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: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: empanelment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: due date for vat payment
 
 
« Service Tax »
 Credit Note And Debit Note Under Gst
 Demonetisation hits service tax, excise duty collection
 GST on a knife-edge as states act tough
 Parliament Winter Session: Govt keen on proper discussion on GST Bills
 Service Tax revision to make digital content expensive: Here’s how it will impact you
 GST Council may reduce tax slabs in future: CBEC chief
 Govt to waive service tax on card transactions up to Rs 2,000
 Recovery Of Tax Under Model Gst Law
 Income Tax officials hunt for Mumbai’s ‘ghost’ assessee
 GST delay to impact Budget
 If GST not rolled out by Sept, there won't be taxation in country, warns Jaitley

DEPB on Chapter 72 fully withdrawn
June, 03rd 2008

BL reported that the Indian government has withdrawn duty drawback benefits on all iron & steel, cement and rice shipments. Henceforth, exporters of these commodities will not be entitled to any rebate or refund of customs, excise or service tax paid on inputs used for their production.

In a notification dated May 29th 2008, the revenue department has said that no amount or rate of drawback shall be determined in respect of any goods falling within Chapter 72 or heading 1006 or 2523 of the First Schedule to the Customs Tariff Act, 1975. Chapter 72 covers all iron & steel products, while headings 1006 and 2523 relate to rice (including basmati) and cement, respectively.

The finance ministry specifies drawback rates for individual export items after factoring in broad parameters including standard input output norms pertaining to its manufacture, the share of imported vis a vis domestically sourced inputs and the prevailing rates of customs, excise and service tax on the inputs.

This move comes in the backdrop of a weakening rupee, which has made exports more remunerative. With the headline inflation rate crossing eight per cent, the Centre is keen to augment domestic availability of sensitive items and, therefore, discourage exports to the maximum.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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