TaxTMI 
TaxTMI 
Amendments in various Customs Notifications on account of announcement of New Foreign Trade Policy
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....f the Customs Act, 1962 ( 52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby exempts the goods - (a) as specified in Annexure -I to this notification,- (i) upto one per cent. of the Free On Board (FOB) value of preceding financial year of the export of plain or studded Jewellery made of gold or platinum, when imported by the exporter of such gold jewellery or platinum jewellery; (ii) upto two per cent. of the Free On Board ( FOB) value of preceding financial year of the export of Jewellery made of silver imported by the exporter of such silver jewellery; (b) as specified in Annexure -II to this notification upto one per cent. of the Free On Board (FOB) value of preceding financial year of the export of cut and polished diamonds when imported by the manufacturer and exporter of such cut and polished diamonds, when imported into India against the Replenishment Licences referred to in para 4.80 of Handbook of Procedures, Volume I, 1st September, 2004 -31st March, 2009 published by the Government of India in the Ministry of Commerce and Industry vide Public Notice No. 1/2004-09, dated the 31st August, 2004 as amended....
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....res " Public Notice No. 1/2002-07, dated 31st March, 2002", the words, letters and figures "Public Notice No. 1/2004-09, dated the 31st August, 2004" shall be substituted. (iii) for clause (d), the following clause shall be substituted, namely:- ' (d) "status holder" means the exporter recognized as one star export house, two star export house, three star export house, four star export house and five star export house by the Director General of Foreign Trade.'. 4. 57/2000-Customs, dated the 8th May, 2000. In the said notification,- (a) for the words " Export and Import Policy" wherever they occur, the words "Foreign Trade Policy" shall be substituted; (b) in the clause (a), for the words and figures "Paragraph 4.49 of the Export and Import Policy", the words and figures "paragraph 4.4.9 of the Foreign Trade Policy" shall be substituted; (c) in Explanation,- (i) for clause (a), the following clause shall be substituted, namely:- '(a) "Foreign Trade Policy" means the Foreign Trade Policy, 1st September, 2004-31st March, 2009 published by the Government of India in the Ministry of Commerce and Industry vide notification No. 1/2004-09, dated the 31st August, 2004, as am....
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....ding rejects, waste, scrap, remnant and by-products) shall be available under this notification."; (c). in the paragraph 4, in proviso, for clause (a) and Explanation, the following shall be substituted, namely:- "(a) such clearance or debonding of capital goods may be allowed on payment of duty on the depreciated value thereof and the rate in force on the date of debonding or clearance, as the case may be. The depreciation shall be allowed in straight line method as specified below, namely:- (i) for computer and computer peripherals: for every quarter in the first year @ 10% for every quarter in the second year @ 8% for every quarter in the third year @ 5% for every quarter in the fourth and fifth year @ 1% (ii) for capital goods other than computer and computer peripherals: for every quarter in the first year @ 4% for every quarter in the second year @ 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 fo....
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....e imported consignment to which this left over textile fabric or textile material relates, whichever is lower."; (g) 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, 2009" published by the Government of India in the Ministry of Commerce and Industry vide notification No. 1/2004-09, dated the 31st August, 2004, as amended from time to time.'; (b) for clause (vi), the following clause shall be substituted, namely :- "(vi) 'Handbook of Procedures, Volume I' means Handbook of Procedures,Volume I, 1st September,2004 -31st March, 2009 published by the Government of India in the Ministry of Commerce and Industry vide Public Notice No. 1/2004-09, dated the 31st August, 2004 as amended from time to time."; (h). In ANNEXURE-I, against Sr. No. 3, under the heading "Description of Goods", for the words " storage systems, special racks for storage, modular furniture, computer furniture,", the words "storage systems and parts thereof, special racks for storage and parts thereof, modular furniture and parts thereof, comput....