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 in the rural areas also requires gainful employment which can be provided only by a vibrant and robust manufacturing sector. Although the services sector is growing exponentially, the maximum employment would be in the manufacturing especially the SSI and other ancillaries sector. Central Excise has for the past decade been the mainstay of the revenue with service tax and direct taxes stealing the show as far as growth of the taxes are concerned. The Central Government gets the revenue from Central Excise, Income Tax, Central Excise and Customs, and are administered by Central Government.
The scores of multinationals setting up shop in
The reforms in Central Excise have been largely successful in spite
of the partial rollback taking place through executive instructions and actions
in the past three years. The doing away with almost all statutory formats, declarations
and intimations has made the tax compliance less cumbersome. The self assessment
has been in place for all products except Cigarettes. The onus of compliance has
shifted from the Range to the Manufacturers.
Professional advisors, managers and executives in charge of Taxation
should have an in depth idea of the law of central excise as there is a very high
responsibility on them. This knowledge would make the decision-making process function
less risky and make the manufacturing activity cost effective thereby remaining
globally competitive.
This soft book has made an attempt to introduce & update the law and procedures of excise in brief. For the interested, an explanatory section has been included providing the landmark judicial decisions and definitions as may be required. The specific important topics/ subjects of interest to professionals as well as the industry managers have been included in brief separately.
The tax planning avenues, special chapter on the
SSIs, Traders registration, FAQs, Common Errors chapter are a result of the assessment
of readers need. The audit from the Governments side has gained a very high importance
with the powers of scrutiny removed from the Ranges. Consequently the need for professional
audit by Chartered Accountants or other professionals of the excise records is being
felt. The possibility of the mandatory audit in line with Income Tax is real as
that would be value additive to the tax administrators, industry and the consumer
now appear slim and maybe incorporated in the GST regime.
The book has reached this user friendly form largely on suggestions
of my professional colleagues in practice and industry who provided a direction
and topics of interest, for which I am indebted. My thanks to articles and assistants
in my office staff who have done the job of collation of the FAQs and Common errors.
The readers, my professional colleagues, other professional and students
are requested to provide their free and frank comments on the deficiencies in this
effort by our team to enable us to improve.
mhiregange@gmail.com,
rajeshkumartr@hotmail.com and
nayakroopa@rocketmail.com
Click here to read more - Central Excise Made Simple
CA Madhukar N Hiregange
CAclubindia
