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TMI BlogMATTER OF EXCISE BONDX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir we take a bond under excise for goods removal UNDER conseciional rate of duty. sir we take that bond as on 12 March 2016.but sir now excise dept are saying that new f.y 2016-17 now coming so you surrender your bond and take new bond from 1 april 2016. sir plz tell me any solution regarding this.urgent QUERY sir - Reply By surya narayana - The Reply = Dear Sir, In the latest Union Budg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et. new Removal of goods(under concession Rates of duty) Rules,2016 prescribed in the place of old Rules. In the new Rules, only self declaration is sufficient and permission from the Asst./Deputy Commissioner is not required. Hence , you may apply afresh in terms of new Rules and execute the required Bond instead of continuing with the old permission. Best regards Suryanarayana - Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... By Ganeshan Kalyani - The Reply = I endorse the views submitted by Sri Surya Sir thanks. - Reply By Rajeev Khulbe - The Reply = SIR. THANKS FOR YOUR VALUABLE REPLY. BUT SIR MY PROBLEM IS NOT REGARDING THE BOND PERMISSION. SIR MY QUERY IS THAT OUR COMPANY WAS TAKE BOND AS ON 17-MARCH-2016 AS PER NEW AMENNDED NOTIFICATION 22/2016 CE N.T ( PREVIOUS NOTIFICATION 20/2016 CE) WE TAKE BOND UN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DER NEW NOTIFICATION AS ON 17- MARCH -2016 NOT 12- MARCH-2016 SORRY FOR THAT . BUT SIR NOW EXCISE DEPARTMENT ARE SAYING THAT PLEASE SURRENDER YOUR BOND AND TAKE NEW BOND FROM 1-APRIL-2016. SO I WANT TO ASK YOU THAT ANY SOLUTION RAGARDING THIS THAT I CONTINUED MY THIS BOND FROM 1-APRIL-2016. - Reply By surya narayana - The Reply = Dear Rajeev, The provisions of Rule 4 ( sub rule 1 to 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Removal of goods (under concessional rate of duty) Rules,2016 specifies that.... a. The manufacturer intended to procure goods should number the intimation under sub-rule (1) Financial year wise b. should execute a general Bond with surety. The above provision does not specify any thing about execution of Bond Financial year wise except the financial year wise numbering on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he intimation. In view of this , you may highlight this to your excise authorities and try to convince them. However, the duty involved in the goods proposed to be procured in the next financial year exceeds the value of the Bond already executed, you may have to execute either an additional Bond for the differential amount or to execute a fresh Bond cancelling the existing Bond. You may ple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase check this aspect also. Best Regards Suryanarayana - MATTER OF EXCISE BOND - Query Started By: - Rajeev Khulbe Dated:- 29-3-2016 Central Excise - Got 4 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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