spacer.gifsto247.gifspacer.gif Date of filing of ST-3 returns extended - returns for April to June, 2012 to be filed by 25th November, 2012 only.spacer.gifsto247.gifspacer.gif BREAKING NEWS : Service Tax half yearly ST-3 return to cover period from April, 2012 to June, 2012 only (ST Notification 47/2012)spacer.gifsto247.gifspacer.gif All Service Tax assessees are informed that they will not be able to file ST 3 returns in ACES now and have to wait until the modified version of ST 3 Form which is made available in a few weeks on aces.spacer.gifsto247.gifspacer.gif Penalty: Section 76: No delay in depositing service tax with Revenue: Penalty not imposable.spacer.gifsto247.gifspacer.gif Refund: Export of Services: Terminal Handling Charges also a port service.spacer.gifsto247.gifspacer.gif Penalty: Once the entire demand is set aside by Commissioner (A) and that order is not challenged by the department: Commissioner cannot impose penalty under Section 76 by passing a Review Order: Penalty set aside.spacer.gifsto247.gifspacer.gif Cargo Handling Service: The activity of transportation and stacking within the stockyard premises not covered: Demand set aside.spacer.gifsto247.gifspacer.gif Finance Act, 2012spacer.gifsto247.gifspacer.gifDefinitions introduced in Section 65C, Section 66B (Charge of Service Tax), Section 66C (Determination of Place of Provision of Service), Section 66D (Negative List), Section 66E (Declared Services), Section 66F (Bundled Services), Amendment to Section 67 (omitting of Explanation, Amendment to Section 68 (sharing of taxes between provider and receiver) would operate from 01.07.2012.spacer.gifsto247.gifspacer.gifThe notifications amending Cenvat Credit Rules, Valuation Rules, Service Tax Rules, Works Contract Composition Scheme have not been issued.spacer.gifsto247.gifspacer.gifSection 65, 65A, 66 & 66A would cease to operate from 01.06.2012spacer.gifsto247.gifspacer.gifThe clause (A), (B), (D) & (E) of Section 143 of the Finance Act,2012 will come into force from 01.06.2012 as per Notification No.18/2012 dated 01.06.2012spacer.gifsto247.gifspacer.gifNegative list based service tax will come into force from 1st july 2012spacer.gifsto247.gifspacer.gifFinance Bill, 2012; gets enacted on May 28, 2012 : Finance Act (No 23 of 2012)spacer.gifsto247.gifspacer.gif Aam aadmi becomes khaas aadmi spacer.gifsto247.gifspacer.gifCentral Excise and Service Tax returns combined into a one page form "EST-1"spacer.gifsto247.gifspacer.gifCentral Excise rates increased from 10 % to 12%spacer.gifsto247.gifspacer.gifService Tax Rate to be 12%  spacer.gifsto247.gifspacer.gif Date of filing of ST-3 returns extended - returns for April to June, 2012 to be filed by 25th November, 2012 only.spacer.gifsto247.gifspacer.gif BREAKING NEWS : Service Tax half yearly ST-3 return to cover period from April, 2012 to June, 2012 only (ST Notification 47/2012)spacer.gifsto247.gifspacer.gif All Service Tax assessees are informed that they will not be able to file ST 3 returns in ACES now and have to wait until the modified version of ST 3 Form which is made available in a few weeks on aces.spacer.gifsto247.gifspacer.gif Penalty: Section 76: No delay in depositing service tax with Revenue: Penalty not imposable.spacer.gifsto247.gifspacer.gif Refund: Export of Services: Terminal Handling Charges also a port service.spacer.gifsto247.gifspacer.gif Penalty: Once the entire demand is set aside by Commissioner (A) and that order is not challenged by the department: Commissioner cannot impose penalty under Section 76 by passing a Review Order: Penalty set aside.spacer.gifsto247.gifspacer.gif Cargo Handling Service: The activity of transportation and stacking within the stockyard premises not covered: Demand set aside.spacer.gifsto247.gifspacer.gif Finance Act, 2012spacer.gifsto247.gifspacer.gifDefinitions introduced in Section 65C, Section 66B (Charge of Service Tax), Section 66C (Determination of Place of Provision of Service), Section 66D (Negative List), Section 66E (Declared Services), Section 66F (Bundled Services), Amendment to Section 67 (omitting of Explanation, Amendment to Section 68 (sharing of taxes between provider and receiver) would operate from 01.07.2012.spacer.gifsto247.gifspacer.gifThe notifications amending Cenvat Credit Rules, Valuation Rules, Service Tax Rules, Works Contract Composition Scheme have not been issued.spacer.gifsto247.gifspacer.gifSection 65, 65A, 66 & 66A would cease to operate from 01.06.2012spacer.gifsto247.gifspacer.gifThe clause (A), (B), (D) & (E) of Section 143 of the Finance Act,2012 will come into force from 01.06.2012 as per Notification No.18/2012 dated 01.06.2012spacer.gifsto247.gifspacer.gifNegative list based service tax will come into force from 1st july 2012spacer.gifsto247.gifspacer.gifFinance Bill, 2012; gets enacted on May 28, 2012 : Finance Act (No 23 of 2012)spacer.gifsto247.gifspacer.gif Aam aadmi becomes khaas aadmi spacer.gifsto247.gifspacer.gifCentral Excise and Service Tax returns combined into a one page form "EST-1"spacer.gifsto247.gifspacer.gifCentral Excise rates increased from 10 % to 12%spacer.gifsto247.gifspacer.gifService Tax Rate to be 12%
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Dumping of Meaning

Although it is a misnomer, dumping is often mistaken to mean availability of cheap or low priced imports. In its legal sense, dumping means export of goods by a country to another country at a price lower than its normal value. Thus, dumping implies low priced imports only in the relative sense (relative to the normal value), and not in absolute sense.

Dumping is an unfair business practice or discriminatory pricing because products of the same quality should be priced equally wherever they are sold, but it would also be rather strange if the prices are identical everywhere. There are so many factors that makes price of a product or goods differ across markets viz., import tariff, local taxes, market size, demand structure, supply condition etc. When this common business practice is acceptable domestically, there is no reason why it cannot be done internationally. If it is good to sell cinema tickets to school students at a cheaper price than those for other children, why is it bad to sell medicines in under developed Country at a price less than in a developing or developed Country?

The term “Dumping” is recognised as a practice of selling a product in a foreign country for less than the prevailing price of the same product in the domestic country or the manufacturing cost of the product. Many countries have declared dumping as an illegal business practice to protect their domestic industries from such unfair competition. If a company situated in a Country exports a product at an export price lower than the normal price it charges in its domestic market, it is said to be 'dumping' the product into another Country. This form of price differentiation between markets is not a prohibited practice under international trade agreements.

Dumping benefits poor countries and their citizens, with low overheads and cost of manufacturing, to sell their goods at lower prices in the international market. This form of dumping needs to be encouraged. The only unacceptable and harmful type of dumping is predatory dumping, which happens when a foreign firm, with the help of huge subsidies from its Government, sells goods at lower prices or below cost of manufacturing in the domestic market of the importing country in order to eliminate domestic producers and gain monopoly. It can harm the domestic industry by reducing its sales volume and market shares, as well as its sales prices, resulting in decline in profitability, job losses and, in the worst case, in the domestic industry going out of business and thus creating monopolistic situations. Such dumping, where the dumping firm rules the price on attaining monopoly is harmful to the entire society because it hurts not only the domestic producers but also consumers. Such business practice is clearly undesirable as viewed by a huge number of free trade opponents. 

According to the World Trade Organisation (WTO) rules, a firm is said to dump if it sells its product in another country at a price less than the normal value. It does not matter whether a foreign firm sells at a higher or lower price than the domestic ones; as long as the price charged in the domestic country is below that in its own country, the firm can be held dumping. Under the WTO Agreement, dumping is condemned (but is not prohibited) if it causes or threatens to cause material injury to a domestic industry in the importing country. However, where dumping causes or threatens to cause material injury to the domestic industry of any Country, the designated authority of that Country initiates necessary action for investigations and subsequent imposition of anti-dumping duties.

Though condemned if it causes injury, dumping per se is not prohibited, as the General Agreement on Tariffs and Trade (GATT) only provides for a mechanism to governments to respond, which is known as Anti-Dumping measures. Hence, importing countries are authorized to take measures to offset injurious dumping if they wish, subject to the conditions laid down under the Anti-Dumping Agreements on how governments can/cannot react to dumping. Remedial action in the form of Anti-Dumping measures generally involves charging extra import duty on that product from the exporting country to bring its price closer to the normal value and thus remove the injury to the domestic industry in the importing country.

             
 
              
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