Page 137 - DCOM308_DCOM502_INDIRECT_TAX_LAWS

Indirect Tax Laws

Notes Penalty

If a licence/certificate/permission holder violates any condition of the licence/certificate/
permission or fails to fulfil the export obligation, he shall be liable for action in accordance with
the Act, the Rules and Orders made there under, the Policy and any other law for the time being
in force.

Self Assessment

Fill in the blanks:
1. Duties of .................................. are levied on goods imported or exported from India at the
rate specified under the Customs Tariff Act, 1975.
2. .................................. Duty to compensate duty on inputs used by Indian manufacturers.
3. The terms “.................................. Goods” have been defined in sub-section (33) of Section 2
of the Customs Act.

4. Under .................................. and Import Policy, laid down by the DGFT, in the Ministry of
Commerce, certain goods are placed under restricted categories for import and export.
5. Import and export of some specified goods may be restricted under other laws such as
.................................. Protection Act.

8.5 Illegal Imports and Illegal Exports

If, having regard to the magnitude of the illegal import of goods of any class or description, the
Central Government is satisfied that it is expedient in the public interest to take special measures
for the purpose of checking the illegal import, circulation or disposal of such goods, or facilitating
the detection of such goods, it may, by notification in the Official Gazette, specify goods of such
class or description.

Persons Possessing notified Goods to Intimate the Place of Storage, etc.

Every person who owns, possesses or controls, on the notified date, any notified goods, shall,
within seven days from that date, deliver to the proper officer a statement (in such form, in such
manner and containing such particulars as may be specified by rules made in this behalf) in
relation to the notified goods owned, possessed or controlled by him and the place where such
goods are kept or stored.
Every person who acquires, after the notified date, any notified goods, shall, before making
such acquisition, deliver to the proper officer an intimation containing the particulars of the
place where such goods are proposed to be kept or stored after such acquisition and shall,
immediately on such acquisition, deliver to the proper officer a statement (in such form, in such
manner and containing such particulars as may be specified by rules made in this behalf) in
relation to the notified goods acquired by him : Provided that a person who has delivered a
statement, whether under sub-section (1) or sub-section (2), in relation to any notified goods,
owned, possessed, controlled or acquired by him, shall not be required to deliver any further
statement in relation to any notified goods acquired by him, after the date of delivery of the said
statement, so long as the notified goods so acquired are kept or stored at the intimated place.
If any person intends to shift any notified goods to any place other than the intimated place, he
shall, before taking out such goods from the intimated place, deliver to the proper officer an
intimation containing the particulars of the place to which such goods are proposed to be
shifted.

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