Monday, 18 February 2013


AMENDEMENT IN CUSTOMS HOUSE AGENTS LICENSING REGULATIONS, 2004

Notification No.: 19/2013 – Customs (N.T.)
Date: 6/02/2013

The Central Board of Excise and Customs hereby makes the following regulations, further to amend the Customs House Agents Licensing Regulations, 2004, namely:-

1.   (i) These regulations may be called the Customs House Agents Licensing (Amendment) Regulations, 2013.

      (ii) They shall come into force on the date of their publication        
                                  in the Official Gazette.

 2.    In the Customs House Agents Licensing Regulations, 2004, in regulation 8, sub-regulation (9) shall be omitted.


Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769
Website:- www.caaga.co.in

ACTION TO BE TAKEN ON E-FILED ITRS OF A.Y. 2012-13 PENDING FOR PROCESSING AT CPC HAVING REFUND GREATER THAN OR EQUAL TO RS. 10 LAKHS

Letter [F.NO.DIT(S)-III/CPC/2012-13/Demand Management], dated 30-1-2013

1.   Kind attention is drawn to the above mentioned subject. For the A.Y. 2012-13 e-filed returns cases till 22nd Jan. 2013, where refund is likely to be > = Rs. 10 lakhs are 28,444 in number, which are currently pending for processing at CPC. These ITRs are categorized as under :
(a)  Cases where there are refunds likely to be > = Rs. 10 Lakhs.
(b)  Cases where there are likely refunds > = Rs. 10 Lakhs as well as demands have been uploaded as per CPC-FAS.

2.   The above data can be accessed on i-Taxnet on the following path :
RESOURCES → DOWNLOADS → DIT_SYSTEMS → REFUND_ERETURN_PROCESSING_CPC_A.Y. 2012_13

3.   The Assessing Officers are required to take action as under :
·  For the cases falling at (a) above, i.e. where there is refund   without demand as per the CPC-FAS, to kindly get it checked whether any demand remains outstanding in those cases. If yes, the AOs may upload these demands on CPC-FAS.

· Regarding cases at (b) above, i.e. where there is refund with demand, they may reconfirm or update the demands, so that during processing refunds can be adjusted with updated demands outstanding as per CPC-FAS.

4.  Each CCIT may, therefore, monitor the above action to be taken by the AOs and certify within a period of 21 days.

5.   A compliance report may also be sent to respective Zonal Members, CBDT with a copy to CIT(CPC), Bangaluru, at his e-mail id cit.cpc.bangalore@incometaxindia.gov.in and DIT(S)-III on e-mail id dmc.dits@gmail.com.

6. In case no response is received, the e-returns shall be processed at CPC, Bangaluru.


 Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769
Website:- www.caaga.co.in

Tuesday, 5 February 2013


SINGLE REVOLVING BANK GUARANTEE FOR DIFFERENT TRANSACTIONS FOR IMPORT OF SILVER OR GOLD OR PLATINUM

Circular No.: 30/2013-Cus
Date: 31/01/2013

Representations have been received from the Gem & Jewellery sector to allow their exporters to execute revolving Bank Guarantee to be used for import of gold/ silver/ platinum, alloys, findings and mountings of gold/silver/ platinum and plain semi-finished gold/silver/platinum jewellery.

Notification No. 56/2000-Cus dated 05.05.2000, as amended, exempts gold/silver/platinum, alloys, findings and mountings of gold/silver/platinum and plain semi-finished gold/silver/platinum jewellery, when imported into India by, inter alia, status holders, or exporters of three years’ standing having an annual average turnover of five crore rupees during the preceding three licensing years under the scheme for 'Export Against Supply by Foreign Buyer' as referred to in paragraph 4A.8 of the Foreign Trade Policy, from the whole of the duty of customs leviable under the First Schedule to the Customs Tariff Act, and from the whole of the additional duty leviable under section 3 of the said Tariff Act, subject to the conditions specified in the said notification.

Duty free import is allowed for manufacturing and export of gold/silver/platinum jewellery or articles as laid down in the said notification subject to furnishing a Bond of an appropriate amount and Bank Guarantee for a sum equivalent to one and half times of the Customs duty leviable on the said goods imported.

The request of the Gem & Jewellery sector is to allow revolving use of the Bank Guarantee. After considering the representations from the trade & industry, it has been decided that the Bank Guarantee furnished by the importer can be used for subsequent consignments, if the importer has fulfilled the export obligation and export proceeds realized in respect of the earlier consignments.

The bank guarantee may be so used for subsequent import consignments, provided it is sufficient to cover the duty involved and has validity for sufficient time period with self-renewal in-built provision.  The field formations need to take care to ensure that the Bank Guarantee remains valid till the export proceeds are realized.


  
Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769
Website:- www.caaga.co.in


FRAMING OF DEFAULT ASSESSMENT ORDERS

CIRCULAR No. : 29 OF 2012-13
Date: 31/01/2013

The last date for default assessments pertaining to the year 2008-09(for tax periods that are not yet time-barred), 2009-10 and 2010-11 is extended up to 28.02.2013.

It has been mentioned that in cases where no apparent discrepancies exist and statutory forms are complete, the information under Section 59 of the Delhi Value Added Tax Act, 2004 may not be asked  and  in  such  cases  no  assessment  order  need  to  be  passed.   Only reconciliation should be done by the Assessing Authorities at their level.

However, it is hereby clarified that in cases, where a notice under section 59 is issued by the Assessing Authority, in those cases, an assessment order under section 32(Default assessment of tax payable)   and/or 33(Assessment of penalty) of the DVAT Act, 2004, as the case may be, has to be passed by the Assessing Authority despite the fact that the case pertaining to a particular dealer for a particular tax period, is of NIL Demand.

Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769
Website:- www.caaga.co.in


AMENDEMENT IN NOTIFICATION NO. 36/2001 – CUSTOM (N.T.)

Notification No.:16/2013 – Customs (N. T.)
Date: 31st January, 2013

Central Board of Excise & Customs, makes the following amendment in the Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001.

In the said notification, for TABLE-1 and TABLE-2, the following Tables shall be substituted namely:-

TABLE -1
S. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value US $
(Per Metric Tonne)
1
1511 10 00
Crude Palm Oil
815
2
1511 90 10
RBD Palm Oil
860
3
1511 90 90
Others – Palm Oil
838
4
1511 10 00
Crude Palmolein
867
5
1511 90 20
RBD Palmolein
870
6
1511 90 90
Others – Palmolein
869
7
1507 10 00
Crude Soyabean Oil
1219
8
7404 00 22
Brass Scrap (all grades)
4077
9
1207 91 00
Poppy seeds
4395


















TABLE -2

S. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $)
1
71 or 98
Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
545 per 10 grams
2
71 or 98
Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
1018 per kilogram


Regards
CA. Mona Singhal
Partner

Arpit Gupta & Associates
Chartered Accountants

701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001

Mobile:- +91-9873082769
Website:- www.caaga.co.in

Monday, 4 February 2013

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