Important Notifications & Circulars : January 03

Circular: Customs:

Regarding filling of declaration form for depositing Specified Bank Notes (SBNs) on arrival by resident Indians and NRIs coming to India

The President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities Ordinance) Ordinance, 2016 (“the Ordinance”) on December 30, 2016. The ordinance imposes penal liabilities on the holders of Specified Bank Notes (SBNs) after the specified date. The main objectives of the Ordinance is to to provide clarity and finality to the liability of the Reserve Bank of India and the Government of India for the SBNs, to provide an opportunity to those persons who were unable to deposit the SBNs within the time provided etc.

Further, pursuant to section 4(1)(i) of the Ordinance dealing with entitlement to citizen of India holding SBNs on or after November 8, 2016 to tender within grace period when declaration is given that the said person was outside India between November 9, 2016 to December 30, 2016 subject to such conditions as may be specified.

In this regard grace for tendering the SBNs is period ending on March 31, 2017 for person who is a resident of India and for person, who is non- resident, the grace period is period ending on June 30, 2017.However, these facilities of bringing back of currency is restricted to Rs. 25,000/- per person (Person returning from Nepal and Bhutan are not permitted to carry SBNs)

Now, the Central Board of Excise and Customs (“the Board”) vide Circular No. 60/2016-Customs dated December 31, 2016 has stated that declaration form will need to filed for depositing the SBNs in the specified offices of Reserve Bank of India. At the airport/land customs stations etc. on entry, Customs stamp on the said forms shall be affixed and the same shall be submitted along with other documents to RBI offices and in this regard, a form, has been devised as annexed to the said Circular

Further, the Board has instructed the Customs formations to keep a copy of the said form (preferably in a scanned format) for their own record and later reference. The Customs Officer are also required to strictly count the number of notes and tally the total amount mentioned before stamping the form submitted by the passenger

Notification: Central Excise:

Amendment in Nine Central Excise notifications

The Central Government vide Notification No. 37/2016- Central Excise dated December 31, 2016 has made amendments in the following notifications, which is effective from January 1, 2017-

Notification No. 74/93-Central Excise dated February 28 , 1993 dealing with Exemption Provided to specified goods manufactured in a State Government factory and intended for use in any of its department
Notification 10/96- Central Excise dated July 23, 1996 dealing with Exemption Provided to goods within the factory of their production in the manufacture of specified goods
Notification 49/2003-Central Excise dated June 10, 2003 dealing with exemption from Excise Duty provided on Specified Goods and cleared from units located in Uttarakhand or State of Himachal Pradesh.
Notification 50/03-Central Excise dated June 10, 2003 dealing with exemption provided to specified goods which are cleared from a unit located in the Industrial Growth Centre or Industrial Infrastructure Development Centre or Export Promotion Industrial Park or Industrial Estate or Industrial Area or Commercial Estate or Scheme Area.
Notification 30/2004 –Central Excise dated July 9, 2004 dealing with exemption provided to specified goods of chapters 50 to 63.
Notification 1/2011-Central Excise dated March 1, 2011 dealing with effective rate of duty of 2% ad valorem on certain items on which exemption has been withdrawn, without availing cenvat credit.
Notification 2/2011-Central Excise dated March 1, 2011 dealing with option to pay duty at 6 % ad valorem.
Notification 7/2012- Central Excise dated March 17, 2012 dealing with effective rate of duty for certain goods falling under Chapter 52 to 63.
Notification No. 12/2012-Central Excise dated March 17, 2012 dealing with prescribed rate of duty on goods falling under chapter 1 to 96.

Circular: Maharashtra VAT, CST etc:

Grant of administrative relief to specified dealers registered after May 25, 2016 subject to certain condition

The Maharashtra Sales Tax Department (MSTD) has shifted from earlier registration model to a new SAP based system for online registration, which provides for unified application for registration under all the acts administered by MSTD. Before implementation of new system, grant of registration was closed from May 4, 2016 to May 24, 2016 and during the period the dealer who either become liable to take registration or who were desirous of obtaining voluntary registration could not apply for registration. Also after the implementation of new SAP system there were some technical issues due to which some of the applicants could not submit their applications.

Therefore, the Maharashtra Government in regard to representation received from stake holder vide Circular No. 38T of 2016 dated December 30, 2016 has provided administrative relief to specified dealers under the Maharashtra Value Added Tax Act, 2002, the Central Sales Tax Act, 1956 and Maharashtra Tax on Luxuries Act, 1987 subject to certain condition as prescribed in the table appended to circular.

Further, this circular cannot be made use for legal interpretations of provisions of law as it is clarificatory in nature.

Notification: Tamil Nadu VAT:

Amendment in Tamil Nadu Value Added Tax Rules, 2007

The Tamil Nadu Government vide Notification No. G.O. (Ms)No. 130 dated December 29 2016 has made amendment in various Rules of the Tamil Nadu Value Added Tax Rules, 2007 (“the TN VAT Rules”) as follows-

Rule 4 (dealing with Application for registration)

Substitution of clause (c) in sub-rule (9-B) dealing with documents required for proof of place of business by the dealer, who applies for registration.

Rule 5 (dealing with Certificate of registration)

Substitution of clause (a) in sub-rule 5 dealing with requirements when registered dealer opens an additional place of business.

Rule 7 ( dealing with filing of returns”) and Rule 9 ( dealing with tax deduction at source)

In Rule 7(1) and (2) and Rule 9(1)(b) the expression “electronic payment of tax” or “electronic payment” wherever it occurs, the expression “payment of tax as described in rule 23” or “ payment as described in rule 23” has been substituted.

Rule 12-A (dealing with Authority for Clarification and Advance Ruling

In rule 12-A(1) for the expression “electronic payment of a fee of rupees one thousand”, the expression “payment of a fee of rupees one thousand as described in rule 23” shall be substituted.

Rule 14( dealing with appeals and revision)

In sub-rule 14(2), “electronic payment of a fee of rupees one hundred”, has been substituted with “payment of a fee of rupees one hundred as described in rule 23″. Further, in clause (c) of sub-rules (10) and (11), “electronic payment of the fee”, has been substituted with “payment of the fee as described in rule 23”.

Rule 15 (dealing with rules regarding Check post)

Clause (a) to sub rule (3) and sub- rule (14)(a)(iii) has been Substituted.

Further, FORM I dealing with Value Added Tax Monthly Return, FORM K dealing with value Added Tax Monthly Return to be filed by specified dealers and FORM JJ dealing with Advance Way Bill has been substituted along with changes in FORM D dealing with Certificate of registration.

Important Notifications & Circulars : January 03

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Important Notifications & Circulars : January 03

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