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ExCuSt Flash |
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ExCuSt FLASH -
HIGHLIGHTS - FEBRUARY - 2011 |
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EXCISE |
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CENVAT :-
Job worker
entitled to CENVAT credit under Notification no. 214/86 |
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CENVAT :-Jungle
cutting service is an input service, since it has nexus
with manufacturing activity |
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Excisatility :-
Physician
samples is dutiable in spite of the fact that it is not sold |
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Capital goods :-When
capital goods are sold, the entire CENVAT credit taken on
receipt of such capital goods need not be reversed |
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Valuation :-
UPS – Cost
of batteries not includible in the assessable value when
it is not cleared from factory |
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Valuation:-
Cost of
freight from factory to the depot of the related person
is not eligible for deduction |
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CENVAT:-
Excise Duty
once paid cannot absolve the credit even in the absence
of statutory provisions |
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Valuation :-CAS-4
under excise law is cost of production under Rule 8 of
Valuation Rules and not cost of production in terms of
audit report under Companies Act |
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Duty demand:-
Despite the fact that demand based on
the figures shown in the balance sheet – burden of proof
of actual removal is on the revenue |
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CUSTOMS |
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Classification:-
Multi
functional machine is liable to be classified on the
basis of its principal function |
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Refund:-
Consequent
refund on claiming benefit under a notification does not
call for challenging the assessment of Bill of Entry |
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Valuation:-
Rate of service tax applicable would be
the rate on the date of issue of invoice and not the rate on
the date of realisation |
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SERVICE TAX |
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Refund
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Export refund cannot be denied for procedural irregularities
which has to be dealt with separately |
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CENVAT:-
ISO
certification, insurance for laptop computer, annual
maintenance contract for computer/printer are input
services and credit is admissible |
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Tour Operator Service: -
Buses having contract
carriage permit but operated as stage carriers is not a Tour
Operator Service |
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