Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: cpt :: VAT Audit :: due date for vat payment :: ACCOUNTING STANDARDS :: form 3cd :: list of goods taxed at 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

SC allows transfer plea on duty entitlement on exports
October, 04th 2007
The Supreme Court has allowed the plea of Hindalco Industries and Sterlite Industries seeking transfer of petitions challenging a commerce ministry notification on duty refund from various High Courts.
 
A Bench headed by Justice Ashok Bhan allowed transfer of petitions pending before the High Courts of Bombay, and Punjab and Haryana involving the same issue to the apex court.
 
According to the companies, the petitions involving a common issue should be transferred to the apex court for an authoritative decision and to avoid conflicting decisions with regard to a notification dated June 12, 2006 issued in relation to Target Plus Scheme (TPS).
 
Earlier, the Director General of Foreign Trade had also sought transfer of the petitions.
 
The impugned Notification issued by the Ministry of Commerce in relation to TPS in the Foreign Trade Policy 2004-2009 was notified under Section 5 of the Foreign Trade (Development and Regulation) Act 1992.
 
According to the notification, the rate of duty credit entitlement in respect of incremental exports under TPS was reduced to 5 per cent retrospectively, Hindalco stated, adding that before the notification the duty credit entitlement was ranging between 5 per cent to 15 per cent of the incremental growth of exports.
 
The petitions filed through Praveen Kumar stated that the ministry did not have statutory authority to retrospectively amend TPS, which was a part of the foreign trade policy.
 
Even after completing the incremental exports, the parties were denied the duty credit entitlement on account of illegal and retrospective withdrawal/reduction of benefits which had resulted in huge financial implications for exporters all around the country, the companies stated.
 
On account of the pendency of various petitions in different high courts, the controversy is getting resolved and the business of exporters throughout the country is getting adversely affected, they added.
 
To accelerate the growth of exports, the foreign trade policy 2004-09 had introduced the scheme which entitled only Star Export Houses for a duty credit based on the incremental growth in Free on Board value of exports made during 2004-05 over the exports in the previous year.
 
Besides Hindalco and Sterlite, Indian Exporters Grievance Forum, Abhishek Industries and others had moved different High Courts challenging the amendments made in the policy that reduced the rate of entitlement to 5 per cent.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions