Notification No 20/2014 – Central Excise (N.T.)
Dated- 11th July, 2014
G.S.R. (E). – In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) , the Central Government hereby makes the following rules further to amend the Central Excise Valuation (Determination of Price of Excisable Goods) Rules , 2000, namely :-
1. (1) These rules may be called the Central Excise Valuation (Determination of Price of Excisable Goods) Amendment Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000 (hereinafter referred to as the said rules), in rule 6, before Explanation I , the following proviso shall be inserted , namely :-
“ Provided that where price is not the sole consideration for sale of such excisable goods and they are sold by the assessee at a price less than manufacturing cost and profit, and no additional consideration is flowing directly or indirectly from the buyer to such assessee, the value of such goods shall be deemed to be the transaction value.” .
(F. No. 334/15/2014-TRU)
(Akshay Joshi)
Under Secretary to the Government of India
Note –The principal rules were published in the Gazette of India , Extraordinary,Part II, Section 3, Sub-section (i) vide notification No. 45/2000-Central Excise (N.T.), vide number G.S.R. 575(E), dated the 30th June, 2000 and last amended by notification No. 14/2013 – Central Excise (N.T.), vide number G.S.R 748 ( E ), dated the 22nd November, 2013 .
Good that the amendment has been carried out touphold and adher to the cocept of ‘transaction value’ adopted from 1/7/2000.Any body could have noticed the major discussion in the judgment was w.r.to the pre 2000 sec 4 and ‘normal price’.except in para 61 of the judgment,where it is just mentioned that it is not a sale covered by sec 4(1),the entire reasoning is w r.to earlier provisions and the issue involved also was for 1996-2001.Of course the applicability of the change for 29/8/202 till amendment will have to be seen in due course.esply after the jan,2014 circular.