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Tax Amicus: September 2013

Availability of Cenvat credit on partially paid invoices is the topic of discussion this month. Article in this September 2013 issue holds that questions relating to availability of credit on such invoices are not yet settled. Under Customs portion, this issue covers DGFT Public Notice amending Handbook of Procedures to limit the interest component in the regularization of Export Obligation defaults to the duty payable. SEZ Rules have been amended to change the minimum land area requirement.

CBEC has clarified that Rule 6(3) of the Cenvat Credit Rules, 2004 is not applicable when duty has been paid by utilizing certain scrips issued under Foreign Trade Policy (FTP). A product whether cures or cares is the deciding factor for classification of goods as medicament or cosmetic according to the Supreme Court’s recent order. Under Service Tax, this issue covers CESTAT Order holding that value of goods supplied free of cost by the service recipient to the service provider for use in execution of service provided to the former, is not includible. Further, VAT portion in this issue of Tax Amicus covers Madras High Court judgment in the dispute concerning sale in case of endorsement of title documents when the goods are in transit.

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