TIOL-DDT 55 · the untouched capture
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<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b><font color="#0000FF" size="3">TIOL-DDT
55</font><br>
16 2 2005<br>
Wednesday</b> </font></p>
<p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Capital
goods imported by EOUs – Extension of warehousing period</b></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Capital goods
imported by EOUs are allowed to be kept in the warehouse (EOU is a warehouse
under the Customs Act) for a period of five years, which may be extended by
the Commissioner. Board has learnt that that the unit finds it difficult to
keep track of this five years limit and often gets into trouble for not applying
for the extension. The good Board has reacted positively to this difficulty
and decided that the validity of warehoused capital goods will be same as
the validity of the warehousing licence, which is also five years. Now, when
the warehousing license is renewed, the warehousing period of the capital
goods is also extended. But if the capital goods are not put to use within
five years, without proper explanation, the unit will be liable to pay duty
with interest. <br>
<br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=25&filename=notification/custom/2005/cuscir05_007.htm">Circular
No. 7/2005-Cus., dated 14-2-2005</a><br>
<br>
<font color="#006633"><b>Petroleum Products – withdrawal of customs
warehousing</b></font><br>
<br>
Yesterday, the Board had withdrawn the facility of Customs warehousing in
hinterland for petroleum products. Today Board clarifies that it applies to
crude petroleum also. <br>
<br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=25&filename=notification/custom/2005/cuscir05_009.htm">Circular
No. 9/2005-Cus., dated 15-2-2005</a><br>
<br>
<b><font color="#006633"><br>
Anti-dumping duty on narrow woven fabrics</font></b><br>
<br>
The product is "narrow woven fabric having pile weave, made up of man-made
fibres, used as a fastening-tape. The major uses of narrow woven fabrics are
in industries such as garment, surgical and orthopaedic apparatus manufacturing,
shoes and footwear manufacturing, luggage/bags manufacturing, toys, automobile
upholstery and various other industrial garments. On a written complaint from
Sky Industries Ltd, Mumbai, the Designated Authority set off a preliminary
probe and found that these goods have been exported to India from China and
Taipei below its normal value, causing material injury to domestic industry
in the process. <br>
<br>
In its probe, the Authority held that dumped imports from these countries
rose markedly in volume by 3,532. Even export prices decreased substantially
during the whole period under probe and have undercut domestic industry prices
on an average by 10 times.<br>
<br>
The government acting on the recommendations of the Designated Authority has
imposed an Ant Dumping duty on narrow woven fabric originating in or exported
from China and Taipei. This duty will be initially for a period of six months
till 13.8.2005. <br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2005/ctariff05_008.htm">Notification
No. 8/2005-Cus., dated 14-2-2005</a><br>
<b><font color="#006633"><br>
Tariff values for Palm Oil and Palmolein reduced but duty increased</font></b><br>
<br>
Tariff values for palm Oil and Palmolein has been reduced but duty has been
increased – The effective rate of duty for most of the palm oil products,
which was 65% is now enhanced to 80% and duty for some other products, which
was 75% is now enhanced to 90%. <br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2005/ctariff05_009.htm">Notification
No.12/2005- Cus. (N.T.) Dt. 15.02.2005 and Notification No.9/2005- Cus. Dt.
15.02.2005</a><br>
<br>
<font color="#006633"><b>All Industry Rate of Duty Drawback for furnace oil
supplied to EOUs</b></font><br>
<br>
The DGFT has fixed Rs. 1050/ per MT as the All Industry Rate of Duty Drawback
for for furnace oil supplied by domestic oil companies to EOU/SEZ units under
various schemes <br>
<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2004/dgft04not023.htm">DGFT
Notification. 23/ 2004-09, Dated: February 15, 2005</a><br>
<br>
<b>It costs the Government of India Rs. 70,000 Crores as salaries to the babus.
This expenditure ranks third next only to interest and defence in the Centre’s
budget! Just imagine if the babudom is reduced to a tenth of its present size
– the country will run more efficiently and about 63000 Crores saved
in a year. In ten years, we can get over all our fiscal problems and we can
pay the remaining babus a princely salary. </b><br>
<br>
<font color="#FF0000"><b>Until tomorrow with more of DDT<br>
<br>
Have a Nice Day<br>
<br>
Mail your comments to</b></font> <b>vijaywrite@taxindiaonline.com </b><br>
</font> </p>
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