Indirect tax updates of January 14 for easy digest

• Notification: Customs:

Amendments in Notification No. 131/2016 – Customs (N. T) dated October 31, 2016 relating to All Industry Rates (AIR) of Duty Drawback

The Central Government vide Notification No. 03/2017 – Customs (N.T) dated January 12, 2017 has made amendments in Notification No. 131/2016 – Customs (N. T) dated October 31, 2016 dealing with all industry rate of duty drawback subject to certain notes and conditions by making insertion, omission, substitution etc. in the notes & conditions and Schedule appended to the said notification viz. in chapter 3 (Fish and crustaceans, molluscs and other aquatic invertebrates), chapter 12(Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal plants; straw and fodder), chapter-16(Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates), chapter 22 (Beverages, spirits and vinegar) against tariff item 2206 where drawback rate is 1% when cenvat facility has not been availed and 0.15% when drawback facility has been availed the  word sake has been inserted  i.e. the substituted description is  “Other fermented beverages (for example, cider, perry, mead, sake); mixtures of fermented beverages and non-alcoholic beverages, not elsewhere specified or included”, chapter 28 (Inorganic chemicals; organic or inorganic compounds of precious metals, of rare earth metals, of radioactive elements or of isotopes), chapter 29 (organic chemicals) etc.

Further, in Chapter 69(ceramic products), entry for tariff item 6907 is substituted as follows;

Also, the tariff items 6908, 690801, 690802 and 690899 and entries relating thereto shall be omitted.

The said notification is effective from January 15, 2017.

Read more at: http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2017/cs-nt2017/csnt03-2017.pdf

• Notifications: FTP:

Modification/ Amendment in export policy of some of the animal by- products

The Directorate General of Foreign Trade vide Notification No. 34/2015- 2020 dated January 13, 2017 has made amendment in Schedule 2 of ITC (HS) Classification of Export & Import Items relating to Export of Animal By-Products. Export is allowed freely but export to European Union is allowed subject to certain conditions.

Further, amendments is made in Serial No. 38A, 40, 41 and 41A in Chapter 5 (Products of Animal Origin); serial no. 97 in Chapter 23 (Residues and Waste from the Food Industries; Prepared Animal Fodder), Sr. no. 156 in Chapter 30 (Pharmaceutical Products); Serial No: 171, 172,173 in Chapter 35 (Albuminoidal substances; modified starches; glues; enzymes); Serial no. 207 in Chapter 96 (Miscellaneous Manufactured Articles) and new entries are inserted in Chapter 16 at Serial No. 92A; Chapter 23 at serial no. 93B,  Chapter 31 (Fertilizers) at serial no. 156A, Chapter 35  at Serial No. 172A, 173A, 173B, 173C, Chapter 41 (Raw Hides and Skins other than Furskins and leather) at serial no. 175A, Chapter 42  at serial no. 176A, and Chapter 96 (Miscellaneous Manufactured Articles) at serial no. 206A.

Read more at: http://dgft.gov.in/Exim/2000/NOT/NOT16/NOTI3417.pdf

• Tamil Nadu VAT/CST etc.:

E-Services provided through the old portal will be available till March 31, 2017

The Tamil Nadu Government has informed that E-services provided through www.tnvat.gov.in viz. Monthly return filling, e-payment verification, generation of Form C and Form F, Refund against Form W and Annual return filling will only be available till March 31, 2017.

Thus, the dealers are requested to complete their pending work / take the copies of reports within specified time.

Read more at: http://www.a2ztaxcorp.com/wp-content/uploads/2017/01/extn_tnvat_to310317_110117.pdf