24 July, 2015
The Bombay High Court has held that demand beyond 5 years cannot be confirmed by invoking bond in case of EOUs. It was observed that even if fraud is of great magnitude and there is admission of involvement, it does not mean that recovery of duty, because of such fraud, can be made at any time under Section 11A of the Central Excise Act, 1944. The High Court b...
15 June, 2015
Notification Nos. 22/2003-C.E. and 23/2003-C.E. have been amended by Notification No. 28/2015-C.E., dated 15-5-2015 to reflect the new Foreign Trade Policy 2015-20 notified by the Ministry of Commerce on 1st of April. Some of the important changes are,
1 April, 2015
With the aim of doubling India’s export of merchandise and services by the year 2020, the Indian Commerce and Industry Ministry has today (1-4-2015) announced the new Foreign Trade Policy 2015-2020 (FTP).
According to the FTP statement, the Policy seeks to accelerate exports through various schemes intended to exempt and remit indirect taxes on inputs physically incorporated i...
22 August, 2014
Allahabad High Court has quashed the order granting injunction restraining the defendants-appellants (Apex Laboratories Pvt. Ltd.) from using the “green dot” on the label of the packaging of its product “Zincovit Syrup”. The court in this regard held that green dot inside a square outlined by green colour is a symbol for which copyright cannot be claimed by anybody as the symb...
In the Annual Supplement to India’s five year Foreign Trade Policy 2009-14, for facilitating and regulating exports and imports, many functional schemes have been relaxed to provide for more concessions to the exporters and importers. Certain important changes are:
3% Export Promotion Capital Goods (EPCG) scheme has been merged with zero duty EPCG scheme. Import of motor cars, SUVs, etc. by h...
The Institute of Business Laws, in association with Lakshmikumaran & Sridharan, is organizing a seminar on 20th January, 2012 in New Delhi to guide exporters, importers, manufacturers and service exporters on Foreign Trade Policy and Export Promotion Schemes. This seminar is intended to discuss practical issues and difficulties faced by stake-holders while availing export promotion schemes as p...
Applicability of Sales tax on an agreement to sell under-construction flat, in the light of the recent Bombay High Court decision, is the topic of discussion this month. CESTAT has held that export goods conforming to DGFT criteria are not liable for confiscation and that refund of central excise duty is available in case MRP is reduced at the depot. This issue of "Tax Amicus" also covers Order...
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