TIOL-DDT 551 · the untouched capture
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<p align="justify"><b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT
551</font></b><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><br>
13.02.2007<br>
Tuesday</b></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Import
of maize (corn) – restriction removed</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As of now,
the import of corn maize is subject to the conditions that</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Import
allowed through FCI</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. Import
of maize for use for poultry or animal feed without a licence subject to actual
user condition and registration of import contract/letter of credit with NAFED.NAFED
shall also monitor actual imports.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now these
restrictions are kept in abeyance till 31st December 2007. Till then imports
are free.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2006/dgft06not043.htm">NOTIFICATION
NO. 43(RE-2006)/2004-2009 Dated: February 9, 2007</a></u></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Export wheat
prohibited</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The DGFT
has announced that export of wheat is prohibited till 31.12.2007. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2006/dgft06not044.htm">NOTIFICATION
NO. 44(RE-2006)/2004-2009 Dated: February 9, 2007</a></u></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Export of
Milk prohibited</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Government
has prohibited export of Milk and Cream, concentrated or containing added sugar
or other sweetening matter like Skimmed Milk, Milk food for babies, Whole milk,
Milk for babies</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2006/dgft06not045.htm">NOTIFICATION
NO. 45(RE-2006)/2004-2009 Dated: February 9, 2007</a></u></font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CBEC
all set to cross TWO LAKHS CRORES collection</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Two Lakhs
Crores! Yes CBEC will reach the figure this month. The collections have already
crossed 1.9 Lakh Crores! The Customs and excise collections till January 2007
stood at 161549 Crores showing an increase of 16.8%, with Customs responsible
for a 34% hike and excise only 6%. And Service Tax is soaring at 25,000 Crores
till December 2006, an increase of about 65% over last year. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">But even
while boasting about Revenue, the Board is careless. The PIB press release says
</font></p>
<table width="450" border=0 align="center" cellpadding=3 cellspacing=0>
<tr>
<td width=73 rowspan=2 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">HEAD</font></p></td>
<td width=217 colspan=4 valign=top> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Revenue
Realisedin </font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>December
2007</b></font></p></td>
</tr>
<tr>
<td width=77 colspan=2 valign=top> <p align=right><font size="2" face="Verdana, Arial, Helvetica, sans-serif">for
the Month</font></p></td>
<td width=140 colspan=2 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">upto
the Month</font></p></td>
</tr>
<tr>
<td width=73 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Service
Tax</font></p></td>
<td width=77 colspan=2 valign=top> <p align=right><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3874</font></p></td>
<td width=140 colspan=2 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">25662</font></p></td>
</tr>
<tr>
<td width=77 colspan=2 valign=top> </td>
<td width=82 colspan=2 valign=top> </td>
<td
width=132><p align="justify"></td>
</tr>
<tr>
<td width=73 rowspan=2 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">HEAD</font></p></td>
<td width=217 colspan=4 valign=top> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Revenue
Realisedin </font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>December
2007</b></font></p></td>
</tr>
<tr>
<td width=77 colspan=2 valign=top> <p align=right><font size="2" face="Verdana, Arial, Helvetica, sans-serif">for
the Month</font></p></td>
<td width=140 colspan=2 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">upto
the Month</font></p></td>
</tr>
<tr>
<td width=73 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Customs</font></p></td>
<td width=77 colspan=2 valign=top> <p align=right><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6960</font></p></td>
<td width=140 colspan=2 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">63952</font></p></td>
</tr>
<tr>
<td width=73 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Excise*</font></p></td>
<td width=77 colspan=2 valign=top> <p align=right><font size="2" face="Verdana, Arial, Helvetica, sans-serif">10292</font></p></td>
<td width=140 colspan=2 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">80249</font></p></td>
</tr>
<tr>
<td width=73 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Service
Tax</font></p></td>
<td width=77 colspan=2 valign=top> <p align=right><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3874</font></p></td>
<td width=140 colspan=2 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">25662</font></p></td>
</tr>
<tr>
<td width=73 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Total</b></font></p></td>
<td width=77 colspan=2 valign=top> <p align=right><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>21126</b></font></p></td>
<td width=140 colspan=2 valign=top> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>169863</b></font></p></td>
</tr>
<tr height=0>
<td width=73></td>
<td width=4></td>
<td width=73></td>
<td width=9></td>
<td width=132></td>
</tr>
</table>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">December
2007 is still a good ten months away and is the Board already aware of the Revenue
collected for December 2007? However casual you are, Revenue flows in – with
or without you or rather in spite of you!</font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Ten
more days to surrender duplicate PAN</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Income
Tax department is serious. They want the duplicate Pan to be surrendered latest
by 23<sup>rd</sup> February 13, 2007. Already several abuses of the PAN have
been noticed and action initiated. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">If you have
an extra PAN number, please don’t forget to surrender it before 23<sup>rd</sup>
February 2007. </font></p>
<p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>No
drawback rates for EOUs – High Court stays notification</strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As
per <a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/cus31.htm">Notification
No. 31/99 – CUSNT</a>, the drawback rates are not applicable to EOUs. This has
been challenged in the Madras High Court which has stayed the operation yesterday.
It was pleaded that the Government has no power to notify such restriction.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">See
our <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=51&filename=legal/hc/2007/2007-TIOL-81-HC-MAD-CUS.htm"><strong>2007-TIOL-81-HC-MAD-CUS</strong></a><b>
</b> today. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">If
you are going through hell, keep going!</font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until
tomorrow with more DDT </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice 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></span></font></p>
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