Join Online GST Certification Course by TaxGuru & GST Professionals
Amendments to be effective from the date on which Finance Bill, 2017 receives the assent of the President
♦ Changes in the provision of Authority for Advance Ruling
♦ Changes in the provisions of Settlement Commission:
Amendment effective from 02.02.2017
♦ Amendment in Central Excise Rules, 2002
Rule 21 provides for the remission of duty in case the goods have been lost or destroyed etc. A new sub-rule (2) has been inserted providing a time limit of three months [further extendable by 6 months] for granting such remission of duty from the receipt of application under this rule read with section 5 of the Central Excise Act, 1944.
♦ Amendments in CENVAT Credit Rules, 2004
Rule 10 of the CENVAT Credit Rules, 2004 provides for transfer of CENVAT credit in different cases. In this regard, a new sub-rule (4) has been inserted so as to provide for a time limit of three months [further extendable by 6 months] for approval of requests regarding transfer of CENVAT credit on shifting, sale, merger, etc. of the factory.
Explanation-I(e) to rule 6 of the CENVAT Credit Rules, 2004 amended so as to exclude banks and financial institutions including non-banking financial companies engaged in providing services by way of extending deposits, loans or advances from its ambit.