Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment
 
 
News Headlines »
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C
 These four expenditures can help you save tax under section 80C
 How to avoid excess deduction of TDS from salary income
 Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961

SC defers hearing on second-hand goods issue
April, 19th 2007

The Supreme Court has deferred hearing on a batch of petitions challenging the Kerala High Court order which held that second-hand personal computers, laptops and photocopier machines are capital goods and require an import licence from the government.

A bench headed by Ashok Bhan last week deferred hearing on the matter for four weeks after Additional Solicitor General Vikas Singh sought more time to file a reply.

However, the court restrained the Customs department to take any coercive measures against petitioners - Kolkata-based importer Atul Commodities and Gujarat-based Mech & Tech. Earlier, it had issued a notice to Commissioner of Customs.

In the face of conflicting views by different high courts, the importers have sought the apex court's directions on the issue.

According to the companies, the Directorate General of Foreign Trade (DGFT) had notified in October 2005 that while import of second hand goods would be allowed freely, in the case of personal computers, laptops and photocopiers machines and diesel generating sets, an importer would need licence.

While submitting that the DGFT amendment in the Foreign Trade Policy of 2004-09 was prospective, they said the Kerala High Court has held the changes in the policy should be effective retrospectively and importers would require licence.

However, the Andhra Pradesh High Court held that these were capital goods and did not require import license, they added.

According to the petitions, prior to the amendment there was no restriction. It was effective from the date of amendment and cannot apply to the past imports.

"When the provisions of Foreign Trade Policy are quite clear and unambiguous, the same are binding and have to be applied," they added.

According to the companies, the larger bench of Customs, Excise and Service Tax Appellate Tribunal had also held that second-hand photocopiers were capital goods and import policy in respect of these was free and these goods can be imported without any licensing restriction.
The Commissioner of Customs, Cochin, had confiscated various models of used photcopier machines imported by Atul Commodities on the ground that second-hand photocopiers were not capital goods and so the company was liable to pay penalty under Customs Act 1962.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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