Excise Duty - Page 30

Download ICAI Technical Guide to CENVAT Credit

Introduction of CENVAT credit rules across goods and services in the year 2004 was one of the major steps in indirect taxes reform process. Since then these rules have undergone significant changes as the Government has addressed issues and difficulties faced by tax payers and also taken steps to reduce cascading of taxes. Union Budget [&...

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Posted Under: Excise Duty | ,

Summary of Performance Audit on Cenvat credit scheme.

We observed instances of non-submission of various prescribed returns by the assessees. Non-submission of returns would hinder the department’s ability to verify the duty paid by assessees, correctness of valuation, availing of Cenvat credit, ...

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Posted Under: Excise Duty |

Corrigendum to Excise Notification No. 26/2016-CE, dated 26.07.2016

G.S.R. 749(E) (29/07/2016)

G.S.R. 749(E).—In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 26/2016-CE, dated the 26th July, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 728 (E), dated the 26th July, 2016, in column (3), the entry, namely,—...

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Highlights of Applicability of Excise on Gems & Jewellery Industry

This write up is to update you on the recent developments on applicability of Excise on Gems and Jewellery Industry. On the basis of Circular No.1040/28/2016-CX to No.1045/33/2016-CX; and Notification No.'s 26/2016-Central Excise to 29/2016-Central Excise; No.’s 33/2016-Central Excise (N.T.) to 40/2016-Central Excise (N.T.) dated 26 Jul...

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Posted Under: Excise Duty |

Excise on jewellery: Summary of Recent Notifications & Circulars

D.O. F. No. 354/25/2016–TRU (Pt.-I) (26/07/2016)

a) Annex I - contains a brief summary of the amendments made vide various notifications to the existing Tariff and Non-Tariff notifications and issuances of new rules namely the Articles of Jewellery (Collection of Duty) Rules, 2016. b) Annex II - contains a brief summary of clarifications and instructions issued by way of circulars....

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Excise on jewellery: Taxability of stock on February 29, 2016

Circular No. 1045/33/2016-CX (26/07/2016)

i. All jewellery manufactured and removed, on or before February 29, 2016, from the premises of the job workers or any other premises where such articles of jewellery were manufactured, and (a) lying at different premises (including branches) of the principal manufacturer, or...

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Excise on jewellery: Guidelines for issue of summons, visits, search, seizure, arrest & prosecution

Circular No. 1044/32/2016-CX (26/07/2016)

i. No transit checks shall be carried out by the excise officials for checking movement of semi-finished or finished articles of jewellery. ii. Visits, search of the premises of a manufacturer or principal manufacturer of articles of jewellery, issue of summons, seizure, arrest and prosecution may be initiated only when there is a clear r...

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General procedures regarding excise duty on jewellery& its parts

Circular No. 1043/31/2016-CX (26/07/2016)

A manufacturer or principal manufacturer of articles of jewellery may also do trading of articles of jewellery from his central excise registered premises. No excise duty will be payable on the sale of traded articles of jewellery [on which appropriate excise duty, including nil duty, has already been paid]....

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Excise on jewellery: Export procedure simplified

Circular No. 1042/30/2016-CX (26/07/2016)

(i) There shall be no requirement for taking central excise registration by a manufacturer or principal manufacturer or a jeweller, who exports 100% of articles of jewellery manufactured by him or got manufactured by him on job work basis, subject to the following conditions that:...

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Excise on jewellery: Guidelines for Excise Audit of Manufacturers

Circular No. 1041/29/2016-CX (26/07/2016)

In the context of Excise Audit of manufacturers/principal manufacturers of articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the Central Excise Tariff Act [hereinafter referred to as articles of jewellery] the Sub-Committee has made certain recommendations, which have been accepted by the Gover...

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Latest Excise Duty News

Find out all the latest news on Excise Duty here at Taxguru.in. Read all the relevant excise duty notifications and excise duty articles only with Taxguru.

In today’s economic scenario the significance of taxes has increased and it now not limited to being a financial aid for the Governments. The Union or the Central Government imposes several taxes together with their state governments. Some of the taxes are also levied by local Municipalities as well. Excise Duty comes under the taxes which are levied by the Central Government as per the provisions laid out in the Excise Duty Act, Excise Duty Rules and Excise Duty notifications formulated by the Government.

Excise duty is an indirect tax which is levied on goods manufactured in India and are intended for home consumption. Manufacturing of the goods is the taxable event and the excise duty liability arises as and when the goods are produced. Excise duty is a tax on manufacturing that is payable by a manufacturer of goods, who passes the incidence on to their customers. The CBEC (Central Board of Excise and Customs) is the governing authority and it functions under Union Ministry of Finance’s Department of Revenue. Under the power conferred by the Central Excise Act, 1944, the Central Government levies taxes on production or manufacturing of goods. The excise tax rates are stated under the Central Excise Tariff Act, 1985.

At Taxguru, we provide you all the latest news on excise duty together with all the updates and excise duty notifications. We at regular intervals publish excise duty articles and blogs for the benefit of our readers. Get to know all the latest developments in the Excise Tax Act and all the latest amendments at Taxguru. Find out all the excise duty news and updates with respect to excise duty here at Taxguru. We ensure that we bring you all the accurate and comprehensive coverage relating to excise duty in India