Foreign Trade Policy (FTP)

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Foreign Trade Policy (FTP)

Notification No. 107(RE-2010)/2009-2014 dated March 21, 2012

FTP amended to provide that supply to non mega power projects shall not be entitled to any deemed export benefit. Previously, benefit of deemed exports was available in respect of supplies to non mega power projects under Para 8.3(a) of FTP, viz., Advance Authorization/ Advance Authorization for annual requirement/ DFIA.

CENTRAL EXCISE, SERVICE TAX, VAT & GST

Central Excise

CCE, Surat Vs. M/s Favourite Industries [2012 TIOL 30 SC CX]

An exemption notification has to be interpreted in the light of the words employed by it and not on any other basis. A person who claims exemption or concession must establish clearly that he is covered by the provision(s) concerned and, in case of doubt or ambiguity, benefit of the same must go to the State.

Cenvat

The CBEC Circular No.962/05/2012-CE dated March 28, 2012

Where duty demand has been confirmed under Section 11A of the Central Excise Act, 1944, an assessee may pay such duty from Cenvat credit available at the time of payment of duty, whether Cenvat credit accrued prior to or after the arrears arose.

Paramount Minerals & Chemicals Ltd Vs. CCE, Thane [2012 TIOL 322 CESTAT MUM]

There is no time limit under Rule 16 of Central Excise Rules, 2002 for taking Cenvat credit on goods returned to the factory as defective.

Service Tax

The CBEC Circular No.154/5/ 2012 – ST dated March 28, 2012

The point of taxation for invoices issued on or before March 31, 2012, shall continue to be the date of payment in case of individuals or proprietary firms or partnership firms providing taxable services of consulting engineer, architect, interior decorator, chartered accountant, cost accountant, company secretary, scientist or technocrat, and legal service.

CST, Mumbai Vs. P N Writer & Co Ltd [2012 TIOL 343 CESTAT MUM]

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