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PRE-BUDGET MEMORANDUM 2013-2014 - FICCI The pre-budget memorandum for 2013-2014 by FICCI outlines key economic and fiscal recommendations aimed at addressing India's economic challenges. It emphasizes the need for stable tax policies to boost investor confidence and suggests implementing committee reports on tax reforms. FICCI opposes the introduction of inheritance tax, citing potential negative impacts on capital generation. The memorandum stresses the importance of dispute resolution mechanisms, efficient tax refund processes, and the removal of double taxation on overseas dividends. It advocates for maintaining current import duties to protect domestic industries until comprehensive GST implementation and highlights the need for infrastructure development, including the introduction of GST, to stimulate economic growth.
The regulations and classifications for the export of Special Chemicals, Organisms, Materials, Equipment, and Technologies (SCOMET) from India. It details a comprehensive list of controlled items, categorized into nuclear materials, chemicals, genetic elements, materials processing equipment, and more. Export of these items is subject to authorization, with specific conditions and reporting requirements. Certain items are restricted or prohibited, especially those related to chemical and biological weapons. The document also includes technical specifications and guidelines for equipment and materials, emphasizing compliance with international treaties like the Chemical Weapons Convention.
1996 (7) TMI 212 - CEGAT, NEW DELHI The Collector upheld the importers' claim that the imported Pregnancy Detection Kits/Test, branded as "CLEARVIEW HCG," qualified as "ELISA Diagnostic Tests" for customs purposes. The kits, utilizing a color conjugate system instead of enzymes, were recognized as ELISA tests in the medical community and commercial parlance. The Collector emphasized interpreting exemption notifications based on common or trade parlance rather than strict technical definitions, leading to the dismissal of the revenue's appeal and granting the importers the benefit of exemption under Notification 208/81-Cus.
2014 (4) TMI 812 - ITAT DELHI The Appellate Tribunal ITAT Delhi dismissed the Revenue's appeal and upheld the deletion of an addition of Rs.23,50,000/- made by the Assessing Officer under section 68 of the IT Act, 1961 for the assessment year 2003-04. The Tribunal found that the assessee had sufficiently proven the creditworthiness of the share application money through evidence of identity, creditworthiness, and genuineness of transactions with the share applicants. The Tribunal emphasized that the creditors were income tax assesses, provided PAN and tax returns, and the transactions were conducted via cheques, supporting the authenticity of the transactions.
2002 (1) TMI 103 - CEGAT, COURT NO. III, NEW DELHI The Tribunal upheld the classification of blood-grouping reagents and non-PTK diagnostic/laboratory reagents under CET Heading 38.22 but reclassified PTKs under Heading 30.02. The extended period for duty demand was upheld due to suppression and misdeclaration. The Tribunal directed re-quantification of duty and penalties, allowing consideration of Modvat credit and abatement of duty while setting aside the penalty on the Managing Director for lack of evidence of mens rea.
FICCI-PRE-BUDGET-MEMORANDUM-2015-16 India's economic outlook improved in 2014-15, with GDP growth projected at 5.5-5.6%, up from below 5% in previous years. Inflation concerns eased, and the current account deficit was reduced. Export growth was steady, and foreign investment inflows increased significantly. The government introduced progressive policies to enhance the business environment, including infrastructure development, manufacturing support, and financial inclusion initiatives. The forthcoming budget aimed to boost demand and investments, with suggestions to extend investment allowances, support startups, and implement GST. The fiscal deficit was targeted to decrease, emphasizing revenue growth and efficient expenditure. The agriculture, chemicals, aviation, education, and healthcare sectors received specific recommendations for tax adjustments and policy reforms to support growth and competitiveness.
2022 (10) TMI 953 - COMPETITION COMMISSION OF INDIA The Commission found Google's mandatory use of Google Play's billing system and exclusion of other UPI apps as payment options to be anti-competitive practices violating various sections of the Act. Google was directed to cease these practices and imposed a provisional penalty of Rs. 936.44 crore, equivalent to 7% of its average relevant turnover for the last three financial years. Google must deposit the penalty within 60 days and provide financial details and supporting documents within 30 days.
Annexure B - Sector-specific policy for foreign investment The Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, outlines the sector-specific policies for foreign investments in India. It specifies investment caps and entry routes for various sectors, such as agriculture, mining, petroleum, defense, broadcasting, and retail. In agriculture, 100% foreign investment is allowed automatically for certain activities, while mining and petroleum sectors also permit full automatic foreign investment, with specific conditions. Defense and broadcasting sectors require government approval for investments beyond certain thresholds. The regulations emphasize compliance with existing laws and sectoral guidelines, aiming to facilitate foreign investments while safeguarding national interests.
List The notification outlines a comprehensive list of items eligible for customs tariff exemptions under various categories, including chemicals, pharmaceuticals, machinery, industrial equipment, and specialized tools. It includes a wide range of substances and equipment, such as medical devices, laboratory equipment, industrial machinery, and parts used in manufacturing processes. Additionally, it specifies items related to telecommunications, textiles, and energy projects. The document categorizes these items into multiple lists, each associated with specific serial numbers from a referenced table, indicating their eligibility for tax exemptions as per the customs tariff regulations.
Effective rates of customs duty for goods of Chapters 1 to 99 The notification issued by the Central Government under the Customs Act, 1962, outlines exemptions for various goods imported into India, falling under Chapters 1 to 99 of the Customs Tariff Act, 1975. It specifies reduced customs duties and additional duties for a wide range of goods, including animals, agricultural products, chemicals, machinery, medical equipment, and more, subject to conditions listed in an annexure. Certain goods are excluded from these exemptions starting April 1, 2000. The notification details the applicable rates, conditions, and exclusions for each category of goods, emphasizing public interest and economic considerations.
Effective rates of basic and additional customs duty on various goods. The notification dated June 2, 1998, issued by the Central Government under the Customs Act, 1962, details exemptions on customs duty for specified goods imported into India. The exemptions apply to both basic and additional duties, subject to conditions outlined in the annexure. The notification lists various goods across different chapters and headings, specifying the applicable standard and additional duty rates. Categories include livestock, agricultural products, industrial materials, medical equipment, and more. Conditions for exemptions include usage restrictions, documentation requirements, and compliance with specified procedures. The notification aims to facilitate imports for public interest, industrial growth, and technological advancement.
FICCI PRE-BUDGET MEMORANDUM 2018-2019 A pre-budget memorandum by FICCI for 2018-2019 highlights various economic and sectoral issues, emphasizing the need for tax reforms to stimulate growth. Key recommendations include reducing corporate tax rates to 25% for all companies, addressing the inverted duty structure in manufacturing, and expanding GST to include petroleum products. The memorandum advocates for rationalizing GST compliance, enhancing tax incentives for sectors like healthcare and housing, and improving the ease of doing business. It also calls for clarity on tax provisions affecting sectors such as IT, telecommunications, and financial services, and suggests measures to support MSMEs and infrastructure development.
CONDITIONS and ANNEXURE - Exemption and effective rate of basic and additional duty for specified goods of Chapter 1 to 99 The conditions and annexures related to the exemption and effective rates of basic and additional customs duties for specified goods under various chapters from 1 to 99. It provides detailed conditions under which these exemptions apply, such as possessing a Tariff Rate Quota Allocation Certificate, registration with specific government departments, or adherence to certain procedural rules. The document also lists specific goods and conditions for import, including machinery, chemicals, and equipment for various industries like textiles, leather, and agriculture. It includes numerous lists of items eligible for exemptions and the respective conditions that must be met for these exemptions to be applicable.
Effective rates of Standard and Additional duty for goods falling under Chapters 1 to 99 The Central Government of India, under the Customs Act, 1962, has issued a notification exempting certain goods from customs duties. This exemption applies to goods listed under Chapters 1 to 99 of the Customs Tariff Act, 1975. The notification outlines specific goods, their descriptions, applicable standard and additional duty rates, and conditions for exemption. Goods range from livestock, planting materials, and edible oils to medical equipment, aircraft parts, and machinery for various industries. Conditions for exemption include usage restrictions, certification requirements, and adherence to specific import procedures. The notification aims to promote public interest by reducing import costs on essential goods.
The Directorate General of Foreign Trade (DGFT) has issued a notification amending Appendix 3 (SCOMET items) to Schedule-2 of the ITC (HS) Classification of Export and Import Items, 2018. This amendment, effective 30 days post-issuance, updates the list of Special Chemicals, Organisms, Materials, Equipment, and Technologies (SCOMET) items, which are subject to export restrictions. The updated list will be available on the DGFT web portal. Export of SCOMET items requires authorization unless otherwise specified, and specific guidelines and procedures are outlined in the Foreign Trade Policy and Handbook of Procedures 2023.
Effective rates of customs duty and IGST for goods imported into India. The Indian Ministry of Finance issued Notification No. 50/2017, effective from June 30, 2017, detailing the applicable customs duties and Integrated Goods and Services Tax (IGST) rates for various imported goods. This notification, under the Customs Act, 1962, and the Customs Tariff Act, 1975, supersedes the previous notification No. 12/2012. It specifies exemptions for certain goods from customs duty and IGST, subject to conditions outlined in the annexure. The notification includes a comprehensive table listing goods by chapter, description, standard rate, IGST rate, and conditions. It aims to streamline import duties and align them with public interest and economic policies.
Prescribes effective rate of duty on import of goods The Government of India, through Notification No. 12/2012, set effective customs duty rates for various imported goods under the Customs Act, 1962. This notification, which superseded the earlier Notification No. 21/2002, outlines specific duty rates for goods categorized under different chapters of the Customs Tariff Act, 1975. The notification specifies exemptions and conditions for reduced duty rates based on the type of goods, their intended use, and compliance with certain conditions. It includes a detailed table listing goods, their descriptions, standard and additional duty rates, and applicable conditions. This notification was later superseded by Notification No. 50/2017, effective from July 1, 2017.
At the World Bank's Development Committee Meeting in Tokyo, the Finance Minister of India, representing a constituency including Bangladesh, Bhutan, and Sri Lanka, addressed the ongoing global economic crisis. He emphasized the need for coordinated global efforts to tackle challenges like currency depreciation, reduced development resources, and rising food prices. The minister highlighted the importance of agricultural growth, infrastructure investment, and innovative partnerships with middle-income countries. He expressed concern over the World Bank's declining capacity to respond to crises and stressed the importance of gender equality, job creation, and disaster risk management. The minister welcomed the World Development Report 2013 on Jobs and the Bank's efforts in gender mainstreaming.
2006 (1) TMI 1 - CESTAT NEW DELHI The Tribunal upheld the jurisdiction of the Commissioner of Central Excise, Delhi, as services were managed from Delhi. It determined that the appellant, a company, fell within the definition of a "consulting engineer" under Section 65(18) of the Finance Act, 1994. Services provided were classified as taxable, except for installation services. The exemption under Notification No. 4/99-ST was granted from 28-2-99 onwards. The demand and penalties imposed were upheld, with adjustments for exemptions and service classifications. The Tribunal directed reductions in the taxable value of software support and hardware repair services, dismissing the appeal on other grounds.
2022 (11) TMI 389 - APPELLATE AUTHORITY FOR ADVANCE RULING, MAHARASHTRA The appellate authority ruled that both the CRP Test Kit and HbA1c Test Kit are classified under Chapter Heading 3002, attracting a GST rate of 5%. This decision overturned the earlier ruling by the MAAR, which classified the kits under a different category and imposed a higher GST rate of 12%. The essential components of both kits were deemed to fall under Chapter Sub-Heading 3002, leading to the reclassification and lower tax rate.
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