Aug 31, 2010

CUSTOM NOTIFICATION NO 85 ABOUT IMPORT OF ACRYLIC FIBRE

10:21 PM 0
CUSTOM NOTIFICATION NO 85 ABOUT IMPORT OF ACRYLIC FIBRE
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
                                                          

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

Notification No. 85 /2010-Customs

            New Delhi, dated the 30th August, 2010

G.S.R.      (E). – Whereas, the designated authority, vide its notification No. 15/34/2008-DGAD, dated 6th July, 2009 published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 7th July, 2009, had initiated sunset review in the matter of continuation of anti-dumping on imports of Acrylic  Fibre(hereinafter referred to as the subject goods) falling under sub-heading 5501 30 00  or 5503 30 00 of the First Schedule to the Customs Tariff Act, 1975

Aug 25, 2010

SERVICE TAX CIRCULAR NO 128 ABOUT TAX ON ON-GOING WORK CONTRACT

6:22 PM 0
SERVICE TAX CIRCULAR NO 128 ABOUT TAX ON ON-GOING WORK CONTRACT
Circular No. 128/10/2010-ST

F.No.354/141/2010-TRU
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
(Tax Research Unit)
*****
North Block, New Delhi,
 24 thAugust, 2010.

To

            Director General (Service Tax),
            Director General (Central Excise Intelligence)      
            Director General (Audit)
            Chief Commissioner of Central Excise and Service Tax (All)
            Commissioner of Central Excise and Customs (All)
            Commissioner of Central Excise and Service Tax (All)
            Commissioner of Service Tax (All)


Madam/Sir,

Subject: Service tax on on-going works contracts entered into prior to 01.06.2007 – regarding –

Aug 23, 2010

Custom notification no 82 about import from china

10:57 PM 0
Custom notification no 82 about import from china
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

Notification
No.82 /2010-Customs

            New Delhi, dated the 20th August, 2010
G.S.R.    (E). – Whereas, in the matter of imports of Coumarin (hereinafter referred to as the subject goods), falling under sub heading 2932 21 00  of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China (hereinafter referred to as the subject country) and imported into India, the designated authority in its preliminary findings videnotification No.14/17/2009-DGAD, dated the 29th January, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 29th January, 2010, had come to the conclusion that-

Aug 22, 2010

EXCISE NOTIFICATION ABOUT VALUE OF GOODS CLEARED IN DTA BY EOU

2:58 PM 0
EXCISE NOTIFICATION ABOUT VALUE OF GOODS CLEARED IN DTA BY EOU
Circular No  933 /23 /2010-CX
F No  06 / 06/2010-CX.1
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs

New Delhi the,16th August 2010
To,
All the Chief Commissioners of Central Excise
All the Chief Commissioners (LTU)
All the Director Generals
All the Commissioners & Commissioner (Appeals) of Central Excise.
Subject: Valuation of Goods cleared in DTA by EOU’s.

EXTENSION OF ACP PROGRAMME TO EXPORT HOUSE

2:57 PM 0
EXTENSION OF ACP PROGRAMME TO EXPORT HOUSE
Circular No.29 / 2010-Customs

F.No.450/90/2010-Cus-IV
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
159A,North Block,
New Delhi-110001
20th August , 2010
To

All Chief Commissioners of Customs / Customs (Prev.).
All Chief Commissioners of Customs & Central Excise.
All Commissioners of Customs / Customs (Prev.).
All Commissioners of Customs & Central Excise.
All Director Generals under CBEC.

Subject: Extension of ACP Programme to Export Houses / Trading Houses – Regarding.
*****
Sir / Madam,


Kind attention is invited to Board’s Circular No.42/2005-Cus dated 24.11.2005 introducing Accredited Clients Programme (ACP) to grant assured facilitation to importers who have demonstrated willingness to comply with Customs laws.

2. Representations have been received in the Board from Trade and Industry Associations requesting to extend the benefit of ACP scheme to the category of status holders like Export Houses, Star Export Houses, Star Trading Houses etc.Requests have also been made to relax the criteria prescribed vide Board’s Circular No.42/2005-Customs dated 24.11.2005 regarding eligibility for grant of ACP status in cases booked in respect of Customs,Central Excise and Service Tax issues so that purely technical cases should not become a disqualification.
3. The matter has been examined in the Board.In order to extend the facility of ACP to other categories of importers, it has been decided to amend Para 7(i) of the Circular No.42/2005-Cus dated 24.11.2005 to include the status holders under the Foreign Trade Policy (FTP) as an eligible category for grant of ACP.Accordingly, the Para 7(i) of the Circular No.42/2005-Cus dated 24.11.2005 will read as follows:
“ 7(i) They should have imported goods valued at Rs. Ten Crores [assessable value] in the previous financial year; or paid more than Rs. One Crore of Customs duty in the previous financial year; or, in the case of importers who are also Central Excise ssesses, paid Central Excise Duties over Rs. One Crore from the Personal Ledger Account in the previous financial year, or they should be recognized as ‘status holders’ under the Foreign Trade Policy.”
4. It is further clarified that the status holders under the FTP shall have to fulfil the other criteria laid down in Paras 7(ii) to 7(vii) of the Circular No.42/2005-Cus dated 24.11.2005 as modified by Para 6 below ,along with other conditions of the said Circular in order to become eligible for grant of ACP status.
5. In this regard, it is also clarified that in the application form attached at Annexure – 1 to Circular No.42/2005-Cus dated 24.11.2005, the following shall be inserted after Sl.No.23:
“23A

“Details of category of status holder granted under the FTP ”



a6. The Board has also considered the suggestions of the trade and industry to redefine the criteria of cases/ of infringements relating to Customs, Central Excise and Service Tax for grant of ACP status. Accordingly, it has been decided to amend the Para 7(iii) of the Circular No.42/2005-Cus dated 24.11.2005 to specify the following category of cases booked in the previous three years that would disqualify a person from the grant of ACP . Thus, the amended para 7(iii) will now read as follows:
“ 7(iii) They should have no cases of Customs, Central Excise or Service Tax, as detailed below, booked against them in the previous three financial years.
(a) Cases of duty evasion involving mis-declaration / mis-statement/collusion / willful suppression / fraudulent intent whether or not extended period for issue of SCN has been invoked.
(b) Cases of mis-declaration and/or clandestine/unauthorized removal of excisable / import / export goods warranting confiscation of said goods.
(c) Cases of mis-declaration / mis-statement / collusion / willful suppression / fraudulent intent aimed at availing CENVAT credit, rebate, refund, drawback, benefits under export promotion/reward schemes.
(d) Cases wherein Customs/Excise duties and Service Tax has been collected but not deposited with the exchequer.
(e) Cases of non-registration with the Department with intent to evade payment of duty/tax”.
7. The said Circular No 42/2005 – Cus dated 24.11.2005 will be further amended by insertion of a new Para 8, which reads as under:
“8. The Chief Commissioners of Customs / Central Excise are empowered to report to Risk Management Division (RMD), Mumbai, cases meeting the identified criteria as per Para 7 (iii) above for exclusion from the ACP even though Show Cause Notice has not been issued.”
8 Further, the existing paras 8 to 15 of Circular No.42/2005-Cus dated 24.11.2005 will be renumbered as paras 9 to 16, respectively.
9. Board’s Circular No.42/2005-Cus dated 24.11.2005 stands modified to above extent.
10 A suitable Public Notice and Standing Order may be issued for the guidance of the trade and staff.
11 Difficulties faced, if any, in implementation of this Circular may be brought to the notice of the Board.




Yours faithfully,

(R. P. Singh)
Director (Customs)
Internal circulation – As usual.

Aug 18, 2010

How to transfer mutual fund unit SEBI new circular

1:43 PM 0
How to transfer mutual fund unit SEBI new circular
Sebi has issued a new circular about how to transfer mutual fund unit.

Securities and Exchange Board of India
CIRCULAR
CIR/IMD/DF/10/2010 August 18, 2010
All Mutual Funds/Asset Management Companies/
Trustee Companies/Boards of Trustees of Mutual Funds/All registered Stock
Exchanges/NSDL/CDSL/All registered Registrars and Share transfer Agents/AMFI
Sir/Madam,
Sub: Transferability of Mutual Fund units

Aug 17, 2010

SERVICE TAX ON COMMERCIAL TRADING AND COACHING

3:26 PM 0
SERVICE TAX ON COMMERCIAL TRADING AND COACHING
Circular No.127/09/2010 - ST


F.No.354/119/2010-TRU
Government of India
Ministry of Finance
Department of Revenue
Tax Research Unit
                                                                                                                   North Block, New Delhi
16  th August 2010

To

Chief Commissioners of Central Excise and Service Tax (All),
Director General (Service Tax),
Director General (Central Excise Intelligence),        
Director General (Audit),
Commissioners of Service Tax (All),
Commissioners of Central Excise and Service Tax (All).


Madam/Sir,
           
            Subject: Service tax on commercial training and coaching – clarification whether ‘donation’ is ‘consideration’ – regarding.

CUSTOM CIRCULAR NO 28 ABOUT IMPORT OF GOODS FOR COMMENWEALTH GAMES

3:24 PM 0
CUSTOM CIRCULAR NO 28 ABOUT IMPORT OF GOODS FOR COMMENWEALTH GAMES
Circular No.:28 / 2010-Customs

F.No.528/16/2008-Cus (TU)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
159A, North Block,
New Delhi-110001.      
13th August, 2010.
To

All Chief Commissioners of Customs / Customs (Prev.).
All Chief Commissioners of Customs & Central Excise.
All Commissioners of Customs / Customs (Prev.).
All Commissioners of Customs & Central Excise.
All Director Generals under CBEC.


 Subject:  Import of goods under Notification No.13/2010-Customs dated 19.2.2010 for Commonwealth Games, 2010 – regarding.

Aug 14, 2010

Custom circular about refund of 4% CVD by re crediting the DEPB scrip

3:28 PM 0
Custom circular about refund of 4% CVD by re crediting the DEPB scrip
Circular No.27 / 2010-Customs 

F.No.401/46/2008-Cus.III
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
159A, North Block,
New Delhi -110001.       
13th August, 2010.
To

All Chief Commissioners of Customs / Customs (Prev.).
All Chief Commissioners of Customs & Central Excise.
All Commissioners of Customs / Customs (Prev.).
All Commissioners of Customs & Central Excise.

                Subject: Refund of 4% CVD (SAD) in terms of Notification No.102/2007-Customs dated 14.9.2007 by re-crediting the DEPB scrip / reward scheme scrips – regarding.

Aug 12, 2010

Service tax on commission received by primary dealers dealing in government securities

1:02 PM 0
Service tax on commission received by primary dealers dealing in government securities
Circular No.126/08/2010 - ST
F.No.332/13/2010-TRU
Government of India
Ministry of Finance
Department of Revenue
Tax Research Unit
North Block, New Delhi
10th August 2010

To

Chief Commissioners of Central Excise and Service Tax (All),
Director General (Service Tax),
Director General (Central Excise Intelligence),        
Director General (Audit),
Commissioners of Service Tax (All),
Commissioners of Central Excise and Service Tax (All).

Madam/Sir,

           
            Subject: Service tax on commission received by Primary Dealers dealing in Government Securities – regarding.

           

A representation has been received seeking clarification whether service tax is leviable on the underwriting commission received by the Primary Dealers for the auction of Government Securities.

2.         The matter has been examined.  Underwriting service is taxable by virtue of section 65 (105) (z) of the Finance Act, 1994. In the definition of taxable service, two technical terms are mentioned, namely ‘underwriting’ and ‘underwriter’. The term ‘underwriting’ [section 65 (117) of the Finance Act, 1994] has the meaning assigned to it in clause (g) of rule 2 of the Securities and Exchange Board of India (Underwriters) Rules, 1993, which reads as follows:

“underwriting means an agreement with or without conditions to subscribe to the securities of a body corporate when the existing shareholders of such body corporate or the public do not subscribe to the securities offered to them.” 

3.        The term “underwriter” as in section 65(116) of the Finance Act, 1994, has been borrowed from rule 2 (f) of the Securities and Exchange Board of India (Underwriters) Rules, 1993, which reads as follows:
                                                                                                                                               
“underwriter means a person who engages in the business of underwriting of an issue of securities of a body corporate.”

It is thus clear that under the above definitions ‘underwriter’ or ‘underwriting’ is about dealing in securities of a body corporate.

4.        The related issue requiring resolution is whether dealing in government securities amounts to dealing in securities of a body corporate, particularly since government securities are issued by the Reserve bank of India, which is a ‘body corporate’ in terms of section 3 (2) of the RBI Act, 1934. 

5.      Government securities are sovereign securities having zero default risk. Reserve Bank of India only manages the issue and also auction of Government Securities on behalf of the Government of India.  In effect, Primary Dealers registered with the RBI (as opposed to registration with the Securities Exchange Board of India) deal in Government Securities, issued by the RBI on behalf of the Government of India, as a part of the central Government’s market borrowing program. The general practice is that the RBI invites bids from the Primary Dealers, who in their bids indicate the amount to be underwritten and the underwriting fee expected by them. RBI examines these bids and decides the amount to be underwritten and underwriting fee to be paid to a Primary Dealer. Underwriting Fee is also known as Underwriting Commission in common parlance. Thus the conclusion drawn is that government securities are not securities of a body corporate.

6.       As the service tax law stands today, service tax liability does not arise on Underwriting Fee or Underwriting Commission received by the Primary Dealers during the course of the dealing in Government Securities.

7.     Trade Notice/Public Notice may be issued to the field formations accordingly.

8.     Please acknowledge the receipt of this circular. Hindi version follows.
(J. M. Kennedy)
Director, TRU
                                                                                                                             Tel: 011-23092634

Aug 10, 2010

CUSTOM NOTIFICATION ABOUT IMPORT OF GOODS FOR COMMENWEALTH GAMES

7:27 PM 0
CUSTOM NOTIFICATION ABOUT IMPORT OF GOODS FOR COMMENWEALTH GAMES
Circular No.:26 / 2010-Customs
F.No.528/16/2008-Cus (TU)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
159A, North Block,
New Delhi-110001
9th August, 2010.
To

All Chief Commissioners of Customs / Customs (Prev.).
All Chief Commissioners of Customs & Central Excise.
All Commissioners of Customs / Customs (Prev.).
All Commissioners of Customs & Central Excise.
All Director Generals under CBEC.


Subject:  Import of goods under Notification No.13/2010-Customs dated 19.2.2010 for Commonwealth Games, 2010 – regarding.

Aug 4, 2010

CUSTOM NOTIFICATION ABOUT FREE BAGGAGE FROM CHINA

6:06 PM 0
CUSTOM NOTIFICATION ABOUT FREE BAGGAGE FROM CHINA
Custom department issued a notification about free baggage from china. Full notification is as under


Circular No.25 / 2010-Customs
F.No.495/9/2010-Cus.VI
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
North Block, New Delhi-1.
 4th August, 2010.
To

All Chief Commissioners of Customs / Customs (Prev).
All Chief Commissioners of Customs & Central Excise.
All Commissioners of Customs / Customs (Prev). 
All Commissioners of Customs (Appeals). 
All Commissioners of Customs & Central Excise.
All Commissioners of Customs & Central Excise (Appeals).


Subject: Clarification about permissible free baggage allowance under Baggage Rules, 1998 for the persons returning from Hong Kong Special Administrative Region (SAR), People’s Republic of China – regarding.

CUSTOM NOTIFICATION ABOUT IMPORT OF BORIC ACID

6:04 PM 0
CUSTOM NOTIFICATION ABOUT IMPORT OF BORIC ACID
Circular No.24/2010-Customs
F.No.528/9/2004-Cus(TU)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
159A, North Block,
New Delhi -110001.
4th August, 2010.
To

All Chief Commissioners of Customs / Customs (Prev.).
All Chief Commissioners of Customs & Central Excise.
All Commissioners of Customs / Customs (Prev.).
All Commissioners of Customs & Central Excise.
           
Subject:  Import of Boric Acid - clarification – regarding

CUSTOM NOTIFICATION ABOUT IMPORT OF PVS FLEX FILM

6:02 PM 0
CUSTOM NOTIFICATION ABOUT IMPORT OF PVS FLEX FILM
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
                                                          
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

Notification No. 79/2010-Customs
New Delhi, the 30th July, 2010

G.S.R.        (E). - Whereas in the matter of imports of PVC Flex Film (hereinafter referred to as the subject goods), falling under Chapter 39  of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China (hereinafter referred as the subject country) and imported into India, the designated authority in its preliminary findings vide notification No.14/04/2010-DGAD, dated the 22nd June, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 22nd June, 2010,  had come to the conclusion

CENTRAL EXCISE NOTIFICATION NUMBER 31/2010 ABOUT EXEMPTION OF GOODS

5:59 PM 0
CENTRAL EXCISE NOTIFICATION NUMBER 31/2010 ABOUT EXEMPTION OF GOODS
Central excise vide notification number 31/2010 exempted some goods namely