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http://www.thesynergyonline.com/customsnews.htm
SATURDAY JUNE 19 2010

 Brace up for bandh today ; most schools to stay open but be prerpared for traffic disruptions | Trailblazing telecom industry leads M & A activity in Q1 FY'10 ( See 'Communications') | Senior law officer at HC 'favours' private firm in fight against govt | Alimony cannot be linked to in-laws wealth : Court | Repo, reverse repo hike a baby step- : RBI | VIP flights : One runway may remain open at IGI | Revenue has no cogent evidence to contradict findings of appellate authority ; Appeals dismissed: CESTAT | Govt proposes NREGA- like urban job plan | FCTF expresses concern over Indian NBFCs not subjected to anti-money laundering and combating financing of terrorism laws | 'India among top 10 online pirates '| Axis, IDBI Bank to fund Parkway deal of Fortis | I-T - Whether CIT(A) erred in deleting addition of interest paid on interest -bearing loans advanced to sister concern without charging any interest - NO, says ITAT | Govt hikes petro prices but will it dampen rising consumption trend? - Deora terms Opposition's National Bandh as unjustified | Congress : Bandh call just Opposition play acting | Beware of emails offering money ; RBI starts ad campaign to educate people about frauds | Strike will hurt poor and daily wagers : Deora | Benefit of Sec 73(3) cannot be allowed as appellants had paid only part of tax before SCN | Air Force hunts for combat drones | Sony Ericsson wants to focus on smart phones | I-T - Sec 37 - expenses incurred on social and welfare schemes for smooth running of business is allowable deduction: ITAT | Iran to sell national treasures to repay debts ; palaces, islands, lakes among thousands of State properties up for sale to raise 2.5 billion pounds | Customs : Refund of excess duty - unjust enrichment - since goods imported were supplied free of cost as warranty replacement, question of passing of incidence of duty does not arise - the importers are entitled for refund | Chelsea won't politics steal the show | ST : Construction service plea that service rendered is taxable as works contract service only with effect from June 1 , 2007 was not raised before Revenue ; since it is a legal plea based on case law, matter remanded | RNRL - RPower merger at 4: 1 swap| Oscar forays into mobile phone sector ( See 'Communications') | Dow's double standards exposed ; fights 75,000 Union Carbide- related suits in US, but denies role in Bhopal | | Delhi world's worst 5th most painful city for drivers |Men likely to beat women to better- paying jobs : Survey | SpiceJet CEO Aggarwal quits | Worldwide wireless e-mail users to reach 1 billion by '14 ( See 'Communications') |Income tax - Section 37 - expenses incurred on social and welfare schemes for smooth running of business is allowable deduction: ITAT | PM inaugurates T-3 Terminal at IGIA | Import of meat and meat products: DGFT makes procedural change | UNEP marks 35 years since pact on wildlife trade regulation | |Scope of New Taxable Services and Extension of Existing Taxable Services in Finance Act, 2010 - TRU Clarifies | TRU issues clarifications relating to new Services taxable from July 1, 2010 |FM to chair Meeting of Chief Ministers of Northern Zone States and CEOs of Public Sector Banks and FIs to review credit flow to agri + SMEs sectors Service tax - CBEC amends CCRs 2004 to insert clause relating to diplomatic mission + Anti-dumping duty on pentaerythritol extended | I-T - Sec 40A(2)(b) - Whether AO is justified in deleting commission paid to Director of assessee company whereas much higher commission was paid to other employees of company - NO | Govt accepts Nilekani's electronic toll collection recommendations | HSBC to acquire banking business sof RBS in India | Income Tax - Whether depreciation for AYs 1997-98 to 1999-2000 can be set off against 'Income from other sources' in AYs 2003-2004 and 2004-2005 - 'No', Says ITAT Special Bench | 'Cap salary rise of private banks' CEOs at 10-15% | Scope of New Taxable Services and Extension of Existing Taxable Services in Finance Act, 2010 - TRU Clarifies | CBDT's AGT order of CITs continues to be stuck; likely to be further delayed as North Block topbrass not going to be in town I-T - Can assessee running two separate undertakings, set off depreciation of one undertaking whose income is eligible for deduction u/s 80IA, with business income of other undertaking - YES, says ITAT | We need to be obsessed wth our consumers : Harish Manwani, Hinstan Unilever Chief | India's exports register 35% growth in May | Pranab to seek consensus on GST with State FMsThis is some preview text!

'WAIVE OFF DUTY ON COAL IMPORT FOR MODERN IRON AND STEEL PLANTS '

 

Thesynergyonline Economic Bureau

NEW DELHI, JUNE 19 :
THE Associated Chambers Of Commerce and Industry of India (ASSOCHAM) has urged the Central Board of Excise and Customs (CBEC) to exempt import of coal from customs duty for modern iron and steel plants, coming out with latest technologies like Corex, Finex and PCI.

In a communication to the Chairman CBEC, the Chamber has pointed out that coal, imported for traditional iron and steel making processes is already exempted from custom tariff since 2002 through a notification number: 21/2002-Cus.
In a statement, ASSOCHAM Secretary General, Mr D S Rawat pointed out that a good number of iron and steel projects are likely to be commissioned in India with latest steel making technologies such as Corex, Finex and PCI (Pulversied Coal Injection) which will import large quantities of coal.

Subjecting modern iron and steel makers to over 5 percent customs duty regime for import of coal will totally be unfair and put them at disadvantage with their counterparts if this anomaly in existing notification is not corrected, especially when India is gearing up to add huge capacities in iron and steel sectors to meet its growing domestic demand added, Mr. Rawat.

Therefore, the Chamber has urged CBEC to issue a clarification to this effect since import of coal for traditional Iron and Steel plants is already exempted and there is no fresh notification issued to this effect as yet.
Coal which will be used in modern Iron and Steel plants should be exempted from customs tariff because it will minimize the output cost of the product. In addition, the production cost of iron and steel would subside by minimum 20 percent and such plants will occupy lesser space. The iron and steel made out of plants with latest technologies will also be environment friendly and emit little greenhouse gases.

The Chamber holds the view that coal is a natural resource which has a finite supply. Historically, coal is being used by the iron and steel industry in blast furnace, after converting the same into briquettes in coke ovens, through a process of coking/caking.

Though most of the coal have coking/caking properties in varying degrees and thus fall under the category of coking coal, for the purpose of blast furnace, the coal with high coking properties are preferred.
The Chamber has also pointed out that there has been conscious effort, by investing in research and development, to maximize the effective usage of coal having soft/weak properties. This will not only reduce costs but also will enable use of such coal which is available in large quantities.

Due to these research and development activities, it has been possible to use different varieties of coal which exhibit soft/weak coking properties during the manufacture of iron & steel. Thus, recent technologies like Corex, Finex, PCI has greatly enhanced the usage of such coal and also helped in reducing costs.

The said progress in technology has considerably increased the optimal use of the natural resources and thereby prevented the fast depletion of non-renewable natural resources. These latest technologies have also helped in reducing carbon emission and therefore offer an opportunity for the iron and steel industry to adopt these technologies to reduce costs and offer an environmental friendly option for manufacturing iron amd steel. (editor@thesynergyonline.com)


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