The Incoterms® rules are the International Chamber of Commerce (ICC) rules for the use of domestic and international trade terms.
International Commercial Term (Incoterm)
CFR – Cost and Freight …. …Named Place
Risk and insurance cost pass to buyer when delivered on board the ship by seller, who pays the transportation costs to the destination port.
Statutory Compliance Chart
05 Feb – ServiceTax Payment
10 Feb – Excise Return
15 Feb – PF Monthly Payment 20 Feb – PT Payment
20 Feb – VAT Payment 21 Feb – ESIC Payment
25 Feb – PF Return
A fool and his money are soon parted. It takes creative tax laws for the rest.
Hi All26th January, 2011 – India celebrated its 61st anniversary of becoming a Sovereign, Socialist, Secular, Democratic Republic that promised Justice, Liberty, Equality, and Fraternity to all its citizens, as enshrined in its Constitution. This was a historic move after we unshackled ourselves from the Empire. 30th January, 2011 – India observed the 63rd anniversary of “Martyr’s Day”, the day the man who got us Independence (Gandhiji) was assassinated. Ironically yesterday, we were confronted with the outrageous news of Indian students being radio-tagged by one of the fake Universities of US, which has been widely decried as a direct impingement of their privacy and freedom.
Media reports speculate that some students used the University admission as a short cut to gain visas and green cards, without actually checking the antecedents of the institution. Be it acquisition of a Company, or a property or human talent or a University degree, conducting a thorough due diligence is a must. Gandhiji’s adage ‘means is as important as the end’ seems more relevant than ever before.
While we leave you to reflect on the above thoughts, we urge you to read the regulatory updates compiled from various sources as well as an article titled ‘Apostille’ packaged in this issue.
New Trademark Rules (search free & application costly)
Patent and trademark seekers will no longer have to wait for weeks to get the go-ahead for their applications from the government’s patent registrar. The Amendment in trademark Rule has made the search facility on the web portal of the Intellectual Property Rights free making application fee costlier by a thousand rupee from Rs. 2500 to Rs. 3500.The above changes have been made applicable w.e.f 29th December, 2010 .
Norms for Execution of Bank Guarantee in respect of Advance Authorization/ DFIA / EPCG Schemes
Finance Ministry has modified the Circular No.58/2004-Cus.by allowing exemption from Bank Guarantee in respect of Advance Authorisation, Duty Free Import Authorization (DFIA) / Export Promotion Capital Goods (EPCG) Schemes involving any offences other than those which are specifically mentioned in the modified Circular No. 06 /2011-Customs.
Re-Credit Certificate for Re-export of defective / unfit goods and/or Re-assessment of Debited Duty and/or re-exports on account of any other reason
DGFT has directed the Customs department to permit the use of re-credit amount to the extent of 98% within a period of 6 months from the date of issuance of re-credit certificate issued in case of re-export of defective or unfit goods or re-assessment of debited duty and there shall be no need for issue of fresh scrip by DGFT regional offices.
No CENVAT credit to the downstream units if the Excise duty is paid on exempted goods
CBEC has clarified that if an assessee pays any Excise Duty on exempted goods, the same cannot be allowed as “CENVAT Credit” to the downstream units as the amount paid by the assessee cannot be termed as “duty of excise” under Rule 3 of the CENVAT Credit Rules, 2004.
DIPP has proposed a change in the foreign direct investment (FDI) policy which will give companies flexibility in pricing of convertible instruments to raise funds overseas. As per the current policy, the price at which convertible instrument is to be traded for equity shares should be locked at the time of issue which denies the issuer the benefit of getting better conversion terms if the business does well in future.
Pay details to help govt. level field for contract staff
The government may soon ask companies to disclose the number of workers hired on contract and the minimum monthly wages paid to them. Although the new guidelines would be voluntary, companies would have to explain the reasons for not complying with the request, thus, making these guidelines obligatory in a way.
Most of us are familiar with the notarization process in India. But do we know about Apostille? Ms. Ratnamala Hegde, CS student explains that it is an authentication certificate issued under the Hague Convention, abolishing the requirement of legalization of foreign public documents.
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