Search Result for : Central Excise Duty

By Ranjeet Mahtani and Suhasini Joshi The Duty Drawback Scheme introduced for incentivizing and facilitating exports has been continued under the GST regime. This drawback scheme is an export beneficiation where either a part, or in some cases the entire customs and central excise duties levied on inputs used in manufacturing export goods and Service tax on services used for export of such goods are refunded by the Central Government to the exporter. The exports that are eligible under this scheme are: export of goods which were imported into India as such, or export of goods which were imported into India for use for identified purposes and export of goods which are manufactured or produced out of materials which were either imported or indigenously procured. Under this ...

The Dollar Business Bureau The Government has exempted custom duty on the re-imported goods which are exported under claim for drawback of any customs or excise duties levied by the Union, drawback of any excise duty levied by a State, for rebate of Central Excise duty, bond without payment of Central Excise duty, duty exemption scheme (DEEC/Advance Authorisation/DFIA) or Export Promotion Capital Goods Scheme (EPCG). “The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods falling within any Chapter of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975)….when reimported into India, from so much of the duty of customs leviable and the whole of the additional duty, ...

The Dollar Business Bureau The draft Model and GST Laws and Rules are in the public domain and CBEC is making all efforts in the smooth implementation of GST by April 1, 2017. One of the priority tasks in this regard is the migration of the existing Central Excise/Service Tax assessees to GST. It is in this regard that the Directorate General of Systems, CBEC has issued a detailed notification with illustrative schematic diagrams of the migration processes to help the assessees.  A schematic representation of the migration process is given below: In order to migrate to GST, the assessees need to have a provisional ID and password. These details can be obtained by logging into ACES portal (www.aces.gov.in). These details are being obtained from ...

The Dollar Business Bureau After receiving information that some jewellers had resorted to illegal transactions by selling gold to tax evaders who wanted to dispose off their unaccounted wealth, the central excise department got cracking on them. It has asked many jewellers to give a detailed account of the stock and sales made by them in the past four days. This is a follow-up to the income tax searches and raids done by the officials on Thursday and Friday. The DGCEI (Directorate General of Central Excise Intelligence) has sought a complete account from 25 jewellers in Mumbai and a stern warning given to 600 of them in 25 cities. A notice from the Department reads, “Please declare information regarding stock and sale of all ...

The Dollar Business Bureau The Govt has revised the All Industry Rates (AIRs) of drawback via notification No.131/2016 Customs (N.T.) dated 31.10.2016 which comes into force on 15.11.2016. These AIRs consider various broad range parameters that include prices of inputs, input output norms, share of imports in input consumption, the rates of central excise and customs duties, incidence of service tax paid on taxable services which are used as input services in the manufacturing or processing of export goods, incidence of duty on HSD/furnace oil, value of export goods, etc. Some of the changes that the Finance Ministry has announced are given below: 1. AIRs have been provided to certain worked articles that come under chapters 45 (coke and articles of ...

The Dollar Business Bureau The Export Promotion Council for Handicrafts (EPCH) has requested the Finance Minister to exempt the handicrafts sector from the Goods and Services Tax (GST). The sector is apprehensive that GST may have some difficult tasks for the segment, Rakesh Kumar, Executive Director, EPCH said in a statement. The handicrafts sector currently has 100 percent exemption under central excise. However, the sector may be covered under GST with higher taxes which can make the products un-competitive in the foreign markets, he said. This concern was raised by a delegation of EPCH that met the finance minister on Monday. Kumar further said that while the exporters are being permitted to get refunds of the taxes, there will be entire capital blockage as currently proposed ...

The Dollar Business Bureau   Associated Chambers of Commerce and Industry of India (ASSOCHAM) has advised the Union government to increase the countervailing duty (CVD) on gold dore from 8.75% to 9% and bring down the excise duty levied on refined gold bars from 9.5% to 9.25%. These measures were suggested to bring a balance between refineries in excise-paying areas and excise exempt areas, as they were almost equally levied in both the segments. On an average, India imports over 800 tonnes of gold every year. However, domestic gold refining has improved by in the past three years and grew from 5% in FY2013 to 25% in FY2016. In a letter that was addressed to Finance Minister Arun Jaitley from ASSOCHAM, it stated, ...

The Dollar Business Bureau   The government asked jewellers to make the payments of central excise duty for March-May, in addition with the excise duty for the month of June. The government has also extended the time line for registering the central excise of an establishment till July 1, 2016. In a release, the Central Board of Excise and Customs (CBEC) said that assessee jewellers should make payments of their excise dues for March, April and May months, together with the payment of excise duty for the month of June. “However, the liability for payment of excise duty is with effect from March 1, 2016,” it said. The Board has also prolonged the time frame for registering an enterprise by a jeweller, till July 1, ...