TIOL-DDT 85 · the untouched capture
Rendered as it looked. Links and images are disabled in this view; the file itself is untouched.
<html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body bgcolor="#FFFFFF"> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#0000FF" size="3">TIOL-DDT 85</font><br> 31 03 2005<br> Thursday</b></font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>DEPB Rates revised</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> DGFT has revised the DEPB rates for<br> <br> <b>I Product Group: Engineering Product Code: 61<br> <br> II Product Group: Chemicals Product Code: 62<br> <br> III Product Group: Plastics Product Code: 63</b><br> <br> PUBLIC NOTICE NO. 66 /2004-2009, Dated : March 30, 2005 <br> <br> <font color="#006633"><b>Import of metal scrap – DGFT adds three more ICDs, but when will CBEC follow suit? </b></font><br> <br> <b>An extract from DDT 56</b><br> <br> By Circular No.56/2004-Cus, dated 18th October, 2004, CBEC had prescribed 15 customs stations through which metal scrap import would be allowed. By Public Notice No.38/2004-09, dated 27.12.2004, DGFT had announced a list of 17 stations through which the import would be allowed. To catch up with DGFT, Board had added the two stations missing from the list and included in the DGFT list by Customs Circular No.2/2005 dated 12.1.2005. So as per DGFT, import was allowed through these two new stations from 27.12.2004, but CBEC would allow it only from 12.1.2005. In DDT 31, on 13.1. 2005, we had asked, Shouldn’t there be a co-ordination mechanism between Customs and DGFT? Notifications should be issued simultaneously or only one authority should be allowed to issue the notifications and clarifications and they should be deemed to be issued by both. No such hope. Now DGFT has come up with a new Public Notice to add ICD Nagpur to the list. This will become operational only when the CBEC also issues a circular which is sure to come within a few days. Till then? Why should two ministries issue the same order? That is how the Government works.<br> <br> Now DGFT has added three more ICDs and soon CBEC will come out with its circular. <br> <br> PUBLIC NOTICE NO. 65/2004-2009, Dated : March 29, 2005</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006633">Exporters allege harassment – not from Customs but from Income Tax</font></b><br> <br> Yesterday we carried a news story about the travails of the exporters who are now stuck with demands from Income Tax authorities on the sale of DEPB. Under Section 28 of the Income Tax Act the following are classified under profits:-<br> <br> 1. Profit on sale of licences (under Exim Policy)<br> <br> 2. Cash assistance for exports<br> <br> 3. Drawback<br> <br> Under Section 80 HHC export profits are allowed as a deduction. This concession is to end with this financial year. The problem of the exporters is that Section 28 does not mention DEPB and Section 80HHC does not take into consideration losses, both of which they want to be rectified with retrospective effect. But Income Tax authorities seem to be serious in collecting their arrears. The exporters who had availed these benefits are doomed if the taxmen proceed to collect the arrears! Contrary to common belief, exporters don’t earn huge profits to meet the retrospective demands of the taxmen. North Block is indeed a potential repository of possible Tsunamis for the Indian businessman. <br> <br> <font color="#006633"><b>Banks are open till late in the day for you to pay taxes</b></font><br> <br> Banks have been instructed to be kept open till late in the day today to collect those taxes, but the Service Tax department wants you to pay up by 11 a.m. Today is going to be a taxing day for the industry and trade and your friendly taxman is likely to pay you a visit. If this one day is over, tomorrow is ALL Fools’ Day and you can relax. At least be happy that the Patna High Court has directed that your money is not going into providing police protection to criminals! <br> On that bright note, not withstanding VAT from tomorrow.<br> <br> <b><font color="#FF6666">Until Tomorrow with more of DDT<br> <br> Have a Nice Time<br> <br> Mail your comments to </font>vijaywrite@taxindiaonline.com </b><br> <br> </font></p> </body> </html>