News Update

Govt orders mandatory declaration of stock position of wheatCPI gets Rs 11 Cr tax notice for using old PAN numberGST - Penalty demand of Rs.3731 crores - A person who would fall within the purview of sub-section (1-A) of s.122 should necessarily be a taxable person who retains the benefits of transactions: HCGovt issues advisory against calls impersonating DoTFATP hand-wrings over slow regulation of crypto by member-countriesGST - Threatening and pressurising petitioner who is merely an employee - Highly unconscionable and disproportionate on the part of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Training Program for Cambodian civil servants commences at MussoorieCBIC revises tariff value of edible oils, gold & silverCBIC directs all Customs offices to remain open on Saturday & SundayI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
Customs duty on empty cans/caps should be rationalised

JANUARY 15, 2018

By Pradeep Khatri, Sr Manager, SRF Ltd

BUDGET 2018 - Suggestions from Industry and Trade

Sr. No.
Issue
Justification
1 No Provision is prescribed in GST Law regarding availment of Input Tax Credit, if the Original Tax Invoice got misplaced.
There is a need to issue a circulars under GST Laws by disseminating the clarification/procedure/conditions for availment of Input Tax Credit on the Duplicate Copy of the Tax Invoice on event of misplacement of Tax Invoice, since, no procedure have been prescribed in the GST Laws. Prescribing such procedure in Budget 2018 will definitely bring sigh of relief in Trade fraternity.
2 Low Rate of Interest @ 6% is allowed on delayed refund. This needs to be rationalized.
Currently, under the GST Laws, non-payment of taxes within prescribed time limit attracts statutory interest ranging from 18% to 24% whereas if refunds are delayed then interest is freeze @ 6% p.a. This shows the disparity at the end of Revenue Department. We hereby request to increase the limit of interest to at least @ 12% p.a. on delayed refunds etc., as normally, credit institutions and bank do disburse funds/finance to the exporter on this particular rate of interest i.e. @ 12% p.a.
3 Customs Duty on empty CANs and Caps of such CANs needs to be rationalised.

We are currently importing following two packaging material for the purpose of packing of our finished goods from China & United States;

1. Empty CANs - from China (capacity of 450g & 340g)

2. Tin Plate Caps (for Empty CANs) -from United States

These empty cans and tin plate Caps are being used by us for filling our finished goods i.e. refrigerant gases in these CANs for the purpose of selling in the Indian Market.

Such Empty CANs do attract Customs Duty @ 10% under Tariff Heading 73102990 and Tin Plate Caps do attract Customs Duty @ 10% under Tariff Heading 73259999.

These CANs are specially designed to bear the internal compression as refrigerant is filled in these CANs under pressure. There is no manufacturer available of these CANs in India and due to this issue, we are procuring Empty CANs from China and its' Tin Plate Caps from United States.

Due to higher rate of customs duty on these packaging materials (i.e. on CANs and Tin Plate Caps), we are unable to compete with our competitors who are importing duly filled refrigerant CANs from China as these duly filled refrigerant CANs are cheaper in comparison with our manufactured refrigerant CANs.

We do hereby request you to kindly reduce the customs duty on Empty CANs and Tin Plate Caps to some extent (say within range of 5% to 7.5%) for the sake of capturing the Indian market and supporting the very concept of "Make in India".


POST YOUR COMMENTS
   

AR not Afar by SK Rahman

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023