new excise procedure

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New Excise Procedure : 

New Excise Procedure Excise duty is a tax impose by the central government on goods manufacture in India it is collected at sources, i.e. before removal of goods from the factory premises. The exporters are totally exempted from the central excise duty. However, necessary clearance must be obtained by the exporter in one of the following ways. Export under rebate :- under this system, an exporter is required to pay excise initially and it can claim it from the central excise department after shipment of the goods. However , this leads to blockage of finance Export under bond:- under this system, an exporter is required to excise a bond, in favour of excise authorities, for a sum equivalent to the amount of excise chargeable on such goods. Such bond should be supported by an appropriate bank guarantee to safeguard excise departments financial interest against non-sanctioning of excise refund.

Condition for central excise clearance : 

Condition for central excise clearance As a part of simplifications and rationalization of excise rules announced by the finance minister, a new setup central excise rules, 2001 has come into effect from 1st march 2002. the procedure for export of excisable goods (export to Nepal and Bhutan) in subject to certain conditions and limitations .. Condition and limitations : (under payment of excise duty) The excisable goods can be exported directly from a factory or warehouse after the payment of excise duty The excisable goods must be exported within six month from the date on which day were cleared for export from the factory of manufacturer or his warehouse. The market price of the excisable goods at the time of exportation is not less than the amount of rebate of duty claimed. The amount of rebate of duty admissible is not less than Rs. 500/-

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Conditions and limitations:- (without payment of excise duty) The exporter is required to furnish a General board(surety or security)to the assistant commissioner of central excise or the maritime commissioner for a sum equivalent to the duty chargeable on the goods. The excisable goods must be exported within 6 months from the date on which they were cleared for export from the factory of manufacturer or his warehouse.

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