Search Result for : Cenvat Rule

DGFT issues eligibility criteria for refund of TED

Sheela Mamidenna DGFT vide Trade Notice No. 17/2016 dated 22.09.16 has clarified the eligibility of refund of Terminal Excise Duty (TED) paid by utilizing CENVAT Credit in cases where ab-initioexemption is not available. Giving his views on the same Gopal Mundhra, Associate Partner, ELP, (Advocates and Solicitors), Mumbai writes, “in terms of the Para 7.03(c) read with the Para 7.05 of the FTP 2015-20, the benefit of TED refund shall be available only in cases where there is no ab-initio exemption of duty. Realizing that some of the entities started claiming TED refund after payment through CENVAT credit even in cases whereab-initio exemption was prevailing, the Authorities sought to deny the refund of TED. However, the more cautious officers developed the ...

CBEC, FTAPCCI clears industry concerns on GST Law

The Dollar Business Bureau Central Board of Excise and Customs (CBEC) in association with Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) organised an awareness programme on proposed Goods and Services Tax (GST) Law in Hyderabad on Monday. CBEC Special Secretary and Member Ram Tirath, senior officers of CBEC, Commercial Tax Department, and FTAPCCI members have shared their knowledge and clarified certain apprehensions of the trade and industry stake holders about the upcoming GST Law through this programme. Trading community in agri crops and commodities in Telangana and Andhra Pradesh operate through the system of commission agency. The agri commodities are currently taxed under the VAT law only upon sale. But, under Sec 3(2A) of the Model GST Law the transaction ...

'Tough time ahead for Indias textiles exports'

Interview by Sai Nikesh | The Dollar Business The Dollar Business (TDB): How likely the Indian textile industry is to achieve the export target of $500 billion by 2025, as estimated by industry bodies? Do you think free trade agreements with European countries will help India achieve the target? Atul Mishra: First of all touching a market size of $500 bn by 2025 is an ambitious targets for India and it requires multiple strategies to attain such targets. Having bilateral multilateral trade tie ups with USA and EU, which are major export destination for India’s Textile &Clothing (T&C) sector, is one of them. Other strategies would be to focus on attracting investment and creating world class efficient capacities which seems lacking. Currently around ...