Abatement of retail sale price allowed for specified paints and varnishes, adjusting assessable value under excise notification.
The Government permits an abatement from retail sale price for specified paints and varnishes, allowing forty per cent of the retail sale price to be excluded when determining assessable value for excise purposes for goods under the relevant tariff headings, by way of notification effective on the stated date.

Assessment with reference to retail sale price: paints and varnishes designated subject to section 4A assessment provisions.
Assessment with reference to retail sale price is applied to paints and varnishes by designating goods under the tariff headings for paints as subject to the assessment provision of the Central Excise statute, with a specified commencement date for applicability, requiring determination of central excise liability for those goods with reference to retail sale price under the identified statutory provision.

Exchange rate determination for exports: notified conversion rates govern valuation and conversion for export goods.
The Central Government, under the powers of sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962, supersedes Notification No. 34/97-NT-Customs and determines, insofar as these relate to export goods, the rate of exchange for each foreign currency listed in Schedule I and Schedule II, such rates to be effective from the commencement date stated and set out against each currency in the schedules.

Exchange rate determination for imported goods: prescribed rates govern stamp duty calculation and customs valuation under notification.
Central Government prescribes exchange rates for converting specified foreign currencies into Indian rupees for calculation of stamp duty under the Indian Stamp Act, 1899 and for determinations under section 14 of the Customs Act, 1962 relating to imported goods, superseding Notification No. 33/97-Cus. (N.T.). The rates are set out in Schedule I (per one unit) and Schedule II (per one hundred units) and apply with effect from 1st September 1997.

Exemption for tour operator accommodation services limits service tax to amount above tax on fixed gross portion; exclusions apply.
Exemption for taxable services by a tour operator arranging or booking accommodation applies where the bill indicates charges are for accommodation; tax relief is limited to the amount in excess of tax calculated on a fixed portion of the gross amount charged. The exemption does not apply if the invoice excludes accommodation cost and only shows service charges, if Cenvat credit has been taken, or if benefits under an earlier notification have been availed.

Package tour tax exemption limits service tax liability where billing is inclusive and credit benefits are not claimed.
Exemption reduces a tour operator's service tax liability for a package tour by relieving tax in excess of that calculated on forty per cent of the gross charge where the operator issues an inclusive bill and provides both transportation and accommodation; the exemption is excluded if Cenvat credit has been taken or alternative notification benefits have been availed.

Tour operator billing: amendment defines liability where operator raises the bill for services rendered to a person.
A new sub clause is added to rule 2(1)(d) specifying that, in relation to services provided by a tour operator, the relevant person is every tour operator who raises the bill for services rendered to any person by such operator.

Service tax on Clearing Tour Operator services effective from appointed commencement date under Finance Act provisions by notification.
Service tax on Clearing Tour Operator's Service is appointed to become leviable from 1 September 1997 by notification under powers conferred by the Finance Act, 1997, bringing the taxable service specified in sub-clause (q) of clause (41) of section 65 of the Finance Act, 1994, into force on that date.

Service tax notification amendment adds Ireland and United States to the specified countries list for territorial application.
Amendment to the Service Tax notification, under section 93 of the Finance Act, 1994, substitutes additional country references in the first proviso and inserts two new Schedule entries, adding Ireland and United States of America to the list of specified countries.

Canalisation of chrome ore exports through MMTC instituted, restricting exports by specified chromium content under amended FTP.
Export of chrome ore lumps with Cr2 O3 not exceeding 40 % is canalised for export through MMTC by amending the entry in Chapter 16, Part III, Paragraph 16.3 (Canalised Items) of the Export and Import Policy, 1997-2002, pursuant to powers under the Foreign Trade (Development & Regulation) Act, 1992 and Paragraph 1.3 of the Policy.

Exemption under section 35AC extended for cobalt therapy unit construction, preserving project eligibility for another year.
Central Government re specified the Kota Cancer Society's scheme for construction of a Cobalt Therapy Unit at M.B.S. Hospital Campus as an eligible project under the Explanation to section 35AC for a further one year period in relation to assessment year 1998-99, following the National Committee's recommendation that the project was being executed properly; the notification records the society's address and an estimated project cost.

Specification of bonds under Section 80L clarifies which taxable bank bonds qualify for the provision.
Central Government under clause (ii) of sub section (1) of section 80L specified the 13.5 per cent 10 Year Industrial Reconstruction Bank of India Bonds (Taxable) (22nd Series) by listing series, distinctive serial number ranges and the aggregate issue amount, and identified the issuer as the then Industrial Reconstruction Bank of India (now Industrial Investment Bank of India Limited) for the purposes of that provision.

Customs exemption amendment under notification expands list to include casein, resin (excluding acrylic) and polyurethane binders.
The Central Government amended Notification No. 11/97-Customs by substituting item (36) in List 3(A) to read: Casein, resin (other than acrylic resin) and polyurethane binders, exercising its powers under the Customs Act to effect the textual change in the miscellaneous exemption schedule in the public interest.

Deduction under section 35AC: approved institutions and their eligible projects with capped deductible costs and validity.
Notification under the Explanation to section 35AC approves specified institutions and, for each, identifies the eligible project or scheme, states the estimated cost and sets the maximum portion of that estimated cost that may be allowed as a deduction; it covers projects ranging from health and education to housing and sports, and prescribes differing deductible ceilings and prescribed assessment-year validity periods for the approvals.

Designation of customs officers as Central Excise officers: rank equivalence enables exercise of central excise functions in free trade zones.
The notification designates customs personnel in free trade zones as officers of Central Excise by substituting an existing table with a new rank-mapping that aligns specific customs posts to corresponding Central Excise ranks, thereby creating rank equivalence to enable those customs officers to perform Central Excise functions within the free trade zone.

Delegation of Commissioner powers: Adjudication Commissioners may investigate and adjudicate assigned cases nationwide under statutory rule.
The Board invests the Commissioner of Central Excise (Adjudication), Chennai; Delhi; and Mumbai with the powers of the Commissioner of Central Excise to be exercised throughout India for investigation and adjudication of cases assigned to them, under clause (b) of section 2 of the Central Excises Act, 1944 read with rule 4 of the Central Excise Rules, 1944.

Corrigendum to mutual funds regulations updates statutory year references and appends a footnote clarifying the principal regulation citation.
Corrigendum directs that occurrences of the year '1996' in the SEBI (Mutual Funds) Amendment Regulations short title and paragraph 1(i) be read as '1997', and mandates appending a footnote citing the principal SEBI Mutual Funds Regulations published in the Gazette of India.

Petroleum Bitumen import under Open General Licence permitted, subject to SIL or public notice procedural conditions.
Amendment designates petroleum bitumen as freely importable under the Open General Licence in the ITC (HS) classification, with imports permitted only under the Shipping Import License (SIL) regime or pursuant to applicable public notices, requiring that import clearances follow the SIL/public notice procedure.

Triple weightage for direct exports by KVIC/KVIB registered manufacturers enhances export credit but excludes other policy weightages.
Manufacturing units registered with KVIC or KVIBs shall be granted triple weightage on FOB or NFE for products manufactured and directly exported by them with effect from 15 August 1997; such units shall not be entitled to the weightage given in sub paragraphs (a) and (b).

Floor price for tyre imports restricts entry; free import allowed only where per tyre CIF exceeds prescribed thresholds.
Amendment fixes floor prices for importation of tyres by designating certain sub Exim codes as restricted, permitting import only under licence or Public Notice but allowing free import when the per tyre CIF value meets or exceeds prescribed thresholds for heavy vehicle and passenger vehicle tyre categories.