Tax exemption: Conditional notification grants income-tax relief to a cricket association subject to application, investment and non-distribution rules.
Notification grants conditional income-tax exemption to the Bulsar Cricket Association subject to requirements that income be applied or accumulated solely for its objects under the statutory accumulation and application rules, investments of funds be limited to prescribed modes (with limited exceptions for certain notified tangible voluntary contributions), and no distribution of income to members except grants to affiliated bodies; business income is excluded unless incidental to the objects and maintained in separate books.

Exchange rate update: substitution of specified foreign currency entries for export valuation, effective from the notified date.
Amendment replaces specified entries in the prior customs notification schedules by substituting revised rupee exchange rates for listed foreign currencies, the operative mechanism for updating export goods valuation, with the revised rates effective from the notified date.

Exchange rate notification updates prescribed import valuation rates for specified foreign currencies, affecting customs valuation for imports.
Central Government amends the customs notification by substituting specified entries in Schedule I and Schedule II to replace the prescribed foreign currency conversion rates for listed currencies, the changes taking effect on the stated operative date and governing rupee equivalents used for valuation and related customs purposes.

Exclusion of jigs and fixtures removed spare parts eligibility under EPCG scheme for capital goods imports.
The Central Government, under Section 25(1) of the Customs Act, has directed amendment of specified customs exemption notifications to omit the phrase "including Jigs, Fixtures, Dies, Moulds" from the spare parts entry, thereby excluding those jigs, fixtures, dies and moulds from being treated as spare parts for capital goods imported under the EPCG scheme.

Engineering sector inclusion in EPCG scheme expands covered capital goods and components eligible for import relief.
Amendment adds the engineering sector to two provisos in the EPCG notification and adds a definitional clause specifying that, for the engineering sector, "product" comprises machine tools and accessories; automotive and bicycle components and accessories; hand, cutting and small tools; ferrous and non-ferrous castings and forgings; pumps, electric motors and parts; fasteners; bright bars and shafting; and scientific and surgical instruments, thereby identifying the capital goods, components and spares eligible under the scheme.

Safeguard duty on carbon black imposed, with exemptions for specified advance licences and limited duration.
Imposition of a safeguard duty on carbon black (heading 2803.00) is authorised under section 8B of the Customs Tariff Act and relevant safeguard rules, following findings of threat of serious injury to the domestic rubber and tyre industry; a 10% ad valorem duty applies on imports until 28 February 1999. Imports under specified quantity-based Advance Licence schemes are exempted provided the goods are used only to discharge export obligations or to replenish such goods and are non-transferable.

Tariff exemption for sports track materials enabled for imports, subject to Sports Authority certification and customs verification.
Notification amends the customs exemption schedule to add entry 256A exempting specific materials for laying synthetic tracks and artificial surfaces (Asphalt resurfacer, Acrylic resurfacer, Cushion coat, Acrylic colour concentrate, Acrylic marking paint) at Nil duty. It inserts condition 68A requiring imports by a National Sports Federation or the Sports Authority of India under an SAI-issued certificate for use in national or international championships, and production at clearance of a Director level SAI certificate to the Assistant Commissioner of Customs certifying importer details, goods description, quantity, value and intended championship use.

Anti-dumping duty on calcium carbide imports from specified countries imposed, applying set per-tonne rates for a limited period.
Imposition of anti-dumping duty on Calcium Carbide imports from the Peoples Republic of China and Romania under section 9A(2) of the Customs Tariff Act, 1975 and rules 13 and 20 of the Anti-dumping Rules, 1995, following preliminary findings of the Designated Authority; duties specified per metric tonne for each listed country and made effective until the notification's stated expiry date.

Exchange rate adjustment revises rupee equivalence for specified currencies for export goods under Stamp and Customs Acts, effective October
Amendment to Notification No. 76/98-NT-Cus. substitutes Schedule I and II entries to revise rupee equivalences for specified currencies, listing new rates for the Australian Dollar, Deutsche Mark and Singapore Dollar (per one unit) and for Belgian Francs (per 100 units), and is effective from 8th October, 1998 for export valuation and related customs processes.

Exchange rate amendment updates official conversion rates for specified foreign currencies, effective from early October, affecting import valuation.
Amendment to Notification No. 75/98-Cus. (N.T.) substitutes specified rate of exchange entries in Schedule I and Schedule II for certain foreign currencies, including Australian Dollar, Deutsche Mark, Singapore Dollar and Belgian Francs, under powers conferred by the Indian Stamp Act, 1899 and the Customs Act, 1962; the substituted rates apply for customs valuation of imported goods from the stated effective date.

Exemption to mechanised slaughter house limits service tax liability for bovine slaughter services beyond a baseline threshold.
Exemption removes service tax on taxable service provided by a mechanised slaughter house to the extent the levy exceeds a specified per-bovine threshold, exercised by the Central Government in the public interest and effective from the stated October 1998 date.

Exemption for practicing chartered accountants protects non audit professional services from service tax when rendered in professional capacity.
The Central Government, under section 93 of the Finance Act, 1994, exempts taxable services other than auditing and accounting provided by a practising chartered accountant in his professional capacity to a client from the whole of service tax leviable thereon; the notification states it comes into force on the sixteenth day of October, 1998.

Exemption for security agency locker services removes service tax on charges for safe deposit lockers and vault security.
The Central Government exempted the taxable service provided by a security agency from service tax on the gross amount charged to clients for providing safe deposit lockers or security or safe vaults for the security of movable property, effective 16 October 1998; this exemption was rescinded by a later notification dated 9 July 2004.

Exemption for services to overseas projects when payment is made in convertible foreign exchange, relieving service tax.
Exemption granted for taxable services rendered in India to a client in respect of overseas projects where payment is received in convertible foreign exchange; such services are exempted from the whole of the service tax leviable thereon, with an operative commencement date specified.

Service tax registration and payment rules updated: monthly payments, half yearly returns, provisional assessments, and agent valuation options.
The amendment defines "half year" and "quarter", expands who is the person liable for service tax for telephone, insurance and clearing and forwarding services, prescribes registration in Form ST 1 within thirty days with centralised billing options and deemed registration if ST 2 is not issued within seven days; replaces payment timing to require monthly payment by the 25th (with a quarterly option for individuals/proprietorships/partnerships), prescribes deposit via Form TR 6, allows pro rata adjustments and provisional assessments with Form ST 3A, grants an air travel agent election to pay on basic fare basis, deems clearing agent value as gross remuneration, and mandates half yearly returns in Form ST 3/ST 3A.

Service tax amendment effective date established, bringing specified Finance Act provisions into force and enabling levy under designated subsections.
The Central Government, exercising powers under section 116 of the Finance (No. 2) Act, 1998, appoints a specified date as the date on which the Finance Act, 1994 is amended in accordance with that section, and declares that service tax shall be levied under the specified subsections of the relevant provision of the Finance Act, 1994 from that appointed date.

Concessional import of capital goods subject to export obligation allowed; spares permitted under policy amendment.
The Export and Import Policy amendment allows import of capital goods, including jigs, fixtures, dies and moulds, at concessional Customs duty subject to an export obligation to be fulfilled over time, and permits import of spares up to a specified proportion of the CIF value of the capital goods under the same scheme.

Customs exemption for educational CD ROMs confirms duty free import treatment for electronic educational and periodical publications.
Substitutes serial No. 203 in Notification No. 23/98 Customs to list CD ROMs containing books of educational nature, journals, periodicals or newspapers (heading 85.24) with Nil basic customs duty and Nil additional duties, providing a specific tariff exemption under the Miscellaneous Exemption Notifications.

Tax exemption for notified sporting association: conditional status requires restricted income application, permitted investments, and distribution limits.
The Archery Association of India is notified for tax-exempt status under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects under section 11 as modified; investments on deposit are limited to modes permitted by section 11(5); income cannot be distributed to members except as grants to affiliated bodies; and profits from business are excluded unless incidental to objectives and recorded in separate books.

Exchange rate determination for export goods prescribes official currency conversion rates, superseding prior notification for customs purposes.
Determination of official exchange rates for conversion of specified foreign currencies into Indian rupees for export goods under section 14(3)(a)(i) of the Customs Act, 1962, superseding Notification No. 53/98-NT-Customs. The rates prescribed by the Central Government take effect from 1st October 1998 and are set out in Schedule I (per unit rates for major currencies) and Schedule II (rates per 100 units for certain currencies).