News Update

Cyclone Gulab makes landfall at speed of 100 kmphMumbai CGST sleuths nab one person in ITC fraud caseIndia needs 5 more banks like SBI to meet future needs of economy: FMIndia's vaccination canvas goes beyond 85 CroreOver 1.7 Cr register on e-Shram portal in one monthPM’s ‘Maan ki Baat’ - Transactions worth over Rs two lakh crore happening through UPI per monthCyclone ‘Gulab’ to make landfall by today’s evening; Orissa & AP put on high alertChicago to Seattle train with 150 aboard derails; No casualty reported so farGovt notifies Coringa Wildlife Sanctuary, Kakinada, & Binsar Wildlife Sanctuary, Almora, as Eco-sensitive Zone, prohibiting industries from operationsCOVID-19: Daily caseload globally down to less than 4 lakhs but death count remains high - close to 6000 + India reports 28K & UK above 31K in last 24 hoursRajasthan Govt holding exams for teachers; Internet service & SMS put on hold for 12 hours in 5 districts to stymie chances of cheatingLanka to stop constructing coal-fired plants; aims to be net-zero emitter by 2050Permanent seat at horseshoe table at UN Security Council is one of India’s priority goals: Foreign SecretaryCBIC issues fresh instruction to ease container availability for export cargoQuad to focus on clean energy supply chain; Australia to host meet next yearKids addicted to online gaming - Kerala Govt to set up de-addiction campsQuad resolves to cooperate and duke out cyber threatsGST - CBIC clarifies on refund of taxIncome Tax raids diamond manufacturers in GujaratMoF okays capital expenditure projects of Rs 2,900 Cr in 8 StatesNDPS - As the petitioner is involved in another case also of similar nature, he is not entitled to bail : HC
 
The paper chase

TIOL-DDT 407
17 07 2006
Monday

The dead are gone, but the survivors have to struggle. The bureaucratic procedural maze really does not leave any luxury of mourning for a wife who had lost her partner in a tragedy like the Mumbai blast. Will the office give her the pension and other dues on time or will they get stuck with audit objections? For a dispute between two offices on an amount of Rs. 1500/- they had held up more than Rs 3 Lakhs of my dues. I told them to deduct that Rs. 1500 and give me the balance. They said there was no such provision. Finally only the threat of dragging them to court and claiming interest quickened the process. And this happened to somebody who had just left the department. What will be the plight of widows doing the rounds in our offices to claim their dues? Will somebody help them? Today we are carrying an article that I wrote more than twenty years ago on the travails of an unfortunate widow. Nothing seems to have changed. See the paper chase

Why do we replace one form by five? Law Minister  

Law and Justice Minister Hans Raj Bhardwaj noted how efforts to simplify often end in replacing a form by five new forms. He was inaugurating a new court room in the ITAT. Or was he taking a dig at his famous colleague, the FM?

The ITAT was set up 65 years ago in 1941. The Income-Tax Appellate Tribunal is one of the oldest temples of justice in our country. It is said that the older the temple, the greater is its sanctity and reverence.

The first President of the Tribunal Mohammad Munir went on to become the Chief Justice of Pakistan and under his famous Doctrine of Necessity stamped the seal of approval on Governor General Ghulam Mohammad's action to dissolve the first Constitutional Assembly of Pakistan.

The President in 1941 used to get a basic pay of Rs. 3000/- per month. On an annual increase of 6%, that basic pay should be now more than Rs. 1, 30,000/- pm. Maybe the judges do deserve this kind of salaries at least to keep them away from temptations and to give them a decent life style.

Coming back to the present day, ITAT President Vimal Gandhi said that ITAT has reduced pendency of cases from "around three lakhs in 1998 to 1,03,000 as on 30th June 2005.

The Delhi Chief Commissioner who was also present had a grouse; Tax collection was 10% of the GDP in 1991, now it is 10.5%.

Drawback Rules amended Service Tax included

Even the name changed: It is now the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995.

Service Tax included consequential changes: In determining the drawback rates, now Service Tax will also be factored. Necessary changes are made in the rules.

Manufacturer can claim drawback need not be manufacturer exporter. The words, manufacturer exporter have been replaced with manufacturer.

Recovery of drawback Time limit reduced to thirty days: If export proceeds are not realized within the stipulated period, the exporter is required to repay the drawback amount within sixty days of the receipt of the order from the Assistant Commissioner. Now this period is reduced to thirty days.

Notification. No.80/2006-CUSTOMS (N.T.) dated 13th July, 2006

Other details of the drawback rates have been extensively covered by TIOL, so DDT is not repeating them.

Target Plus Scheme - export turnover limit reduced

As per the policy, All Star Export Houses which have achieved a minimum export turnover in free foreign exchange of Rs 10 crores in the previous licencing year were eligible for consideration under the Target Plus Scheme. Now this is reduced to Rs. 5 Crores.

NOTIFICATION No. 20(RE 2006)/2004-2009 Dated: July 13,2006

Until Tomorrow with more DDT

Have a nice day.

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