TaxTMI Updates e-Newsletter
Sep 19,2012

Summary: Announcement of auctions for multiple Central Government stocks specifying instruments, auction formats (uniform price and yield-based), an allocation of up to 5% to eligible individuals and institutions under the Scheme for non-competitive bidding, electronic submission windows for competitive and non-competitive bids on the negotiated dealing system, announced auction results with a specified payment date, and eligibility of the stocks for When Issued trading in accordance with existing guidelines.

Summary: The Central Government mandates electronic payment of customs duty for specified classes of importers: importers registered under the Accredited Clients Programme and importers who pay customs duty of one lakh rupees or more per bill of entry, creating an electronic payment compliance obligation for those classes.

Summary: The Central Board of Excise and Customs, under clause (a) of sub section (1) of section 7 of the Customs Act, 1962, substitutes the entries in columns (3) and (4) of item (16) against serial number 10 for the State of Tamil Nadu to appoint Kattupalli for the unloading of imported goods and the loading of export goods or any class of such goods, thereby amending Notification No. 62/1994 Customs (N. T.).

Summary: The Central Board of Excise & Customs amends the principal non-tariff notification to substitute TABLE-1 and TABLE-2 with updated commodity-specific tariff values: TABLE-1 provides per-metric-tonne values for various vegetable oils, brass scrap and poppy seeds; TABLE-2 provides unit tariff values for gold and silver when concessional entries are availed, thereby replacing the earlier tables in the principal notification.

Summary: Cenvat credit of basic excise duty paid on inputs used in or in relation to manufacture of final products may be utilised for payment of National Contingency Calamity Duty (NCCD) on those final products, except as barred by the fifth proviso which disallows such utilisation for goods falling under specified tariff items. Cenvat Credit Rules also require that credit of NCCD itself be used only for payment of NCCD, without affecting the permissibility of using basic excise duty credit for NCCD.