By mistake we have filed a drawback shipping bill instead of the DEEC shipping bill. Can we ask for conversion of the shipping bill? If so, what are the conditions?
It is possible in accordance with CBEC Circular no. 36/2010-Cus dated September 23, 2010. The conditions are (a) the request for conversion must be made within three months from the date of the Let Export Order (LEO); (b) on the basis of available export documents etc., the fact of use of inputs is satisfactorily proved in the resultant export product; (c) the examination report and other endorsements made on the shipping bill/export documents prove the fact of export and the export product is clearly covered under relevant SION; (d) on the basis of shipping bill/export documents, you have fulfilled all conditions of the advance authorisation scheme; and (e) you have not availed benefit of drawback and no fraud/mis-declaration/manipulation has been noticed or investigation initiated against you in respect of such exports.
We are an Indian company. We procure goods for our manufacturing business from our associate concern, which is also a domestic entity. We understand that purchases made from associated enterprises will now be covered within the ambit of “domestic transfer pricing”. What is the threshold limit for such transactions to be covered under domestic transfer pricing?
With effect from assessment year 2013-14, specified domestic transactions between associated enterprises are subject to provisions of transfer pricing law as laid down in the Income Tax Act, 1961. One of the specified domestic transactions prescribed by Section 92BA of the Income Tax Act, 1961 includes transactions listed under section 40A(2)(b) of the said Act, which covers purchase of goods from related parties. With effect from assessment year 2016-17, if the aggregate value of specified domestic transactions between two associated enterprises exceeds Rs 20 crores during the previous year, the same shall be subject to domestic transfer pricing provisions. This limit was Rs 5 crores up to assessment year 2015-16.
We have an order in our favour from Commissioner (Appeals) for refund of excess duty paid. Our excise officials say that the refund will not be given now, as the department intends to appeal against this order. Is their stand correct?
CBEC Circular no. 572/9/2001-CX, dated February 22, 2001 says that in such cases no refund/rebate claim should be withheld on the ground that an appeal has been filed against the order giving the relief, unless a stay order has been obtained. It would be the responsibility of the concerned Commissioner to obtain a stay order expeditiously where the orders passed by Commissioner (Appeals) suffer from serious infirmities and it involves grant of heavy refunds. A refund allowed in such cases would be subject to the outcome of the appeal.
We have made advance payment for goods that will be imported through couriers. How can we submit evidence of imports to the bank?
You can submit a copy of the Courier Bill of Entry filed by the couriers with the Customs as evidence of import.
