Circular No. 926 / 16 / 2010 – CX
Attention is invited to Circular No. 919/09/2010 – CX dated 23.03.2010 prescribing detailed instructions and the procedure for electronic filing of Central Excise and Service Tax returns.
Attention is also invited to the Central Excise (Second Amendment) Rules, 2010 and CENVAT Credit (Amendment) Rules, 2010 issued vide Notification No. 20/2010-Central Excise (NT) and No. 21/2010- Central Excise (NT) respectively.
Union industry minister could not assure any timeframe to restore the excise duty benefits under NEIIPP.
The centre, through a notification on 27 March, had withdrawn the total exemption of excise duty paid from the personal ledger account (PLA) and allowed exemption only up to 56 per cent of total excise duty paid from PLA.
The Madhya Pradesh government has said its excise revenue has swelled by Rs 200 crore to touch Rs 2,953 crore during the current financial year despite control sale of liquor in the state.
“We do not favour prohibition as other states with a total prohibition have not seen encouraging results. However, our revenue has gone up handsomely this year.
Chartered Accountants in practice for one year or more may become Certified Facilitation Centre for providing facilities to Central Excise and Service Tax assessees to file returns and other documents electronically under ACES Project of the CBEC.
ICAI is pleased to announce signing of Memorandum of Understanding with the CBEC, to facilitate setting up of CFCs under ACES Project by Chartered Accountants in practice.
India may move to a dual Goods and Services Tax (GST) regime next year, but the Cenvat (excise duty) related exemptions, especially area-based ones, will not be withdrawn at one go for ushering in the new tax system.
The Finance Ministry is not in favour of doing away with all the Central excise exemptions, numbering about 330, as part of the switchover to the GST regime.
The Central Board of Excise & Customs (CBEC) has clarified the treatment of Central Value Added Tax (Cenvat) Credit in respect of stocks of goods whose value is written off in the books of accounts.
It is not unusual that manufacturers are stuck with non-moving stocks of inputs such as raw materials and components, or semi-finished goods or finished goods due to change of models or change of processes or poor feedback from customers or obsolescence, etc.
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