GST India Solution

45(RE-2010)/2009-14, Dated: 08/11/2011

Clarification on applicability of exchange rate for the purpose of calculation for composition fee – regarding

Government of India
Department of Commerce
Directorate General of Foreign Trade
Udyog Bhawan, New Delhi – 110 011

Policy Circular No. 45/2009-2014 (RE 2010) Dated: 8th November, 2011

To

All Regional Authorities (RAs);
All Commissioners of Customs;
Exporting Community.

Subject: Clarification on applicability of exchange rate for the purpose of calculation for composition fee – regarding.

          Attention is invited to para 4.28 (ii) of HBP v.1 regarding regularization of bona fide default by the authorization holders. In case of any shortfall in value, authorization holder is required to deposit an amount equal to 1% shortfall in FOB value in Indian Rupee. Clarification has been sought on the exchange rate applicable for determination of shortfall in Export Obligation.

2.       Basis of calculation of exchange rate would be the date of issue of authorization.

This issues with the approval of DGFT.

(C. Gangadharan)

Dy. Director General of Foreign Trade
Tel: 011-23061562 (Ext-250)
E-mail: c.gangadharan@nic.in

(Issued from F. No. 01/94/180/276/AM12/PC-4)

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GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Why

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .