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Finance Bill passed with amendments in pre-deposit provisions

Sushil Kr Goyal 
on 29 July 2014

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Budget 2014 proposed to introduce a new section, Section 35F to Central Excise Act 1994, to prescribe a mandatory fixed pre-deposit in case of Appeals. The proposal has been passed by the Lok Sabha on 25.07.2014 with certain changes and after changes it will like as follows:

(I) For filing appeal before the Commissioner (Appeal) or the Tribunal at the first stage, pre-deposit will be

a. 7.5% of the duty demanded if only duty is involved

b. 7.5% of the duty demanded if both duty and penalty is imposed

c. 7.5% of the penalty if only penalty is imposed

(The budget had proposed a pre-deposit of 7.5% of the duty demanded or penalty imposed or both for filing appeal before the Commissioner (Appeal) or the Tribunal at the first stage.)

(II) For filing second stage appeal before the Tribunal, pre-deposit will be:

a. 10% of the duty demanded if only duty is imposed

b. 10% of the duty demanded if both duty and penalty is imposed

c. 10% of the penalty if only penalty is imposed

(The budget had proposed a pre-deposit of 10% of the duty demanded or penalty imposed or both for filing second appeal before the Tribunal.)

Further, the amount of pre-deposit payable would be subject to a ceiling of Rs.10 crore. All pending appeals/stay applications would be governed by the statutory provisions prevailing at the time of filing such stay applications/appeals. These new provisions would, mutatis mutandis, apply to Service Tax.

This is for your information.


Regards

CA. Sushil Kr Goyal

Room No.64, 4th Floor,

Stephen House,

4, B.B.D.Bag (East)

Kolkata - 700 001


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