Appellants are required to pay duty only on the depreciated value of the used capital goods

Appellants are required to pay duty only on the depreciated value of the used capital goods

Cenvat Credit can not be denied if an Assesee makes short payment of duty , recovery process for short payment to be initiated though

Cenvat Credit can not be denied if an Assesee makes short payment of duty , recovery process for short payment to be initiated though

Section 11AC of the Act being a penal provision providing for mandatory penalty cannot have retrospective operation

Section 11AC of the Act being a penal provision providing for mandatory penalty cannot have retrospective operation

SEZ Instruction No. 51, dated 25-3-2010

SEZ Instruction No. 51, dated 25-3-2010

Search for your infomation Print This Page Mail This Page Comments SEZ Instruction No. 51, dated 25-3-2010 Procedure should be followed by all G&J units in future for bringing in jewellery, broken jewellery etc. for remaking, remelting, repairing, etc. In terms of Rule 17 of the SEZ Rules units in the SEZ are required to file a declaration in Form-F while submitting an application for setting up of a unit. The Approval Committee considers the same before granting Approval for issue of LOA. 2. In this connection, the following procedure should be followed by all G&J units in future for bringing in jewellery, broken jewellery etc. for remaking, remelting, repairing, etc. (A) (i) All units have to declare, at the time of import the nature of the product, i.e. if the jewellery is used, unused, new, broken, with the quantities separately on the import documents for clear identification thereof. (ii) The officers examining the import consignments will verify that the declarations are filed and wherever necessary open and inspect the consignments after seeking approval of the Development Commissioner. Discrepancies if any found will have to be explained and brought on record. (iii) Before importing jewellery for such case, units should file a revised Form-F, wherever necessary. (B) Such unused, used or broken jewellery being brought for remelting, remaking and repairs will have to be recorded on the receipt side in a register to be maintained by each unit, under separate headings indicating the description and quantity and linking it with the import documents. On the issue/removal side of the register they will keep a corresponding entry for issuance for the purpose i.e. remelting, repairing, remaking and thereafter there should be an entry of date of such removal alongwith quantity and description as also the actual quantity of metal recovered by remelting or the quantity or description of the jewellery remade and the quantity or description of the jewellery repaired alongwith its export particulars, as and when exported. This register to be maintained by the unit should enable the concerned authorities to inspect and ascertain that used/unused/broken jewellery being imported is being properly accounted for remaking, remelting and repairs and export thereafter. (C) The register being maintained should have serially numbered pages. It should be maintained for each financial year and balances should be struck at the closing of each month so that it would facilitate the concerned authorities to inspect and verify the accounts maintained. (D) The unused/used and broken jewellery being brought in as raw material for remelting, remaking and repairing has to be stored separately and the quantities in stock as per the requirement prescribed hereinabove should tally with the stock challan/stock taking by the proper officer.

Oline bidding - little known area in India

I have just found a new site spicybid.com . Its simple approach and robust technology first attracted me but what is its bench mark or its x factor if I may put it this way is its system.

Though I find packages a bit expensive for a starter because for things like this to get a feel of it you need to have sufficient credit in hand and before you can understand a thing you are down with a loss which is not exactly loss although as what I feel is that you need to lose a bit before you can learn in this form of gaming .

I want to write few words of caution for the starter which I learned at some cost of course .

some useful donnt :-

1. Do not bid casually at all .
2. Do not try auto bidder if you do not have sufficient balance of credit .
3. Do not use auto bidder at the early stages of game. Auto bidder bids on every 20 secondsor so and if the games goes on for 1 hour you down with 180 credit .
4. Do not bid with low speed or unstable internet connection.
5. Do not bid until at the last stage if you do have a huge stock credit .

Some dos

1. Bid always at the last last second as far as possible .
2. Target only those items with less bidders .
3. Play only when you have time enough for it and when you can concentrate on the proceedings.

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IndianTaxSolutions.com-An insight to the world of Indian Tax Law,indian customs, excise ,income tax, service tax and vat etc.

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New Changes in Central Excise Rules and Cenvat Credit Rules in Budget 2010

New Changes in Central Excise Rules and Cenvat Credit Rules in Budget 2010