Excise Articles
Section 74 Vs Section 75 of Customs Act, 1962
INTRODUCTION Customs Act, 1962 is one of the widest concepts. Moreover, there are so many doubts arising while dealing with the same. Something similar I came across
Branded Garments Issues in Central Excise
INTRODUCTION FA 2011 made some key proposals to change the excise duty structure of a vast majority of products in the textile sector. This has significantly i
Easy Understanding of Rule 6 of CCR
EASY UNDERSTANDING OF RULE 6 OF CENVAT CREDIT RULES 2004 FOR CA FINAL STUDENTS NOVEMBER 2011 Hi students you must be aware that a number of changes have been brought about in CENVAT Credit Rules, 2004 and more partic
Inventories defined and Rule 3 (5B) of CCR
INVENTORIES defined and read in terms of Rule 3 (5B) of CCR; Inventories are assets (current assets) which encompass a) RAW MATERIALS held for use in the production process or in rendering of services b) Stores, maintenance suppli
Inventory write downs vis-a-vis Rule 3 (5b) of CCR
Inventories are measured at the lower of cost or net realizable value (NRV). If the NRV falls below the recognized costs pf an inventory item, the respective inventory items must be measured. Inventory write-downs should reflect the estimated loss i
Rule 3 (5b) of Cenvat Credit Rules ... Post Budget 2011
Notwithstanding the technicality of the law viz: the point of discussion Provision for write of inventory, we opine that in the subject matter the spirit of the law in principle might prevails over the technicality of the law and which
Excise Audit - Points to be noted
Simple single dozen steps before starting the Excise audit: 1. Understand the client Business with system support on business transaction 2. Some ERP may not support all the requirements of Excise data i.e. Oracle 11i may not support the
Credit of Service Tax Pain in Case of Goods Transport Agency
CREDIT OF SERVICE TAX PAID IN CASE OF GOODS TRANSPORT AGENCY It is a well known fact that Goods Transport Ag
Every Assessee is Prone to Default in Filing ER-5 And ER-6
As per Rule 12(1) of the Central Excise Rules an assessee who is registered with the Central Excise department is mandate to file the ER-1 periodically. Though, every registered assessee is not mandate to file ER-5 and ER-6. ER-5 and ER-6 is to be f
Central Excise Made Simple
Manufacture also constitutes a major part of the economic activity of our country. The Central Government had also realised that unless this sector is nurtured, there would be no inclusive growth. The vast unemployed population of the country mainly
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