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VAT - If notice for completing assessment issued within limitation, then assessment order is within time even if passed beyond period of three years: HCGST - Cancellation of registration of GST has cascading effect on all other businessman who are receiving the goods from the registered person - Delay in filing appeal is condoned as petitioner has already made pre-deposit: HCGST - Impugned order was not reflecting under the tab 'view notices and orders' - Consequently, petitioner being unaware of the same could not contest validity within limitation period - Order set aside: HCGST - Respondents are well within their rights to levy GST on the royalty paid by the mineral concession holder for any mining concession granted by the State: HCDRI canon - Sleuths in SnagACC appoints two new Members for CBICJharkhand Assembly polls – voting underway for 43 seatsIndia-Russia discuss cooperation in Pulses tradeMHA tells House Panel that only 38 civilians lost their lives in North-East in 2023; skips mention of ManipurBoost for Make in India - Integrated Manufacturing Cluster coming up at GayaBangladesh seeks help for Interpol for arresting ousted PM HasinaNFRA recomments revising SCQ1, SQM1 & SQM2 standardsElon Musk, Vivek Ramaswamy to run new Department of Government Efficiency in USAPFRDA invites bid for System Integrator for PFRDA Connect websiteTaliban appoints Ikramuddin Kamil as Acting Consul at MumbaiWith 11% growth, PSBs perform well in 1st half of FY 2024-25CBIC notifies Customs Tariff rates for Gold, Silver and crude oilCBDT notifies PNG Regulatory Board under Section 10(46A)(a) of I-T ActCBIC notifies ICD at Jajpur, OdishaI-T - Non-addition of any income on account of same being interest commensurate with TDS deposits, or making further enquiries would not confer PCIT with jurisdiction to pass an order u/s 263 : HCI-T - If there is settlement arrived at between members of Hindu undivided family, then cost with reference to acquisition of property would have to be assessed as per Sec 49(1)(i): HCI-T - Joint venture undertaking which was awarded a contract for full-fledged development of Airport, can be said to be 'developer' eligible for deduction u/s 80-IA(4): HCI-T - If tax is deductible at source, then assessee shall not be called upon to pay tax himself to extent to which tax has been deducted from that income: HCI-T - Revenue authorities are not justified in continuing retention of books of accounts and other documents contrary to provision of Sec 132(8): HC

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Why exemption from excise duty for EOUs?


Notification No 24 of 2003

Unless specifically provided, Exemption Notifications issued under Section 5A are not applicable to an EOU. Accordingly, the Notification has been issued to grant exemption to goods captively consumed in an EOU. The goods manufactured in an EOU, even when exempted are exported out of India under B-17 Bond and are covered by clause (v)of sub rule 6 of Rule 6 of CENVAT Credit Rules and therefore, sub rule (1), (2), (3) and (4) of Rule 6 are not applicable. Clarity on the issue has been further provided by clause (iv) of condition 1 of Notification No 42/2001 issued under Rule 19 of Central Excise Rules. The clause prohibits export of exempted goods and goods chargeable to nil rate of duty under Rule 19 but makes an exception for goods cleared by an EOU. Goods manufactured in an EOU are also considered exported under bond as the input for use in such goods can be procured without payment of excise duty or customs duty.

Devinder sharma 07/08/2014

 

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