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Budget to be presented on 16th March FM issues Advisory to CESTAT to ensure that orders are issued by Benches on conclusion of arguments and in complicated matters orders should be issued within 30 days Madras High Court stays levy of service tax on lawyers economic growth slows to 6.9 per cent Sunil Kumar appointed as Chief Secretary of Chattisgarh Amarchand Mangaldas to open offices in Chennai Ahmedabad & Pune US closes its embassy in Syria Sudha Sharma appointed as Member of CBDT Rupee hits a high of 48.73 against Dollar Laxman Das is Officiating Chairman of CBDT Tariff Value for import of gold is 556 & for silver 1067 & for Brass Scrap 4078 & for poppy seeds 2205-Customs Non-Tariff Notification No. 10 Fused Silica is classifiable under Tariff Item 32074000-Customs Circular No.3 Additional Commisssioner of Income Tax HA Siddiqui sentenced to 4 years imprisonment for accepting bribe of Rs 1 Lakh by CBI Court in Delhi HC upholds levy of service tax on booking of flats-The explanation which was inserted by the Finance Act of 2010 clearly brings within the fold of taxable service a construction service provided by the builder to a buyer where there is an intended sale between the parties whether before, during or after construction Authority for Advance Ruling rules super concentrates shall be classified as products of the chemical industry under heading 3824 90 90 of Customs Tariff Anti dumping duty imposed on import of Morpholine from China European Union & USA Anti dumping duty imposed on import of Geogrid/Geostrips/ Geostraps made of polyester or Glass fiber in all its forms from Refund of Anti-Dumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012 notified-Customs Non-Tariff Notification No.5 Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Amendment Rules, 2012-Customs Non-Tariff Notification No.6 Safeguard duty at the rate of 10% ad valorem notified on import of Phthalic anhydride, falling under tariff item 2917 35 00-Customs SG Notification No.1 Customs duty on import of Gold, Silver, Cut & Polished Diamonds hiked Customs duty to be charged at the rate of 2 per cent of Tariff Value on gold and 6 per cent of Tariff Value on silver Tariff Value for import of gold & silver notified-Customs Non-Tariff Notification No.3 Anti-dumping duty on imports ofSilk fabrics 20-100 gms per metre, falling under heading 5007 originating in, or exported from, China-CustomsTariff Notification No. 2 Anti-dumping duty imposed on imports of Nylon Filament Yarn, falling under Chapter 54 ,originating in, or exported from, China, Chinese Taipei, Malaysia, Thailand and Korea RP-Customs TariffNotification No.3 Anti-dumping duty imposed on import of Phosphoric Acid of allgrades and all concentrations (excluding Agriculture/Fertilizer Grade) ,falling under tariff item 28092010, originating in, or exported from, Israel and Taiwan-Customs Tariff Notification No.4 Anti-dumping duty on imports of Cellophane Transparent Film , falling under Chapter 39 , originating in, or exported from, China-Customs TariffNotification No.5 Anti-dumping duty onimports of Saccharin, falling under Chapters 29, 30, 33 and 38 ,originating in, or exported from, China-Customs Tariff Notification No.7 Special Bench of ITAT rules the appellant is not entitled to set off carry forward business loss against the long term capital gain arising on sale of land used for the purpose business ITAT rules Long Term and Short Term gains / losses on sale of equity shares under Portfolio Management Scheme is business income and not Capital Gains HC rules the opinion of the AO may have been legally erroneous but this cannot be a ground for initiation of re-assessment proceedings Anti-dumping duty on ‘Caustic Soda’, originating in, or exported from, Saudi Arabia, Iran, Japan, USA & France-Customs Tariff Notification No.1 Cost Accountants can issue Certificates for the purpose of refund of 4% CVD-Customs Circular No.1 Customs duty on import from ASEAN nations lowered- Customs Tariff Notification No.127 deeper tariff cut on import from Malaysia notified- Customs Tariff Notification No.128 deeper tariff cuts on import from Korea notified- Customs Tariff Notification No.123 deeper tariff cuts on import from Srilanka & Pakistan under SAFTA notified- Customs Tariff Notification No.125 Schedule of Rates for Service Tax Refund to Exporters notified in supersession of Notification No.17/2009-Service Tax Notification No. 52 Customs duty on import of several products from specified countries lowered-Customs Tariff Notification No.113 Anti-dumping duty on ‘Sodium Hydrosulphite (SHS)’, falling under headings 2831 and 2832 , originating in, or exported from, China PR- Customs Tariff Notification No.111 CBEC specifies documents required for Registration of ServiceTax Customs duty on import of 532 Products from Singapore lowered-many products exempted from duty-Customs Tariff Notification No. 106 Government allows Rebate of excise duty on export of goods to Nepal under ARE-1 Procedure w.e.f. 1st March 2012-Central Excise Non-Tariff Notification No.24

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New Drawback Rates effective 15.7.2006. Notified

AIT News Network

NEW DELHI. FinMin has notified new All Industry Rates of Duty Drawback vide Notification No.81/2006-Cus (NT) dated 13^th July ,2006. New rates shall come into force with effect from 15.7.2006.

New Drawback Schedule includes 84 new items including cotton bags, leather caps, aluminium artware, suit cases & handbags of plastics, tractor parts, compressors, table tennis tables and various other sports equipment/accessories.

The drawback rates have been hiked on most of the products.

The drawback rate for higher quality silk fabrics has been increased from 7.5% with a drawback cap of Rs.140/kg to 8.3% with a drawback cap of Rs.250/kg.

In the case of wool, the new drawback rate for woollen worsted yarn grey – weaving quality is 7.2% with a cap of Rs.24/kg as against the existing rate of 6.5% with a cap of Rs.22/kg. The new drawback rate for woollen worsted yarn (dyed) – weaving quality is 8.3% with a cap of Rs.29/kg.

The new drawback rate for grey cotton yarn of less than 60 counts is 4% with a cap of Rs.8/kg as against the existing rate of 3.5% with a cap of Rs.7/kg. The new rate for dyed cotton yarn of less than 60 counts is 5% with a cap of Rs.13.30/kg. In respect of cotton yarn of 60 counts and more, a higher rate of 6.8% / 7.8% with a cap of Rs. 20.40 per kg / Rs. 26 per kg has been provided depending upon whether the yarn is grey or dyed. As for cotton fabrics, the new rate is 4.7% (grey) / 5.7% (dyed) with a drawback cap of Rs.14 per kg (grey) / Rs.20.50 per kg (dyed).

The new drawback rate for hand knotted woolen carpets is 9.4% with a cap of Rs.565 per sqm. as against the existing rate of 8% with a cap of Rs.315 per sqm. For silk carpets, the new drawback rate is 11.8% with a cap of Rs. 1600 per sqm. as against the existing rate of 10% with a cap of Rs.1080 per sqm. The drawback rate on cotton durries is fixed at 9.4% with a cap of Rs. 20/kg as against the existing rate of 8% with a cap of Rs.16/kg.

Readymade Garments:The new drawback rate for knitted blouses/shirts/tops of cotton is 6.7% with a cap of Rs. 29 per piece as against the existing rate of 6% with a cap of Rs.25 per piece. The new rate for knitted blouses/shirts/tops of man-made fibre is 7.8% with a cap of Rs. 32 per piece as against the existing rate of 7.5% with a cap of Rs.30 per piece. For knitted blouses/shirts/tops of cotton and man made fibre blend, the new drawback rate is 7.2% with a cap of Rs.30 per piece as against the existing rate of 6.8% with a cap of Rs.28 per piece. The drawback rates on woven garments have been revised accordingly.

Made Ups: The new drawback rate for bed linen, table linen, toilet linen, kitchen linen and curtains of cotton is 6.4% with a cap of Rs.64 per kg as against the existing rate of 5% with a cap of Rs.50 per kg. The new drawback rates on made-ups of manmade fibres and made-ups of silk/wool have also been revised upwards. The new rates are 7.5% and 6.9% respectively as against the existing rate of 6%.

Leather:The new drawback rate for finished leather is 6.6% with a cap of Rs.7 per sq.ft. as against the existing rate of 6.3% with a cap of Rs. 5 per sq.ft. Likewise, the new drawback rate for leather footwear for adults is 9.5% with a cap of Rs. 85 per pair as against the existing rate of 8.3% with a cap of Rs.70 per pair. In the case of leather apparels the rate provided is 9.5% with a cap of Rs. 533 per piece as against the existing rate of 7.5% with a cap of Rs.400 per piece. The drawback rates on other leather items viz. suit cases, handbags and gloves have also been revised upwards.

Steel:The new drawback rates for semi-finished steel, HR Coils, CR Sheets, GP Sheets and bars & rods are in the range of 2.7% to 3.7% (all customs) with drawback caps varying from Rs. 625/MT to Rs.1000/MT. In the case of stainless steel utensils, the rate has been revised upwards from 11% to 15% with varying caps depending upon the quality of utensils.

Copper: The drawback rates on copper cathodes, wire bars and rods have registered a decrease from 5% to 2.2%. Taking into account the duty incidence and prices of inputs, the drawback rate on brass builder hardware and handicrafts of brass has been increased from 11% with a cap of Rs. 33/kg to 15% with a cap of Rs.75/kg. The same is the case with artware/handicrafts of copper where the drawback rate has been increased from 11% with a cap of Rs.44/kg to 15% with a cap of Rs. 110/kg.

In the case of stainless steel cutlery falling under Chapter 82, the drawback rate has been increased to 15% in line with duty drawback on stainless steel utensils. The same is the case with brass hardware items and other similar items under chapter 83 where the drawback rate is being provided at 15% on par with brass handicrafts.

The drawback rate on ball point pen has been increased from 6% (all customs) with a cap of Rs. 65 per 100 pcs to 7% with a cap of Rs.75 per 100 pcs. The drawback rate on felt tipped pen has also been increased from 11% with a cap of Rs.180 per 100pcs to 12% with a cap of Rs.200 per 100 pcs.

The rates on 20 dye intermediates and 5 polymers have been revised upwards. The new drawback rates provided for these items are mostly in the range of 2%-3%. In the case of zinc oxide – IP / BP / USP Grade, the new drawback rate is 5.5% (customs) as against the present rate of 9.6% [5.7% (excise component) + 3.9% (customs component)]. After examination of the cost data, for the first time a drawback rate of Rs.1050/MT (all customs) has been provided in the Drawback Schedule in respect of Furnace Oil and HSD supplied by domestic oil companies to the Units located in SEZs.

The drawback rates are now being prescribed @ 6.4% on cotton bags, 7% on leather caps and 11% on plastic combs. The Government has decided to release drawback on cotton handbags, leather caps and plastic combs at the rate of 5% with a cap of Rs. 50/kg, 5% with a cap of Rs. 100/kg and 10.5% with a cap of Rs. 6.8/kg respectively w.e.f. 5.5.2005 and upto 14.07.2006.

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