TIOL-DDT 493 · the untouched capture
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT
493</font><br>
17 11 2006<br>
Friday</b></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>
<font color="#006600">SEZs will create multiple fold economic activity - Commerce
Secretary</font></strong></font></p>
<p align="justify"> <font face="Verdana, Arial, Helvetica, sans-serif" size="2">Commerce
Secretary G K Pillai said there was misinformation with respect to SEZs. He
said in Hyderabad yesterday that:-</font></p>
<blockquote>
<p align="justify"><font face="Verdana, Arial, Helvetica, sans-serif" size="2">++
In fact they would create multiple fold economic activity in the country.</font></p>
<p align="justify"><font face="Verdana, Arial, Helvetica, sans-serif" size="2">++ all the 237
SEZs formally approved so far would need only 34,510 hectares land, which
would be less then one per cent of total cultivable land in the country and
ten per cent of the total land that State Governments proposing to acquire
for various public works like roads, industries, schools, canals and other
buildings.</font> </p>
<p align="justify"><font face="Verdana, Arial, Helvetica, sans-serif" size="2">++
While all the SEZs set up since 1969 generated a mere Rs 2,700 crore investment
so far, during last nine months of new SEZs started floating so far generated
Rs 10,000 crore investment and provided employment to 40,000 people.</font></p>
<p align="justify"><font face="Verdana, Arial, Helvetica, sans-serif" size="2">++
SEZ promoters are not allowed to sell any portion of the land allotted to
them and in any case they were unable to conduct the proceedings the land
would return to the government only. </font></p>
<p align="justify"><font face="Verdana, Arial, Helvetica, sans-serif" size="2">++
Centre has directed States to use only waste lands or single crop cultivable
lands. </font></p>
<p align="justify"><font face="Verdana, Arial, Helvetica, sans-serif" size="2">++
Exception was given to use lands cultivating two crops for multi-product SEZs
only and so far only nine such SEZs were cleared. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ these SEZs
will get relief upto Rs 90,000 crore on export activities, but would bring
over Rs 1.5 lakh crore revenue to the government due to increased economic
activity in form of income tax, sales tax etc.</font> </p>
</blockquote>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Special
Economic Zones are the future vehicle of economic activities - Kamal Nath</font></strong></font></p>
<p align="justify"> <font face="Verdana, Arial, Helvetica, sans-serif" size="2">
The Minister of Commerce & Industry, said that Special Economic Zones (SEZs)
are the future vehicle of economic activities. Addressing the 8th Ernst &
Young Entrepreneur of the Year Awards function in Mumbai, he said: “41 SEZs
are already operational, while approvals have been given for more than 237 SEZs
and about 244 proposals are before us. We are also conceptualizing very large
regions termed Investment Regions for manufacturing which will provide world
class infrastructure and give benefits, sizes and costing to units”. <br>
<br>
He also said that India’s trade – both exports and imports – had been steadily
rising and the country was fast emerging as a favourite destination for foreign
direct investment (FDI). </font></p>
<p align="justify"> <font face="Verdana, Arial, Helvetica, sans-serif" size="2"><br>
Paying a big tribute to the private sector, Kamal Nath said: “At the centre
of this success story have been our entrepreneurs who have been injecting verve
and creativity into Indian industry as they focus increasingly on competing
in global markets. Let us take civil aviation. Today, more than 65% of the passengers
are carried by private airlines as against none in 1991. Similarly, in the telecommunication
sector, the major communication traffic is carried out by private entrepreneurs.
Construction is another example. In fact, most of the service sector growth,
which forms 50% of our GDP, is due to the private sector. The success of entrepreneurs
in services, in BPO, IT, Drugs and Pharmaceuticals, Films, Advertising, Education,
Health, Tourism and other knowledge base sectors in India is only due to private
entrepreneurs”. </font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Coir
Composite boards exempted from excise duty</font></strong></font></p>
<p align="justify"> <font face="Verdana, Arial, Helvetica, sans-serif" size="2">Coir
composite boards, coir matting boards, coir boards exempted from excise duty
by amending Notification No.4/2006-Central Excise, dated the 1 st March, 2006
</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_044.htm">NOTIFICATION
No.44/2006-Cex., Dated: November 15, 2006 </a></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>
Whether benefit of SSI exemption is available if Cenvat Credit is taken - Board
wants opinion</strong></font></p>
<p align="justify"> <font face="Verdana, Arial, Helvetica, sans-serif" size="2">Board
has asked the opinion of Chief Commissioners whether in view of the Supreme
Court Judgement in <i>Ramesh Food Products</i> case, SSI benefit and cenvat
credit can be simultaneously availed. Board had in<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=31&filename=notification/excise/2006/cxinstruct07.htm">
F.No 267/14/06- Cx. 8 Dated 1 st June 2006</a> clarified that it is permissible.
The Tribunal also held so in<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=34&filename=legal/cestat/2006/2006-TIOL-1380-CESTAT-MAD.htm">
</a></font> <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=34&filename=legal/cestat/2006/2006-TIOL-1380-CESTAT-MAD.htm"><font face="Verdana, Arial, Helvetica, sans-serif" size="2">
<u>2006-TIOL-1380-CESTAT-MAD</u></font></a><font face="Verdana, Arial, Helvetica, sans-serif" size="2">.
Please see our analysis of the issue in<a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=4466">
Open sesame</a> </font></p>
<p align="justify"> <font face="Verdana, Arial, Helvetica, sans-serif" size="2">Now
the Board wants comments on the same issue. Is it not settled? Or are they trying
to open up the issue again? </font></p>
<p align="justify"> <font face="Verdana, Arial, Helvetica, sans-serif" size="2"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=31&filename=notification/excise/2006/cxletter.htm">Board's
F. No. 21/1/2006 – CX I Dated: 06.10.2006</a></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until
Monday with more DDT </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice weed day. </font></p>
<p align="justify"><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@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></font></p>
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