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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Export Price

Export Price means the price of the article exported from the exporting country or territory and in cases where there is no export price or where the export price is unreliable because of association or a compensatory arrangement between the exporter and the importer or a third party.

The Export price of the goods allegedly dumped into India means the price at which it is exported to India. It is generally the CIF value minus the adjustments on account of ocean freight, insurance, commission, etc. so as to arrive at the value at ex-factory level.

The export price is defined under explanation (b) of Section 9A(1) of the Customs Tariff Act as under :-

”export price”, in relation to an article, means the price of the article exported from the exporting country or territory and in cases where there is no export price or where the export price is unreliable because of association or a compensatory arrangement between the exporter and the importer or a third party, the export price may be constructed on the basis of the price at which the imported articles are first resold to an independent buyer or if the article is not resold to an independent buyer, or not resold in the condition as imported, on such reasonable basis as may be determined in accordance with the rules made under sub-section (6).”

To reach the ex-factory export price, the deduction of ocean freight, ocean insurance, port charges and commission paid to the middleman and inland freight and inland insurance, etc. has to be deducted to reach the ex-factory price for export.

Deductions towards freight and insurance etc. required to be made to bring export prices to ex-factory level. Storage expenditure also needs to be deducted. PIG IRON MFRS. ASSCN. Versus DESIGNATED AUTHORITY, MIN. OF COMMERCE [2000 (116) E.L.T. 67 (Tribunal)]
Exporter-company running into losses is immaterial for determination of export price. Discount claimed by Indian importer needs to be considered to arrive at export price. [2006 (194) E.L.T. 161 (Tri. - Del.)] ALKALI MANUFACTURERS ASSOCIATION OF INDIA Versus DESIGNATED AUTHORITY

Handling charge in addition to landing charges not to be allowed while fixing landed value of imported goods. AUTOMOTIVE TYRE MANUFACTURERS ASSOCIATION Versus DESIGNATED AUTHORITY [2000 (122) E.L.T. 412 (Tribunal)]

             
 
              
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