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March 2011

Set-off on Import Licences, etc. — Notification No. VAT.1510/CR.109-A/Taxation-1, dated 20-12-2010.

By Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
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Part B : INDIRECT TAXES


74 Set-off on Import Licences, etc. — Notification No.
VAT.1510/CR.109-A/Taxation-1, dated 20-12-2010.

Rule 54(f)(i) has been amended and set-off has been allowed
on Import Licences including Special Import Licences, Duty-Free Advance Licences
and any other Scrips issued under the Foreign Trade Policy, from time to time
under the Foreign Trade Development & Regulation Act, 1992 described in Entry 3
and on Export Permit or licence or quota described in Entry 4 of Notification
under Schedule Entry C-39.


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