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In a recent tribunal case, the Indian Revenue Service demanded service tax from an assessee under the reverse charge mechanism, as it considered the arrangement between the assessee and owners of offshore supply vessels to be a tangible goods service. The tribunal had to determine, among other things, whether the arrangement fell under a proviso to Rule 3(iii) of the Import Rules.
In a recent Customs, Excise and Service Tax Appellate Tribunal case, the assessee had entered into a licence and technology agreement with a holding company for the transfer of technical know-how with regard to the manufacture of float glass.The issue was whether the royalty paid to the holding company should be included in the value of the imported capital goods.
Shipping & Transport
The Indian Coastguard has made new additions to its existing fleet of fast patrol vehicles. Two new Indian coastguard ships – the ICGS Achook ('Unerring') and the ICGS Agrim ('First') – were the fifth and sixth Aadesh-class vessels to be commissioned into the Indian Coastguard.
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