MISCELLANEOUS

 CUSTOMS     

AMENDMENTS IN SECTION 3 OF THE CUSTOMS TARIFF ACT

SECTION 3 OF THE CUSTOMS TARIFF ACT IS PROPOSED TO BE AMENDED VIDE CLAUSE 110 OF THE FINANCE BILL, 2001(.) PROVISION  IS BEING  INCORPORATED IN THE SUB-SECTION (1) SO THAT IN THE CASE OF ALCOHOLIC LIQUOR FOR HUMAN CONSUMPTION, THE CENTRAL GOVERNMENT WOULD HAVE THE POWERS TO SPECIFY THE RATE OF ADDITIONAL DUTY ON THESE GOODS BY NOTIFICATION (.) THIS WOULD ENABLE THE CHAR61NG OF ADDITIONAL DUTY ON THESE GOODS AT A UNIFORM RATE EVEN THOUGH THE RATES OF STATE EXCISE MAY BE DIFFERENT(.) 

ANOTHER IMPORTANT AMENDMENT MADE IN SECTION 3 ELATES TO THE VALUATION (FOR THE PURPOSES OF ADDITIONAL  DUTY) OF PACKAGED COMMODITIES IMPORTED INTO INDIA(.) IN THE CASE OF SUCH GOODS THE VALUE WOULD BE COMPUTED ON THE BASIS OF THEIR MAXIMUM RETAIL PRICE IN INDIA(.)

THE PROVISION IS APPLICABLE TO GOODS:

(a) WHERE  IT IS THE  REQUIREMENT  EITHER  OF  THE  STANDARDS  OF WEIGHTS AND MEASURES ACT OR ANY OTHER LAW TO DECLARE THE RETAIL SALE PRICE ON THE PACKAGE  (BEFORE CLEARANCE FOR HOME CONSUMPTION); AND 

(b) LIKE GOODS MANUFACTURED IN INDIA ARE NOTIFIED UNDER SECTION 4A OF THE CENTRAL EXCISE ACT(.) 

IN SUCH CASES. THE VALUE OF THE GOODS WOULD BE THE MAXIMUM RETAIL PRICE (DECLARED ON THE PACKAGE) MINUS  THE ABATEMENT NOTIFIED FOR LIKE DOMESTIC GOODS UNDER SECTION 4A(.)

BOTH THESE PROVISIONS HAVE BEEN DECLARED UNDER THE PROVISIONAL COLLECTION OF TAXES ACT AND SHALL COM INTO FORCE ON THE 1ST  OF MARCH, 2001(.)

AMENDMENTS IN SECTIONS 8B AND 9A OF THE CUSTOMS TARIFF ACT.

CLAUSE 112 OF THE FINANCE BILL. 2001 AMENDS SECTION 8B OF THE .CUSTOMS TARIFF ACT(.) THE PROVISO TO BE ADDED TO SUB-SECTION(1) WOULD EMPOWER THE CENTRAL GOVERNMENT TO EXEMPT (EITHER PARTIALLY OR FULLY) SPECIFIED QUANTITY OF ANY GOODS IMPORTED FROM ANY COUNTRY OR TERRITORY FROM SAFEGUARD DUTY(.)

IT HAS ALSO BEEN PROPOSED TO AMEND THIS SECTION SO THAT ANY NOTIFICATION IMPOSING SAFEGUARD DUTY, WHETHER PROVISIONAL OR FINAL. WOULD NOT APPLY TO GOODS IMPORTED BY A 100% EXPORT-ORIENTED UNDERTAKING. A UNIT IN A FREE TRADE ZONE OR SPECIAL ECONOMIC ZONE. UNLESS IT SPECIFICALLY STATES SO (.) A SIMILAR AMENDMENT HAS BEEN MADE IN SECTION 9A WITH REGARD TO ANTI-DUMPING DUTY.

EXCISE  

GENERAL:

NEW CENTRAL EXCISE RULES HAVE BEEN NOTIFIED (.)THESE RULES SHALL COME INTO FORCE ON THE 1ST   OF JULY. 2001

CENVAT RULES

STORAGE TANKS INCLUDED IN THE DEFINITION OF CAPITAL GOODS (.) CREDIT OF SPECIAL EXCISE DUTY/IS ALLOWED ON ALL INPUTS WITH EFFECT FROM 1ST  MARCH. 2001 (.) CREDIT OF NATIONAL CALAMITY CONTINGENT DUTY (NCD ALLOWED TO BE USED FOR PAYMENT OF   NATIONAL CALAMITY CONTINGENT DUTY ON THE FINAL PRODUCTS (.) SCOPE OF RATE OF DUTY AND VALUE OF INPUTS AND CAPITAL GOODS REMOVED AS SUCH. CLARIFIED (.) FACILITY AVAILABLE TO MOULDS AND DIES IN RULE 57AC(5)(B) EXTENDED

TO JIGS AND FIXTURES (.) PERMISSION OF COMMISSIONER FOR CLEARANCE FROM THE JOB-WORKERS PREMISES IN EACH INDIVIDUAL CASE IS RELAXED TO GENERAL PERMISSION VALID IN RESPECT OF CLEARANCES IN A FINANCIAL YEAR SUBJECT TO SAFEGUARDS AND CONDITIONS THAT THE COMMISSIONER MAY PRESCRIBED CREDIT OF DIFFERENTIAL EXCISE DUTY/ PAID SUBSEQUENT TO CLEARANCE OF GOODS ALLOWED UNDER CENVAT RULES (.).

OTHERS  

COURIER IMPORTS AND EXPORTS (CLEARANCE) REGULATIONS. 1998 HAS BEEN AMENDED SO AS TO ENHANCE THE VALUE LIMIT FOR COMMERCIAL SAMPLES FOR EXPORT FROM RS. 10000/-  TO RS. 50000/- (.)  RATE OF INTEREST ON WARE HOUSED GOODS UNDER SECTION 61 (2) OF THE CUSTOMS ACT, 1962 HAS BEEN PRESCRIBED AT A FLAT RATE OF 24% PER ANNUM(.) THIS IS EFFECTIVE FROM 16.3.2001 AND THE GRADED RATE OF INTEREST STANDS ABOLISHED FROM 16.3.2001 (.)

G.S.R. 326(E) - In exercise of the powers conferred by Section 5, read with sub-section(1) of section 7 of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952) of Central Govt. hereby makes the following scheme further to amend  the Employees' Provident Fund Scheme, 1952, namely:-

1. (1) This scheme may be called the Employees' Provident Fund (Amendment) Scheme,2001
    (2) It shall come into force on and from the 1st June,2001

2. In the Employees' Provident Fund Scheme,1952

(i) In sub-clause (ii) of paragraph 2, for the words "six thousand and five hundred rupees" shall be submitted;

(ii) In sub-paragraph 6of paragraph 26, for the words "rupees five thousand" the words "rupees six thousand and five hundred" shall be submitted. 

(iii) In the proviso to sub paragraph(2) of paragraph 26-A, for the words "five thousand rupees" wherever they occur, the words "six thousand and five hundred rupees" shall be submitted.

Sd/-              
[No. S-35012/2/96-SS.II]
J.P.Pati, Jt. Secy.     

Declaration of Rate of interest to be credited to the EPF on monthly running balance in member's account for the Year 2001-2002

Govt. of India, Ministry of Labour wide Letter No. R.11018/01/97-SS.II dtd.May 08,2001 conveying the approval of the Central Government under para 60(1) of the EPF scheme,1952, pertaining of the crediting of interest at the rate 9.5%(nine and half per cent) per annum on monthly running balamce in the accounts of EPF subscribers for the year 2001-2002.