IDT Digest for February 22, 2017

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  • Public Notice: Foreign Trade Policy:

Amendment in procedure for seeking modification in IEC

The Directorate General of Foreign Trade vide Public Notice No. 59/(2015-2020) dated February 21, 2017 has amended the provision of para 2.14(A) of the Handbook of Procedure (2015-20) [“HBP”] dealing with Modification/Change in Branch Office/Head Office/Registered Office Address in Import Export Code (”IEC”) involving a shift in jurisdictional Regional Authority (“RA”) as under:

HBP Para

Old Provision

New Provision

2.14A When an IEC holder seeks modification/change of Branch Office/Head Office/Registered Office address in its IEC and which involves a shift in its jurisdictional RA, a request to that effect will have to be made to RA concerned under whose jurisdiction the applicant exists.

 

On the basis of this request, the RA (custodian of the IEC file till now) will process such requests and amend IEC, if found appropriate, under intimation to the RA under whose jurisdiction the applicant wants transfer. The new RA shall allow the person in its new address to carry out necessary functions and also apply for eligible benefits as per FTP.

When an IEC holder seeks modification/ change of Head Office/ Registered Office address in its IEC and which involves a shift in its jurisdictional RA, a request to that effect will have to be made to the new RA, to whose jurisdiction the applicant is shifting its office. The new RA shall make appropriate amendments, based on documents submitted to it by the applicant. The new RA will also separately inform the RA, who had initially issued the IEC, of the changes made in the concerned IEC. Thereafter, the new RA shall allow the applicant to carry out necessary functions and also apply for eligible benefits as per FTP through its office.

Read more at: http://dgft.gov.in/Exim/2000/PN/PN16/PN5917.pdf

  • Notification: Telangana VAT:

Deduction of tax at source by certain bodies/organisations and remittance of tax deducted at source to the Government

The Telangana Government vide Notification No. CCT’s Ref.No. A(1)/41/2016 dated  February 16, 2017 has notifies the specified persons/bodies/organisations/authorities (“ said Persons”) provided in the annexure to the notification, that are required to deduct VAT (at the rates prescribed under the Telangana Value Added Tax Act, 2005) on the payment made by them to the dealer in respect of purchases of goods from such dealer.

Further, the said Persons shall remit such VAT amount deducted to the Government and shall issue Form – 501 E within 15 days from the date of deduction of such VAT amount.

Read more at: http://www.a2ztaxcorp.com/wp-content/uploads/2017/02/Notification-telengana.doc