TIOL-DDT 540 · the untouched capture
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<p><b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT
540</font></b><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><br>
25.01.2007<br>
Thursday</b></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Customs
duty on edible oils reduced</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In yet another inflation
control measure, the government has reduced the import duty on edible oils.
Crude palm oil will now attract a customs duty of 60% instead of 70%. Similarly
sun flower oil will be charged to 65%/75% instead of the 100% duty at present.
</font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2007/ctariff07_008.htm">NOTIFICATION
NO. 8/2007-Cus, Dated : January 24, 2007</a></u></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Only
lawyers and CAs before NTT – Cabinet approves ordinance</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Cabinet has approved
an ordinance to amend the National Tax Tribunals Act to allow only lawyers and
CAs to appear before the Tribunal. The ordinance will be replaced by a bill
in the budget session of parliament.</font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">SBI</font></b><font color="#006600"><b>
is Income Tax refund banker</b></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Government has appointed
State Bank of India as the Income Tax refund banker to credit the due amount
to the bank accounts of taxpayers. With the launch of the scheme as a pilot
project, about eight to 10 lakh IT assessees in Delhi and Patna will benefit
with speedy refunds.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">SBI will refund cheques
to tax assessees within three days of the IT department intimating the bank
about refund details.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Launching the pilot scheme
yesterday, Finance Minister P. Chidambaram said</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">`This path-breaking initiative
of the Income-Tax department will ensure refunds reach the assessees quickly
without fraud and accounts are maintained scrupulously and according to the
law.''</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">SBI will have the facility
to directly transfer the IT refund amount to the bank accounts of assessees
through the electronic clearing system or through banker's cheques. For its
services, the SBI will receive Rs. 5 per assessee if the refund is transferred
through ECS and Rs. 10 along with postal charges if it is transferred through
cheques.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Refunds which were 26.52
per cent of the total collections during 2002-03 declined to 18.18 per cent
in 2005-06.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Will SBI be liable to pay
Service Tax on the amount of Rs.5/- and Rs 10/- it collects for providing the
refund service?</font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">International
Customs Day – tomorrow - No to counterfeiting and piracy</font></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The
world over Customs officers celebrate 26 January as International Customs
Day and for us in India it is double celebration, but 26 January being a
holiday, not many Customs officers will stay back to participate in the
celebrations. The theme for this year’s
celebration is “No to counterfeiting and piracy” WCO secretary General <b><i>Michel
Danet</i></b> says<b><i>:-</i></b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Counterfeiting and piracy
are now recognised as two of the most serious crimes being perpetrated by those
whom one can certainly refer to as economic saboteurs and health terrorists.
</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ The trade in fake goods
is growing at an alarming rate and has reached intolerable proportions, not
only in size and value but also with respect to the variety of products available
on the market. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Anything from baby food
to aircraft engines is being illegally manufactured by these criminals. And
of course, I can only shudder when I read reports of the avalanche of fake medicines
that are flooding society and often causing major fatalities especially among
those who are most vulnerable to this form of exploitation!</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ During 2004
there were more than 4,000 reported cases involving the seizure of more
than 166 million counterfeit or pirated articles; between 1998 and 2004,
the number of counterfeit articles seized by Customs in Europe has increased
by 1000%;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ it has been estimated
that 10 to 30% of all medicaments consumed in developing countries are fake;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++
the global market in counterfeit medicine will grow from 35 billion US$
in 2005 to 75 billion USD by 2010;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ <b>43% of available computer
software is pirated;</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ more than 2,500 seizures
of counterfeit products relating to the 2006 FIFA World Cup Football event were
recorded;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ the counterfeit industry
is responsible for job losses totalling 200,000 in Europe and 750,000 in the
United States;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ the total world trade
in fake goods now exceeds 500 billion US$ worldwide!</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">++ Clearly this scourge
which has visible negative consequences for international trade, economic development,
business confidence, and the health and safety of citizens around the world
has to be stopped as a matter of priority.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Victor Hugo said more than
160 years ago, <b>"Fair trade tends to elevate industry, while fraudulent
trade tends to debase and degrade it. Protect fair trade and strike out against
unfair trade”. </b>The WCOSG believes that these words of wisdom are still relevant
today!</font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">24X7X365</font></strong><font color="#006600"><strong>
Customs and bank</strong></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Pakistan Customs import
and export points will function round the clock and the National Bank of Pakistan
branches at these Customs stations will function round the clock. The HS 2007
will be launched tomorrow in connection with the <b>Customs</b> <b>Day</b>.
</font></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Hearty greetings
for CUSTOMS DAY </font></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">And Republic
Day</font></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Monday
with more DDT </font></p>
<p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice
week end. </font></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@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p>
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