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: articles on VAT and GST in India :: empanelment :: list of goods taxed at 4% :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: form 3cd :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD
 
 
Latest Circulars »
  RBI-Enhancement of withdrawal limits from ATMs and Current Accounts
 Auction of Government of India Dated Securities January 16, 2017
  Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of ₹ 500 and ₹ 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016
 RBI-Career Opportunities at Reserve Bank Information Technology Pvt Ltd
 RBI-Appointment of Director, National Institute of Bank Management (NIBM), Pune (Revised)
 RBI-Enhancement of withdrawal limits from ATMs and Current Accounts
  Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
 Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
 Issuance of 35 days and 49 days Cash Management Bills under Market Stabilisation Scheme (MSS) on January 13, 2017
 RBI to conduct Overnight Variable Rate Reverse Repo Auction under LAF on January 12, 2017 between 4.00 pm and 4.30 pm
  Macro and Micro Drivers of Business Potential of IFSCs in India (Dr. Urjit R. Patel, Governor – January 11, 2017 – at Gandhinagar, Gujarat)

PRESS RELEASE - MISUSE OF DUTY FREE CREDIT ENTITLEMENT CERTIFICATE
March, 16th 2011

GOVERNMENT OF INDIA
DIRECTORATE OF REVENUE INTELLIGENCE
KOLKATA ZONAL UNIT
8, Ho Chi-Minh Sarani, Kolkata- 700071
Telephone:- (033)-2282 3321, Fax:- (033)-2282 4465
______________________________________

Press release

MISUSE OF DUTY FREE CREDIT ENTITLEMENT CERTIFICATE AND TARGET PLUS SCHEME BY M/S. CALCUTTA SEA FOODS

On the basis of specific intelligence that M/s. Calcutta Sea Foods has imported HDPE granules and PP granules film grade without payment of duty under Duty Free Credit Entitlement Certificate and Target Plus Scheme availing exemption under Notification No. 54/2003-Cus dated 01.04.2003 and 32/2005-Cus dated 08.04.2005 respectively during 2009-10 and 2010-11 and sold these materials in the market. As per the condition of the aforesaid two notifications the imported goods cannot be sold or transferred. Consequently, searches were undertaken on 09.03.2011 in the offices of the above firm and some incriminating documents were seized. On preliminary investigation, it revealed that M/s Pekon Electronics Ltd, Kolkata, a Central Excise Registration holder having factory at Dankuni, Hooghly, W.B is engaged in importing of HDPE and PP granules.
They got the Bills of Entry filed by M/s. Calcutta Sea Foods (licence holder) under the duty free Scheme showing transfer/sale of those import consignments on high sea sale basis to the said firm i.e. M/s. Calcutta Sea Foods . The duty foregone on account of duty free import is about Rs. 1.78 crore. The importer has admitted the aforesaid fact of duty foregone and deposited the entire duty of Rs. 1.78 crore. Further investigation is going on.

Sd/15.03.2011
(VASA SESHAGIRI RAO, IRS)
ADDITIONAL DIRECTOR GENERAL

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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