Provisional Assessment

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..... (5) & (6) of service tax rules, 1994 There may be certain circumstances in which assessee would like to opt for provisional assessment till availability of complete information or documents as the case may be. Circumstance in which provisional assessment may be opted Where an assessee is, for any reason, unable to correctly estimate, on the date of deposit, the actual amount payable for any pa .....

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..... t, except so far as they relate to execution of bond, shall, so far as may be, apply to such assessment. (Note: in the rule 6(4) Central Excise (No. 2) Rules, 2001 is mentioned; however these rules have been replaced by Central Excise Rules, 2002) No Need to execute bond It is specifically mentioned that there is no requirement of execution of bond (PD Bond) for provisional assessment. Submiss .....

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..... necessary and proper in the circumstances of the case. Whether there is any time limit for finalization of Provisional Assessment Rule 7(3) of Central Excise Rules, 2002 as extended to these rules by rule 6(4) Yes, there is a time limit of finalization of provisional assessment and this time limit is six months. The Assistant Commissioner of Central Excise or the Deputy Commissioner of Central .....

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..... hall pay the same shall be paid by the assessee and the provisions of recovery of tax would be applicable from the date of finalization of provisional assessment. Payment of Interest on additional tax Where the assessee is liable to deposit additional tax on the basis of finalization of provisional assessment, he shall be liable to pay interest at rate of as specified under section 11AA of Cent .....

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..... nother person than such amount of refund shall be credited to consumer welfare fund instead of paid to the applicant. Refund application shall be made within one year from the date of finalization of assessment. Interest on Refund Interest at the rate specified under section 11BB of the Central Excise Act, 1944. Interest shall be payable from the date immediately after the expiry of three mont .....

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