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Changes in Excise Duty Rates in Union Budget 2009

  11 Jul 2009   0 comment
However, the said goods would be exempt from excise duty subject to non availment of Cenvat credit on input. [Notification No 30/2004-CE refers]. Thus, the exemption will be optional. Those opting to pay duty @ 4% will be eligible to avail Cenvat credit. The applicable rates for CVD purposes will be 4%....
Posted Under: Excise Duty |

Major Changes / Amendments in Central excise duties Made in Budget 2009-2010

  06 Jul 2009   0 comment
Excise duty rate on items currently attracting 4% to be raised to 8% with following major exceptions: Specified food items including biscuits, sharbats, cakes and pastries Drugs and pharmaceutical products falling under Chapter 30 Medical equipment Certain varieties of paper, paperboard and articles thereof Paraxylene Power driven pumps f...
Posted Under: Excise Duty |

Government likely to come up with export sops for the textiles industry

  16 Jun 2009   0 comment
The government is likely to come up with export sops for the domestic textiles industry in the upcoming Budget, including a rise in duty drawback rates. The over $55-billion industry, one of the  three largest foreign exchange earners along side IT and gems and jewellery, is not keeping pace with the government’s projections for t...
Posted Under: Excise Duty |

Govt. Considering increase in Excise duty on some products

  16 Jun 2009   0 comment
The Union finance ministry is considering an increase in the central excise duty for some of the products that had benefited from the two rounds of reductions announced by the government as part of its fiscal stimulus measures last year. In December 2008, the government had reduced the general rate of central excise duty for […]...
Posted Under: Excise Duty |

Government mulling levy of small cess on natural gas

  03 Jun 2009   0 comment
The government is mulling levy of small cess on natural gas to fund construction of national gas highway network even as it plans to extend LPG reach to rural areas and launch smart cards for kerosene. Petroleum minister Murli Deora discussed the idea of levy of $0.20 per million British thermal unit as cess on […]...
Posted Under: Excise Duty |

Nomination of Chartered Accountants u/s 14A and 14AA of the Central Excise Act, 1944 for special audit

  02 Jun 2009   0 comment
ICAI given the proposal of for Nomination of Chartered Accountants u/s 14A and 14AA of the Central Excise Act, 1944 for special audit. Copy of letter written by ICAI President CA. UTTAM PRAKASH AGARWAL to The Chairman, Central Board of Excise & Customs is as follows:- No.1-CA(Rep Com) /2009,  Dated: 2nd June, 2009 The Chairman, C...
Posted Under: Excise Duty |

CBI arrested excise Inspector accepting bribe

  26 May 2009   0 comment
THE CBI has arrested an Inspector of Customs & Central Excise posted in the office of Commissioner, Central Excise, CR Building, ITO, New Delhi for demanding and accepting a bribe of Rs. 8,000/- from the complainant. The complainant, an Accountant in a private firm had deposited a bank guarantee of Rs.1,00,000/ – with Central Ex...
Posted Under: Excise Duty |

Excise Board on track to E-payment and Automated Central Excise and Services

  08 May 2009   0 comment
Filing that service tax or excise duty for small and medium businesses on time are about to become easier, considering the developments at the Central Board of Excise and Customs. The announcement of a new ‘E-payment service’ and ‘Automated Central Excise and Services’ was made today at the FAPCCI Bhavan, where the National Academ...
Posted Under: Excise Duty |

Shocking-95% Appeals By Deptt. Quashed By CESTAT – Bangalore

  05 May 2009   0 comment
 Believe it, 90 per cent of the appeals filed by the Customs, Central Excise and Service Tax Department of our nation against assessees, who had received a favourable order at the lower level, have been dismissed by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), South Zonal Bench, Bangalore during the year 2008. Out [&h...
Posted Under: Service Tax |

HC & SC judgment prevail over excise department circulars & Instructions: SC

  24 Apr 2009   0 comment
The Supreme Court last week emphasised that circulars and instructions issued by the customs and excise boards are no doubt binding on the authorities but when the Supreme Court or a high court declares the law on a disputed question, the courts’ view shall prevail. The court reiterated the view last week in the case, […]...
Posted Under: Excise Duty |

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