CA, CS, CMA : A comprehensive review of significant developments across Income Tax, GST, Customs, DGFT, SEBI, MCA, IBBI, and RBI. The update hig...
Excise Duty : India reduced excise duty on petrol and diesel to offset rising global crude prices due to geopolitical tensions. The move aimed t...
Goods and Services Tax : Budget 2026 revamps Customs, Excise, and GST to simplify compliance and boost exports. The key takeaway is a trust-based, technolo...
Goods and Services Tax : The Bill introduces relief on post-supply discounts, export taxation, refunds and intermediary services. It also simplifies custom...
Excise Duty : Discover how the Central Excise (Amendment) Act, 2025 revamps tobacco taxation, introducing steep excise duties on cigarettes, che...
Custom Duty : New baggage rules and processing regulations are notified, replacing earlier frameworks and aligning customs procedures for passen...
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Excise Duty : The FAQs clarify how excise duty on chewing tobacco, jarda, and gutkha will be levied based on packing machine capacity rather tha...
Income Tax : MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL, 2025 FINANCE BILL, 2025 PROVISIONS RELATING TO DIRECT TAXES Introduction...
Custom Duty : Article contains Explanatory Memorandum to Notification Nos. 02 to 12-Customs, dated the 1st February, 2023 and Explanatory Memora...
Excise Duty : CESTAT Hyderabad held that rule 7 of Cenvat Credit Rules, 2004 is just a procedure and procedural lapse cannot be ground to deny t...
Excise Duty : CBIC has amended Notification No. 08/2026-Central Excise to revise the SAED rate on ATF exports outside India to Rs. 12.5 per litr...
Excise Duty : CBIC has amended Notification No. 06/2026-Central Excise to revise the SAED rate on diesel exports outside India to Rs. 14 per lit...
Excise Duty : Notification No. 29/2026-Central Excise grants Nil Agriculture Infrastructure and Development Cess on E22, E25, E27 and E30 petrol...
Excise Duty : Notification No. 28/2026-Central Excise exempts E22, E25, E27 and E30 petrol blends from additional excise duty in the form of Roa...
Excise Duty : Notification No. 27/2026-Central Excise extends Nil special additional excise duty benefits to E22, E25, E27 and E30 petrol blends...
Circular No. 226/60/96-CX The Board has been informed that in cases in which citric acid i.e. preservative is not added in the preparation of sugar solution, the parties are contending that the solution does not have any shelf life and not marketable.
Circular No. 225/59/96-CX I am directed to invite your kind attention to Circular No. 23/89 F.No. 139/7/88-CX.4) dated 28th July, 1989 wherein it was clarified that castings as they emerge from the mould or after fettling etc. would be appropriately regarded as semi-finished articles if having the essential character of the finished machine parts or as a blank for machine parts which be classified under Chapter 84, 85, 86, 87 etc.
Circular No. 224/58/96-CX I am directed to say that Confederation of Indian Industry has pointed about divergence in practice of classification of power driven pump sets for handling water. A.P.D. pump set may be a pump having an inbuilt prime mover designed and built as a complete unit, called a monoblock pump-set, or a pimp and a prime mover being two separable units whether complied or not put/ intended to be put on a common platform.
Circular No. 223/57/96-CX I am directed to say that clarifications have been sought regarding com-putation of assessbed value (AV) on petroleum products attracting ad valorem rate. In the budget for 1994-95. excise duty on petroleum products was prescribed on ad valorem basis as against specific rates of duty existing prior to budget. As far as pricing of petroleum products is concerned, they can be divided into two categories
Circular No. 221/55/96-CX Consolidated maintenance of RG-23A Part II is permitted where the inputs used are common in the manufacture of dutiable and exempted final product. However, the assessee is required to submit a statement giving details of the inputs used and the quantity of the exempted and dutiable final product manufactured, thereof alongwith credit availment/ reversal particulars at the end of the every month.
Circular No. 220/54/96-CX It has been represented that the Central Excise authorities are not sanctioning cash refunds of the accumulated Modvat credit under the provisions of rules 57F (4) of the Central Excise Rules, 1944. As a consequence, large sums of money are lying tied-up in the accumulated Modvat credit account with exporters running into crores of Rupee.
Circular No. 219/53/96-CX Under the provisions of rule 57G of the Central Excise Rules, 1944 any manufacturer of the excisable goods intending to avail of the credit of duty paid on inputs of the excisable goods intending to avail of the credit of duty paid on inputs in required to file a declaration in the prescribed form giving complete description of the inputs and the final product that he intends to manufacture
Circular No. 218/52/96-CX The Board vide its Circular No. 96/7/96- CX dated 13.2.1996 clarified that under the heading “Transit sale” movement of goods could take place directly on a Rule 52 A invoice from the manufacturer”s premises to the user”s premises on an order being placed by the dealer of excisable goods without being brought to the latter”s premises. The duplicate copy of the manufacturer”s invoice issued under the provisions of Rule 52A will serve as a cover for transport and for availment of Modvat credit.
Transit Sale – Movement of goods under rule 52A invoice- Regarding. The Board vide its Circular No. 96/7/96- CX dated 13.2.1996 clarified that under the heading ‘Transit sale’ movement of goods could take place directly on a Rule 52 A invoice from the manufacturer’s premises to the user’s premises on an order being placed by the dealer of excisable goods without being brought to the latter’s premises.
Circular No. 215/49/96-CX The matter regarding inclusion of notional interest on advances/ deposits in the assessable value of excisable goods have been re-examined in the light of the decision of the Supreme Court in the case of Metal Box India Ltd. v. CCE Madras (1995(75) ELT 49 (SC) and the Madras High Court decision in the case of UOI & Others – V. Lakshmi machines Works Ltd. (1996(62) ECR 265 (Mad)).
