Excise Duty Act, Rules Articles News Notification Circulars Instructions. Input Credit, Cenvat, Duty Rate, SSI Exemption, Excise on Jewellery,Excise on Garment
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Notification No. 01/2012-Central Excise (N.T.) These rules may be called the CENVAT Credit (First Amendment) Rules, 2012. (2) They shall come into force from the date of publication in the Official Gazette. In the CENVAT Credit Rules, 2004, in rule 12, for the words For the wordsnotwithstanding anything contained in these rules the words notwithstanding anything contained in these rules but subject to the proviso to clause (i) of sub rule (1) of the rule 3 shall be substituted.
Notification No. 04/2012 – 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.64/95-Central Excise, dated the 16th March, 1995 which was published in the Gazette of India, Extraordinary, vide number G.S.R.256(E), dated the 16th March, 1995, namely:-
The Central Board of Excise and Customs (CBEC) has been able to achieve nearly 80.74% of Budget Estimate up-to the month of January, 2012 in the current fiscal year. At the present rate of growth, CBEC should be able to achieve the target of Rs.3,92,908 Crores.
The Finance Bill-2011 levied Excise duty at the rate of 10% on ready-made garments and made-up articles of textiles when they bear or are sold under a brand name. Hitherto, ready-made garments and made-up articles were exempt from Central Excise duty on the condition that no credit of duty on inputs is taken by the manufacturer. If credit were taken, the applicable rate was 4% for goods of cotton, not containing any other textile material and 10% for others. By the proposed amendment this concessional treatment will apply only to those goods as above stated not bearing a brand name or not sold under a brand name. For such goods not bearing brand name ,therefore, the optional duty regime would continue. In the case of ready-made garments and made-up articles bearing a brand name or sold under a brand name, no such option would be available and a duty of 10% would be payable regardless of the composition of the item/article.
While initiating debate on the Finance Bill-2011 the Finance Minister said that the garment traders had criticised the proposed 10 per cent excise duty on readymade garments saying it would hurt the small business. He added. 1) “To address this concern, I propose to enhance the abatement of 40 per cent to 55 per cent on the retail sale price. 2) With this relief a unit will continue to be eligible for SSI exemption in 2011-12 even if it had a turnover based on retail sale price of Rs 8.90 crore in the current year”, the Minister said. (Current year means 31-03-2011)
CCE Vs. Tata Advanced Materials Ltd. (Karnataka HC)- Merely because the Insurance Company paid the assessee the value of goods including the excise duty paid, that would not render the availment of the cenvat credit wrong or irregular. At the same time, it does not confer any right on the Excise Department to demand reversal of credit or default to pay the said amount.
1. PAN. No. of the Applicant 2. Address Proof of Factory 3. Address Proof of Authorised Signatory 4. Board Resolution in favour of Authorised Signatory
Kwality Ice Cream Company And Anr Vs. UOI (Delhi HC)- Period of limitation, unless otherwise stipulated by the statute, which applies to a claim for the principal amount should also apply to the claim for interest thereon. If that be the position, the period of limitation prescribed for demand of duty under Section 11A is normally one year and, in exceptional circumstance of a case falling under the proviso to Section 11A(1), the period of limitation is five years.
The Central Bureau of Investigation has registered two cases against certain officials of the Ministry of Railways; unknown officials of Central Excise of Haldia Commissionerate (West Bengal) and two private companies – one based at Jhargram(West Bengal) and other based at Kharagpur(West Bengal) along with the Directors of the said companies.
Diesel car buyers may have to shell out more with the Finance Ministry considering the imposition of higher excise duty on such vehicles in the upcoming Budget likely to be unveiled sometime in March. In order to discourage consumption of subsidised diesel by personal vehicle owners, the Petroleum Ministry had suggested the imposition of higher duty on the purchase of diesel cars to the Finance Ministry.
