excise -69

Excise -69 :

Excise -69

Slide 2:

The notifications of the government of india in the ministry of finance number G.S.R. 679(E) dated the 25 th Aug,2003 number G.S.R.60(E),Dated the 21 jan,2004 and number G.S.R.419(E),dated on the 9 th july 2004 issued under sub- saection (1)of section 5A of the central excise Act 1944,shall stand amended amd shall be deemed to have been amended retrospectively,in the maqnner specified in column((3) of the 9 th Schedule on and from the corresponding date specified in column (2)of that schedule

Slide 3:

Where a manufacturer avails the benefit of exemption provided under the said notifications as amended by sub-section(1),he shall within a period of six months fron the date on which the finance bill,2011receives the assent of the president,provide details relating to the investments made in terms of conditions (B)specified in notifications number G.S.R.(679),dated on the 25 th Aug,2003and number G.S.R.60(E),dated the 21 st jan,2004 as subsequently amended by number G.S.R.419(E),sated the 9 th july 2004,to the investment appraisal committee.

Slide 4:

The investment appraisal committee shall,om reciept on details under sub-section(2)and on being satisfied that the investment,as satisfied in condition(B) referred to in sub-section(2),has been made,issue the certificate in accordance with the condition(E) specified in said notifications as soon as possible but not later than the 31 st day of Dec,2012.

Slide 5:

Any amount lying or remaining unutilised in the escrow account[referred to in notifications niber G.S.R.419(E),dated the 9 th july,2004] on or after the 31 st day of december,2012 shall stand forfieted and be appropriated to the account of the central government .

Slide 6:

Recovery of any duty along with applicable interest which has not been paid but was liable to be paid as if the benefits under the said notifications had not been made available on account of non-issue of certificate by the investment appraisal committee or any other account shall be made within a period of one year from the 31 stday of Dec,2012 and the provisions of the central excise Act,1944 shall apply for such recovery.

Slide 7:

No suit or other proceedings shall be instituted,naintained or continued in any court,tribunal or any other authority for any action taken or anything done or omitted to be done ,in respect of said notifications and no enforcement shall be maid by any court of any decree or order relating to such action taken or anything done or omitted to be done as i9f the amendmemts made in said notifications had been in force at all material times.

Slide 8:

For the purpose of sub-section (1).the central government shall have and shall be deemed to have the power to amend the said notifications with retrospective effect as if the central government had the power to amend the said notifications under sub-section(1) of section 5A of the central excise Act,1944,retrospectively,at all material times.

Slide 9:

Explanation-for the removel of douts,it is hereby declared that no act or omission on the part of any person shall be punishable as an offence which would not have been so punishable if the said notifications had not been amended retrospectively.