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ExCuSt Flash |
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ExCuSt FLASH -
HIGHLIGHTS - JULY - 2010 |
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GIST OF CASE LAWS |
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EXCISE |
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EXEMPTION:
Goods supplied under CT-3 are not
exempted products |
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EXCISABILITY:
Waste and scrap produced in manufacture of packaging
material is not excisable |
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PENALTY:
Suo moto credit taken does not call for penalty or interest |
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RETURN GOODS:
Since duty payable by 5th of next month the goods returned
in the same month does not call for duty payment
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VALUATION:
Minimum take or pay quantity (MTOP) charges are not
includible in the assessable value |
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CENVAT |
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CAPITAL GOODS :
Depreciation cannot be claimed on the remaining 50% of
unutilized credit |
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INPUT:
Once
duty payment is proved, credit is indefeasible
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INPUTS:
Capital goods or inputs to be decided on the duration of
usage |
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INPUT SERVICE :
The expression ‘in the manufacture of goods' cannot be
limited to only to the “process of production of goods
only” |
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INPUT SERVICE DISTRIBUTOR :
No limit for service tax credit distribution among units |
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SSI :
SSI unit crossing the turnover
limit is entitled to the CENVAT accrued in the exemption
period |
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CUSTOMS |
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DRAWBACK:
Permissibility of drawback on realization of export sale
proceeds within time limitation in terms of FEMA
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VALUATION:
Deemed value is the price at which the goods are
ordinarily sold |
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SERVICE TAX |
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Chargeability :-
Once customs duty paid – no service tax can be demanded
treating them to be services |
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Note
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For details about above stated case laws, please Subscribe
our Monthly Newsletter
"ExCuSt Flash" |
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