CUSTOMS & INTERNATIONAL TRADECustoms The Central Board of Excise and Customs ("the CBEC") Circular No. 17/2012-Cus dated July 5, 2012 It has been clarified that since EDI system of message exchange is still not in place, verification of genuineness of duty credit scrips shall continue to be carried out prior to registration of scrips despite deletion of such requirement vide Annual Supplement 2012-13 dated June 5, 2012 from Foreign Trade Policy. The CBEC Circular No. 18/2012-Cus dated July 5, 2012 It has been clarified that ambulance, sewage disposal truck, refuse disposal vehicle that are pre-designed structurally and pre-fitted with relevant devices and cannot be put to generalised use may be imported under Served From India Scheme subject to compliance with specified conditions. Al Saif International Vs. UoI [2012 (281) ELT 72] Non-Speaking order was electronically communicated to the assessee in September, 2008 and reasoned order was passed in February, 2009 by the adjudicating authority. The Calcutta High Court held that limitation for filing an appeal/ review lies from date of communication of first order of September, 2008. Bharat Forge Ltd. Vs. CC [2012-TIOL-795] The Customs, Excise & Service Tax Appellate Tribunal ("the CESTAT") held that interpretation of a schedule has to be in terms of the language used therein and not on the basis of interpretation recorded in the Ministry files on assessee's representation. Chaudhary Industries Vs. UoI [2012 (281) ELT 216] Ship was confiscated by customs and thereafter sold in auction to a ship breaker. The Gujarat High Court held that vessel was sold as property of the Central Government within territory of India and not as imported goods. Therefore, no liability to pay customs duty by purchaser ship breaker arose in the case. FTP & Environment Directorate General of Foreign Trade ("the DGFT") Public Notice No. 08(RE- 2012)/2009-14 dated July 6, 2012 Existing system of physical Bank Realisation Certificate ("BRC") issuance permitted to continue till August 16, 2012. Banks must, however, transition to the e-BRC system by August 16, 2012. CENTRAL EXCISE, SERVICE TAX, VAT & GST Central Excise Notification No. 29/2012-CE dated July 9, 2012 Goods cleared against Focus Product Scheme duty credit scrip shall be exempt from duties of excise subject to certain conditions. Notification No. 30/2012-CE dated July 9, 2012 Goods cleared against the Focus Market Scheme duty credit scrip exempt from duties of excise subject...
Indirect Tax Newsletter - July 15, 2012
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