TIOL-DDT 315 · the untouched capture
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<div align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#663399" size="3">TIOL-DDT
315</font><br>
03 03 2006<br>
Friday</strong></font></div>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>The
4% confusion – Additional duty – computation</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>EVERY</b>
action of the government has its cascading effects right across the country.
While reducing the peak rate of customs duty from 15 to 12.5%, the benevolent
Finance Minister imposed a 4% special duty, in effect increasing the duty by
1.5%. Had he simply increased the duty by 1.5%, there would have been no problem,
but this special duty has caused quite a confusion. The million dollar question
is whether education cess component is to be taken into consideration while
computing this very special duty. It appears that consignments are piling up
without clearance for want of a clarification. Since we carried an analysis
of the issue, in our special column, we have been getting frantic messages on
the method of calculation. In view of the confusion the author has revised the
article and discussed both the options. Please see the revised article in our
Special column. Ultimately it is the government which should clarify the position
and the importers will be grateful if the Board comes out with a clarification
at the earliest. </font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>AIR
Drawback of Rs. 800/- for Furnace Oil to EOUs</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
DGFT has fixed All Industry Rate of Duty Drawback of Rs.800/- per MT for furnace
oil supplied by domestic oil companies to EOU/SEZ units, under various schemes.
</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2005/dgft05not049.htm"><strong>NOTIFICATION
NO. 49 (RE 2005)/2004-09, Dated: March 2, 2006</strong></a></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>DGFT
amends SION</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
DGFT has amended the statement of Standard Input Output Norms for several commodities.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2005/dgft05pn090.htm"><strong>PUBLIC
NOTICE NO. 90 (RE:2005)/2004-2009, Dated: February 28, 2006</strong></a></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Effective
rate of duty on naphtha</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Government
has fixed the effective rate of duty on Naphtha falling under heading 2710 of
the First Schedule to the Central Excise Tariff Act at 16%. Adv.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=30&filename=notification/excise/2006/etariff06_023.htm"><strong>NOTIFICATION
NO. 23/2006-Central Excise, Dated : March 1, 2006</strong></a></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Collection
of Countervailing Duty on Subsidized Articles and Determination of Injury –
Government amend rules</strong> </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Government
has amended the Customs Tariff (Identification, Assessment and Collection of
Countervailing Duty on Subsidized Articles and for Determination of Injury)
Rules, 1995 to give detailed rules and procedures for determining the amount
of duty. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2006/cnt06_024.htm"><strong>NOTIFICATION
NO. 24/2006-NT-Cus., Dated: February 28, 2006</strong></a></font></p>
<P align=center><B><IMG height=62 src="http://www.taxindiaonline.com/RC2/image/ddt/gnl_txt.jpg" width=375></B></P>
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<TD><IMG height=67 hspace=5 src="http://www.taxindiaonline.com/RC2/image/ddt/gnl_word.jpg" width=67 align=absMiddle vspace=5><B><I> <font size="2" face="Verdana, Arial, Helvetica, sans-serif">Res</font></I></B></TD>
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">A
thing, an object, a subject matter, or a status against which legal proceedings
have been instituted.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">“Our
defense is not in our armaments, nor in science, nor in going underground. Our
defense is in law and order." Albert Einstein </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#FF6666">Until
Monday with more DDT and the budget</font></strong></font></p>
<p align="justify"><font color="#FF6666"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice weekend. </font></strong></font></p>
<p align="justify"><font color="#FF6666"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail
your comments to</font></strong></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
<a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></font></p>
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