Shahrukh Khan banned for 5 years from entering in Wankhede Stadium CBI raids 15 MLAs in Jharkhand for taking bribe in Rajya Sabha elections Rajya Sabha passes Finance Bill 2012 Petrol & Diesel prices to be hiked FM says Government to take hard measures after Rupee hits all time low of 54.52 against US Dollar Yeddy applies for bail after CBI raids on his residence Income Tax Officer SK Saini sentenced to 3 years RI + fine of Rs 35 Lakh by CBI Court in Bhopal IRS Officer Brahmananda Reddy arrested by CBI Founder of Matrix Laboratories Nimmagadda Prasad also arrested by CBI Tariff Value for import of Brass scrap is 4362 & for poppy seeds 3680-for gold 507 per 10 gram & for silver 920 per kg-Customs Non-Tariff Notification No.42 Customs duty exempted on import of 191 Products from Singapore-Customs Tariff Notification No.33 Import of 485 Products from Singapore exempted from Customs duty-Customs Tariff Notification No.34 Import of 496 Products from Singapore exempted from 50 per cent of applied rate of duty-Customs Tariff Notification No.35 Saurabh Chandra gets additional charge of Commerce Secretary ITAT Member N Vasudevan transferred from Mumbai to Bangalore-J Sudhakar Reddy moves from Mumbai to Delhi-IP Bansal from Delhi to Mumbai-IC Sudhir from Pune to Delhi CVD on imported electronics lowered due to higher rates of abatement from RSP notified-Abatement from MRP for excise payment on all electronic products prescribed at uniform rate of 35 per cent-Abatement revised for several products-Central Excise Non-Tariff Notification No.26 Suppliers to Mega Power Projects face silly excise demands-Click on the link below for full details Excise demand of Rs 32 Crore confirmed against Exide for not paying excise on MRP basis on lead acid storage battery RBI says Exporters required to convert 50 per cent of their foreign exchange holdings into Rupee within 15 days-Exporters will be allowed to buy foreign currency only after utilizing all their foreign currency holdings Articles of jewellery exempted from excise duty-Specified Railway Goods manufactured by Government exempted from excise -Central Excise Tariff Notification No.23 Excise on specified Petroleum Oils lowered Eye makeup preparations exempted from excise The excise exemption hitherto admissible on all Hawai Chappals will now be admissible to only Hawai Chappals of RSP up to Rs 500-Polyester staple fibre or polyester filament yarn, manufactured from plastic scrap or plastic waste including waste polyethylene terephthalate bottles exempted from excise-Excise on Motor chassis for vehicles lowered to 14 per cent excise-Excise on LED Lights of Chapter 85 lowered to 6 per cent-Inks for ball point pens exempted from excise-Central Excise Tariff Notification No.24-Parts of Footwear and hawai chappals of RSP not exceeding Rs. 500 per pair exempted from excise if consumed in factory-Central Excise Tariff Notification No.25-Excise exemption to goods required for initial setting up of solar power generation project or facility-Central Excise Tariff Notification No.26 CENVAT Credit (Fifth Amendment) Rules, 2012-No reversal of credit required for supplies made for setting up of solar power generation projects or facilities-Central Excise Non-Tariff Notification No.25 exemption from wholeof the additional duty leviable shall not apply to Hand held Metal/Mine/Bomb detectors etc.-Customs Tariff Notification No.30 Import of specified goods allowed at concessional rate of duty-Customs Notification No.31 Lok Sabha passes Finance Bill 2012 FM defers the applicability of GAAR provisions by one year- GAAR provisions will now apply to income of Financial Year 2013-14 and subsequent years-The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized-long term capital gain arising from sale of unlisted securities in case of non-resident investors, including PE investors lowered to 10 per cent-FM extends benefit of tax exemption on long term capital gains to sale of unlisted securities in IPO-lower rate of withholding tax of 5% for funding all businesses-FM withdraws the provision for levy of TDS on transfer of immovable property-FM raises the threshold limit for TCS on cash purchases of jewellery to Rs.5 lakh-only serious offences under the customs law involving prohibited goods or duty evasion exceeding Rs.50 lakh, shall be cognizable- all these offences shall be bailable-changes in the definition of “service” which will exclude the activities specified in the Constitution as “deemed sale of goods”-The definition of “works contract” also enlarged to include movable properties- Exemption for specified services relating to agriculture in the Negative List extended to agricultural produce enlarging the scope of the entry Anti-dumping duty on imports of Partially Oriented Yarn, originating in, or exported from China-Customs Notification No.22 Customs duty on import of 806 Products from Japan lowered Anti-dumping duty imposed on import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture/FertilizerGrade) , falling under tariff item 28092010, originating in, or exported from,Israel and Taiwan-Customs Tariff Notification No.19 Customs duty on import of composite fertiliser lowered to 1 per cent-Customs Tariff Notification No. 24

JUDGMENTS

CENTRAL EXCISE

CUSTOMS

exchange rate

SERVICE TAX

INCOME TAX

VAT

FINANCE ACTS

FINANCE BILLS

EOU STPI

SEZ

DGFT

RBI

NTT

RESOURCES

Email | Print

Circular No. 828/5/2006-CX

F.No. 268/4/2005-CX-8

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

To 20th April, 2006

All Chief Commissioners of Central Excise

All Chief Commissioners of Customs and Central Excise

All Commissioners of Central Excise

All Commissioners of Central Excise (Appeals)

webmaster@allindiantaxes.com

Subject: Simplified procedure for sanction of refund of unutilised credit/rebate claims in cases of export.

Sir/Madam,

It may be recalled that notification no. 11/2002 Central Excise (NT) dated 1^st March, 2002 was issued under Rule 5 of the CENVAT Credit Rules, 2002 prescribing safeguards, conditions and limitations for allowing refund of unutilised input credit to manufacturers. The said rule has been substituted by a new Rule 5 vide notification no. 4/2006 Central Excise (NT) dated 14^th March, 2006 to enable refund of unutilised input/input service credit to manufacturers and service providers. Consequently notification no. 11/2002 Central Excise (NT) dated 1^st March, 2002 has been superceded by notification no. 5/2006 Central Excise (NT) dated 14^th March, 2006.

2. Further, based on various representations received from trade to draw up a scheme aimed at facilitating quick and regular refund of service tax/excise duty to exporters, the Economic Advisory Council to the Prime Minister has recommended that as an immediate reform, Department of Revenue should draw up a scheme to provide for making adhoc interim refunds, say 80 percent of the amount due, based on the refund/rebate claims filed by the exporters, subject to firm settlement within a short time frame from the date of filing such claims. Accepting the recommendations, the Board has decided that the following simplified procedure for sanction of refund of unutilised credit under rule 5 of the Cenvat Credit Rules, 2004/rebate to exporters may be adopted:-

3. The claim for refund of such unutilised credit/rebate will be filed with the Assistant Commissioner of Central Excise or the Deputy Commissioner of Central Excise having jurisdiction over the factory of manufacturer or warehouse or EOU or the respective Maritime Commissioner as the case may be. The refund/rebate sanctioning authority shall immediately scrutinize the refund/rebate claim and check whether the refund/rebate application is complete and is covered by all the requisite documents. Once the preliminary scrutiny is completed, 80% of the rebate claimed will be sanctioned within 15 days of (a) filing of the rebate claim; or (b) filing of document evidencing payment of duty including the periodical return, which ever is later, provided all the documents filed along with the claim are, prima-facie, found to be in order. In case of refund of unutilised credit under rule 5 of the CENVAT Credit Rules, 2004, 80% of the refund amount will be sanctioned within 15 days of filing of the claim, provided the requirements of Notification no. 5/2006 C.E.(NT) dated 14.3.2006 are complied with. The balance amount shall be paid after completion of the verification and other formalities in the prescribed manner within 45 days from the date of filing of the claim. Pre/Post Audit will be completed as per the norms laid down in this regard vide Circular no. 809/6/2005 CX dated 1.03.2005. Subsequently, if any discrepancy is noticed at the time of scrutiny of the periodical returns, necessary action for recovery of erroneous refund would be initiated in accordance with Rules.

4. This simplified procedure for sanction of refund/rebate is applicable only to the following categories of exporters having good track record i.e. exporters against whom no offence case has been booked by the Department during the preceeding three years or/and where no recovery of short levy is pending on date.

(a) All exporters who have an export turnover of Rs. 5 crores in the current year or the preceding financial year.

(b) Public Sector Undertakings including PSUs of the State Government.

(d) Manufacturer-exporters registered with Central Excise who have been exporting during the previous two financial years and have minimum export of Rs. 1 crore or more during the preceding financial year.

(e) Manufacturer-exporters registered with Central Excise who has paid duty of Rs. 1 crore or more during the preceding financial year.

(f) All Export Oriented Units.

5. Field formations may be informed suitably.

6. Receipt of the Circular may please be acknowledged.

7. Hindi version will follow.

Yours faithfully,

(Rahul Nangare)

Under Secretary to the Govt. of India

Copy to:

1. PPS to Chairman/CBEC and All Members, CBEC

2. All Directorates-General/Directorates under CBEC

3. All sections under CBEC.