Hello All,As we celebrate Teachers Day on 5th September in India, as the birth anniversary of our 2nd President, Dr. S. Radhakrishnan, a great philosopher and thinker, we cannot help but reflect on what William Arthur Ward said “The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires.” Intent is to dispel darkness and spread the light around.
Anatole France said “The whole art of teaching is only the art of awakening the natural curiosity of young minds for the purpose of satisfying it afterwards.” As for the taught, learning is all about the pursuit of whetting this curiosity through different sources.
This issue of Lexspeak covers predominantly the highlights of the recently announced Foreign Trade Policy, 2009-2014 by the Ministry of Commerce, GOI. Our pursuit of learning continues, as we believe yours.
Foreign Trade Policy – 2009- 2014
The much awaited Foreign Trade Policy (FTP) for 2009 to 2014 was released on 23rd August, 2010 by the Minister for Commerce and Industry, Government of India. The Policy will be effective from 23rd August 2010 till 31st March, 2014.
Amendment of ANF 4A and Appendix 11A, related to Advance Authorisation Scheme.
The Ministry of Commerce and Industry has issued a public notice, amending form ANF 4A and Appendix11A of Handbook Procedures
(Volume 1) relating to Advance Authorisation.
Download Public Notice
Modification of ANF5A, ANF5B, Appendix 26 and Appendix 26A in Handbook of Procedures Vol.1
Forms related to Export Promotion Capital Goods (EPCG) have been modified / revamped with a number of clauses regrouped / inserted in line with the new FTP 2009-14.
Service Tax on Commercial Training and Coaching – Clarification
The Ministry of Finance (MoF) has clarified that donations received by charitable foundations imparting free training to poor and marginalized youth does not amount to consideration for such training and accordingly does not attract any service tax.
Valuation of Goods cleared in DTA by EOUs
The CBEC has clarified that in respect of goods cleared from an EOU for sale in DTA, when actual sale transaction does not take place at the time of clearance but on a subsequent date, valuation must be done in terms of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007
Service Tax on on-going works contracts
CBEC has clarified that with effect from 01.06.2007 when the new service
‘Works Contract’ service was made effective, classification of certain services such as construction, erection & commissioning, installation, repair etc. would undergo a change in case of long term contracts even though part of the service was classified under the respective taxable service prior to 01.06.2007. It has also clarified the applicability of the Composition Scheme under the Works Contract (Composition Scheme for payment of Service Tax) Rules, 2007 to such long term contracts.
Foreigners may get to set up LLPs in sectors open to FDI
The government is contemplating to allow foreigners to set up LLPs in sectors where 100% foreign investment is allowed.
Note: The contents
of this News Letter are only a summary and has not dealt with
any issue in detail. Any action taken or proposed to be taken
must be in consultation with professionals and not merely based
on the articles / news updates. Lex Valorem disclaims all
liability on action taken without professional advice