excise

The CBIC vide CBIC-240137/14/2022-SERVICE TAX SECTION-CBEC dated October 28, 2022 has issued Instructions on the pre-deposit payment method for cases pertaining to Central Excise and Service Tax. It has been brought to the notice of the Board that appeals have been rejected by some Commissioner (Appeals) for non-compliance of pre-deposit requirements as mandated under section 35F of the Central Excise Act, 1944 (CEA) and Section 83 of the Finance Act, 1994 read with section 35F of t..

Real GDP growth in 2021-22 stands at 8.7 per cent, 1.5 per cent higher than the real GDP of 2019-20 Central Government reduced Central Excise duty on petrol and diesel to boost consumption and keep inflation low As per provisional estimates released by National Statistical Office (NSO), Indian economy in 2021-22 has fully recovered the pre-pandemic real GDP level of 2019-20. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok..

The CESTAT, New Delhi in M/s. KEC International Limited v. Commissioner of Central Excise and Central Goods & Service Tax (Appeals)[Excise Appeal No. 52907 of 2019 dated May 10, 2022] set aside the order passed by the Revenue Department denying benefit of exemption to the assessee.Held that,galvanised solar structures for mounting or holding reflectors or mirrors are to be considered as "components" of reflectors or mirrors as they are required for the initial setting up of solar p..

Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali Excise duty on Petrol and Diesel to be reduced by Rs. 5 and Rs. 10 respectively from tomorrow Prices of Petrol and Diesel will come down accordingly Reduction in excise duty on diesel will be double that of petrol and will come as a boost to the farmers during the upcoming Rabi season States urged to reduce VAT on Petrol & Diesel to give relief to consumers Government of India has taken a sign..

Sabka Vishwas (Legacy Dispute Resolution) Scheme has received a huge response with almost 73% of the total eligible taxpayers availed the Scheme and have committed to pay tax dues of Rs. 30,627 Crores. Keeping in view the response of the taxpayers to the Scheme, the Central Government today extended it for a period of fifteen days, till 15th January, 2020. This is one-time and final extension in view of taxpayers’ response. CBIC said today that out of the total 1.84 lakh taxpayers who a..

Attention GST Taxpayers Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019: A One Stop Solution for Tax Dispute Resolution is launching today. Attention: Assessees having Central Excise & Service Tax Disputes, Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 will be valid till 31st December, 2019. Avail the benefits of the scheme for liquidation of past disputes. Click here to register for live webinar on Sabka Vishwas (Legacy Dispute Resolution) Scheme ..

RESOLUTION OF PENDING DISPUTES - SABKA VISHWAS (LEGACY DISPUTE RESOLUTION SCHEME) 2019 During the Financial Budget 2019-20, a new scheme called Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 has been introduced by the Finance Act, 2019.   2. In order to reduce the pending litigation under the erstwhile Indirect Tax Enactments, (like the Central Excise Act, 1944, Finance Act, 1994, etc) a dispute resolution scheme namely Sabka Vishwas (Legacy Dispute Resolution Scheme), 2019..

The Government of India decides to reduce the Basic Excise Duty rate on Petrol and Diesel [both branded and unbranded] by Rs. 2 per litre with effect from 4th October, 2017;  This major decision has been taken by the Government in order to cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on Retail Sale Prices of Petrol and Diesel as well as to protect the interest of common man.  The Government of India has decided to reduce the Basic..

40 Officers of the Customs & Central Excise selected for Grant of Presidential Award of Appreciation Certificate for Specially distinguished Record of Service. 1. Every year, the Officers of the Board of Customs & Central Excise, Department of Revenue are considered for grant of Presidential Award of Appreciation Certificate for ‘exceptionally meritorious service rendered at the risk of life’ and for Presidential Award of Appreciation Certificate for ‘specially dis..

State governments offer incentives for setting up industries in the Backward regions and generating employment. The eligible amount of subsidy is determined and capped as per capital invested and employment generated by a unit. The subsidy to be granted is determined also on the basis of VAT/CST deposited. For example the unit has to charge and pay the due tax to the State i.e. total tax liability - input tax credit = tax deposited. Subsidy amount would be say 50% of the tax deposited..

Point of Sale (POS) Devices and Goods required for their manufacture exempted from Central Excise Duty till March 31, 2017.  The Government has demonetised the currency notes of Rs 500 and Rs 1,000 with effect from mid-night of 8th-9th November, 2016. Along with this, the Government has also laid increased emphasis on promoting digital payments. Point of Sale (POS) devices are used for cashless transactions, both for making payments or disbursing cash. POS do not attract any basic cus..

Circular No. 1049/37/2016-CX  F. NO. 267/40/2016-CX.8 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS    New Delhi, dated the 29thSeptember, 2016    To, All principal Chief Commissioners/Chief Commissioners of Central Excise/Service Tax  Principal Director Generals/Director Generals of Goods & Service Tax/Systems/Central Excise Intelligence/Audit/Tax Payer Services Chief Commissioner..

In order to carry business activities we need cash. It is required to purchase raw material, to pay for transportation, to pay for the numerous activities which are essential to run the business. Similarly, many a times the cash is received for the goods sold or services rendered and undisputedly it is the most acceptable and convenient mode of exchange. The presence of cash in any business establishment is natural and it should not be frown upon during investigation. Many a times it is found th..

This write up is to update you on the recent developments on applicability of Excise on Gems and Jewellery Industry. On the basis of Circular No. 1040 /28 /2016-CX to No. 1045 /33 /2016-CX ;  and Notification No.'s 26/2016-Central Excise to 29/2016-Central Excise;  No.’s 33/2016-Central Excise (N.T.) to 40 /2016-Central Excise (N.T.) dated 26 July,2016 issued by Central Board of Excise and Customs, it can be concluded that : 1) Excise duty liability will be payab..

In this year’s Budget, a nominal excise duty of 1% [without CENVAT Credit on Capital Goods and Inputs]and 12.5% [with CENVAT Credit on Capital Goods and Inputs] has been imposed on articles of jewellery [excluding silver jewellery, other than studded with diamonds or other precious stones] w.e.f. March 01, 2016. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of Input Services, which can be utilised for payment of excise duty on jewellery. For Example: If ..

Union budget 2016-17 has introduced levy of excise duty on making of jewellery. With the levy, jewellers feared that the ‘Inspector rajya’ would be back and this fear led to a widespread outrage among the jewellers for non acceptance of levy of excise duty on making of jewellery, thereby concentrating only on the ill effects of levy of excise duty on jewellery. With this article, I have tried to highlight some of the advantages which a jeweller can avail on registering under excise a..

The judicial precedent always plays vital role to clarify the law particularly when statute is not clear cut in regard to any issue. There is the same situation in the case of demand of interest on delayed payment of Central Excise Duty. The Central Excise Act, 1944 provides provision for recovery of interest under Section 11AA. But the Central Excise Act, 1944 does not prescribed time limit for recovery of interest. In the absence of time limit for recovery of interest the authority should take..

CBEC takes Litigation Management and Dispute Resolution measures; Field formations file applications for withdrawal in 980 and 2174 cases in High Courts and CESTAT respectively as per the new threshold monetary limits prescribed; Out of this, High Courts allow withdrawal in 250 cases and CESTAT in 202 cases.    The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance, Government of India has taken several measures to manage litigation and reduce di..

The scheme of levy and collection of Central Excise duty on articles of Jewellery is as under: (a) The levy and collection of Central Excise Duty is on the manufacture of Jewellery (excluding silver Jewellery, not studded with diamonds, ruby, emerald or sapphire). (b) It is applicable to both branded as well as unbranded Jewellery.  (c) The rate of duty on the Jewellery are as follows: (i) 1% on transaction value [without Cenvat credit on inputs and capital goods. However credit on..

Background Excise Duty has been imposed on the article of jewellery in the Union Budget 2016-17. There has been protest by trade fearing the nuisances of excise. There fear is not without justifiable reasons considering the rigorous provisions of Gold Control Act, 1968 which they were subjected to. It is perceived that if the duty is reintroduced, they would again be going back to the old regime where inspector raj would prevail. But these fears may not be of much relevance considering the..