to emerge as a major player in the global economy. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Switzerland, Singapore and the United States remain the world's most competitive economies; India is the highest rising economy, climbing 16 places.</font></p>
<table width="98%" border="0" align="center" cellpadding="10" cellspacing="2" bgcolor="#009900">
<tbody>
<tr>
<td valign="top" bgcolor="#E1E9EC">
<div align="justify">
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Tax laws are similar to the writings of Karl Marx and the writings of Sigmund Freud in that many of the people who loudly proclaim opinions about these documents have never read them. </font></p>
</div></td>
</tr>
</tbody>
</table>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more <strong>DDT</strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Have a nice day.</strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to <strong><a href="mailto:vijaywrite@tiol.in" target="_blank">vijaywrite@tiol.in</a></strong></font></p>
</body>
</html>