Budget 2007 – Central Excise – Proposed changed in Central Excise Rules, 2002

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..... Budget 2007 – Central Excise – Proposed changed in Central Excise Rules, 2002 - Commentaries / Editorials Dated:- 28-2-2007 - News - The Central Excise Rules, 2002 have been amended as under (with immediate effect i.e. with effect from 1-3-2007) 1 An explanation has been inserted in rule 8 to provide that for the purposes of this rule the expression 'duty' or 'duty of excise' shall also .....

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..... include the 'amount' payable in terms of the CENVAT Credit Rules, 2004. Therefore, all amount payable like payment under rule 6 (3) of the CENVAT Credit Rules, 2004 etc., can be paid along with duty payable by 5th or 15th of the next month; 2 Rule 8 has been further amended to make e-payment mandatory for payment of duty by all assessees who have paid excise duty of rupees 50 lakh or more .....

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..... in cash during the preceding financial year. This provision would come into effect from 01.04.2007; 3 Sub-rule (2) of rule 11 has been amended to provide that the invoice shall also contain address of the jurisdictional Central Excise Division. This change will come into force from 01.04.2007; 4 Rule 21 has been amended to increase the power of remission given to various officers of ce .....

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..... ntral excise. 5 Rules 25 26 are being amended to reduce the minimum penalty from the present level of rupees ten thousand to rupees two thousand. This change will be effective on enactment of Finance Act, 2007. 6 A new sub-rule (2) has been inserted in rule 26 to provide for penal action against the person who issues CENVAT invoices without delivery of goods mentioned therein and also a .....

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..... gainst the person who is involved in fabricating Central Excise documents or any other document like shipping bill, bill of lading, etc., based on which the user of said document is likely to take or has taken any ineligible benefits like CENVAT credit, refund, etc.; - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - T .....

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..... MITax .....

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