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

  • Clause (e) of section 23A is being amended so as to substitute the definition of Authority to mean the Authority for Advance Ruling as constituted under section 245-O of the Income-tax Act, 1961.
  • Section 23B relating to vacancies (in the Authority for advance ruling) not to invalidate proceedings is being omitted.
  • The application fee for seeking advance ruling has been increased from Rs. 2,500/- (Rupees two thousand five hundred) to Rs. 10,000/- (Rupees ten thousand) – Section 23C (3).
  • The time limit for pronouncing judgement by Authority for Advance Ruling has been extended from ninety days to six month – Section 23D (6).
  • The pending applications before the Authority for Advance Rulings (Central Excise, Customs and Service Tax) would stand transferred to the Authority constituted under section 245-O of the Income-tax Act from the stage at which such proceedings stood as on the date on which the Finance Bill, 2017 receives the assent of the President – new Section 23-I

♦ Changes in the provisions of Settlement Commission:

  • A new sub-section (5) has been inserted in Section 32E so as to enable any person, other than assessee, referred to in sub-section (1) to make an application to the Settlement Commission.
  • A new sub-section (5A) has been inserted in Section 32F to enable the Settlement Commission to rectify the error in the order passed by it under sub-section (5), which are apparent on the face of record.

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.

Source- ICAI

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