Budget 2011-2012- Customs - IT Software

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..... Budget 2011-2012- Customs - IT Software - News and Press Release Dated:- 28-2-2011 - News - 10. With effect from 21.12.2010 packaged or canned software falling under chapter 85 has been notified u .....

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..... nder section 4A of the Central Excise Act. Accordingly, the value of such software for the purposes of charging CVD is required to be determined on the basis of the retail sale price (RSP) affixed on .....

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..... the package under the Standards of Weights and Measures Act, 1976. It has been represented by the trade that in certain situations packaged software is not required to bear the RSP when imported and d .....

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..... ifficulties are being experienced in the assessment of such software to CVD. In order to resolve the issue, packaged software which is not required to bear RSP is being exempted from so much of the ad .....

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..... ditional duty of customs as is equivalent to the duty payable on the portion of the value which represents the consideration paid or payable for transfer of the right of its use. Such software would t .....

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..... herefore be required to pay CVD only on that portion of value representing the value of the medium on which it is recorded alongwith freight and insurance. The exemption is subject to the fulfillment .....

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..... of certain conditions. A parallel exemption is also being provided from central excise duty in respect of IT software manufactured domestically. - News - Press release - PIB Tax Management India - .....

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..... taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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