Excise Duty Articles, News, Notification & Circular

CBEC Clarifies On Levy of Excise Duty on Precious Metal Jewellery

Press reports after the presentation of the budget on 16.03.2012 indicate that the full import of the provisions contained in the legislation related to the levy of excise duty of 1% on precious metal jewellery are not clear to the trade.
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1% Excise Duty on Articles of Jewellery – Budget-2012

The scheme of levy of excise duty on precious metal jewellery was introduced in the Budget 2011 vide notification No. 1/2011. Under the this scheme excise duty of 1% ad valorem was applicable to precious metal jewellery manufactured or sold under a brand name. The levy would now apply to both branded and unbranded goods (except silver jewellery) at the same rate of duty of 1%. ad valorem.
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1st and 2nd Corrigendum to Notification No. 12/2012-CE dated the 17th March, 2012

In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Central Excise, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163 (E), dated the 17th March, 2012, in the table,
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Changes in CENVAT Credit Rules in Union Budget 2012-2013

Amendments in the Definition of Capital Goods ♦ The facility of taking CENVAT Credit on motor vehicles other than those falling under tariff headings 8702, 8703, 8704,8711 and their chasis has been extended to manufacturers. ♦ Motor Vehicles falling under tariff headings 8702,8703,8704,8711 and their chasis shall be eligible for CENVAT Credit for service providers engaged in providing the following services
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5% duty made 6%. Notification No. 2/2011 – CE dated 1.3.2011 amended. Sl. Nos 34 and 35 of the table again omitted, which were already omitted by Notification No. 43/2011 – CE dated 30.12.2001

Notification No. 19/2012- Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 2/2011-Central Excise, dated the 1st March, 2011, published in the Gazette..
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Effective Rate of 12% and 6% Excise Duty fixed for many items for which the Tariff Rates also been reduced

Notification No. 18/2012-Central excise Effective Rate of 12% and 6% fixed for many items for which the Tariff Rates have also been reduced. But as the reduction in tariff does not have immediate effect, the reduction is brought into immediate effect by this notification, which will be rescinded when the Finance bill is enacted.
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Rescinds three Excise Duty exemption notifications

Notification No.17/2012-Central Excise - Following Exemption Notifications rescinded. No.2/2008 -Central Excise, dated the 1 st March, 2008; No.59/2008 -Central Excise, dated the 7 th December, 2008; No.18/2009-Central Excise, dated the 7 th July, 2009;
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1% Excise duty enhanced to 2% – minor changes made in Notification No. 1/2011 dated 1.3.2011

Notification No. 16/2012-Central Excise Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 01/2011 -Central Excise, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.116 (E), dated the 1st March, 2011, nam..
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