TaxTMI 
TaxTMI 
Implementation of changes brought about in the Foreign Trade Policy
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....t so to do, hereby directs that each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table hereto annexed shall be amended or further amended, as the case may be, in the manner specified in the corresponding entry in column (3) of the said Table. TABLE S. No. Notification No. and Date Amendment (1) (2) (3) 1. 22/2003-Central Excise, dated the 31st March, 2003 In the said notification,- (a) for the words 'Export and Import Policy' or 'Export and Import policy', as the case may be, wherever they occur, the words 'Foreign Trade Policy' shall be substituted; (b) in paragraph 6, for the second proviso, the following proviso shall be substituted, namel....
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....3% for every quarter in the third year - @3% for every quarter in the fourth and fifth year - @ 2.5 % and thereafter for every quarter - @ 2% Explanation.- (1) For the purpose of computing rate of depreciation for any part of a quarter, a full such quarter shall be taken into account; (2) there shall be no upper limit for such depreciation and depreciation upto 100% could be allowed; (3) the depreciation shall be allowed for the period from the date of commencement of commercial production of the user industry or where such goods have been received after such commencement, from the date on which such goods have come into use for commercial production to the date of clearance or debonding, as the case may be.'' (ii) the Explanation occu....
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....y commercial purposes, and shall not be sold, disposed of, gifted, loaned, exchanged or parted with without the permission of the said officer having jurisdiction over the donor unit, within a period of five years from the date of receipt of the said goods and during the said period of five year and the jurisdictional Deputy Commissioner or Assistant Commissioner of Customs, as the case may be, may inspect the school, educational institution, charitable hospital, public library, establishment or community information centre, as the case may be, specified in clauses (i) to (viii) on random basis to ensure that the goods are actually there and have not been diverted or put to unauthorized use: Provided that where the donee is a school, educ....
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....r textile material into Domestic Tariff Area on payment of duty on assessable value, as if the goods have been manufactured in the unit: Provided that such clearance shall be allowed only where the said officer certifies that the textile fabric or textile material proposed to be cleared are left over, and such clearance do not exceed two per cent. of assessable value of the consignment or two percent. of the quantity of the consignment to which this left over textile fabric or textile material relates, whichever is lower'' (f) in Explanation occurring after paragraph 13,- (a) for clause (iii), the following clause shall be substituted, namely:- ''(iii) 'Foreign Trade Policy' means the Foreign Trade Policy, 1st September, 2004-31st March....
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....) in clause (ii), in sub-clause (b), for the brackets and letters ' (a), (b), (d) and (h)', the brackets and letters ' (a), (d), (e) and (g)' shall be substituted; (C ) in clause (iii), for the brackets and letters ' (a), (b), (d) and (h)', the brackets and letters '(a), (d), (e) and (g)' shall be substituted; (D) in clause (iv), for the words, brackets and letter " sub- paragraph (a)', the words, brackets and letter 'sub- paragraph (d)' shall be substituted; (ii)against Sr. No. 3, in condition, - (A) in clause (ii), for the brackets and letters ' (a), (b), (d) and (h)', the brackets and letters ' (a), (d), (e) and (g)' shall be substituted; (B) in clause (iii), for the words " such finished goods', the words "such goods' shall be ....