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Withdrawal of exemption of CVD on import of certain Drugs Medicines Diagnostic kits and Life Saving Drugs vide Notification No. 6/2016-Cus. Dated 28.01.2016 An Analysis on impact under Customs and Central Excise

Withdrawal of exemption of CVD on import of certain Drugs, Medicines, Diagnostic kits and Life Saving Drugs vide Notification No. 6/2016-Cus. Dated 28.01.2016 An Analysis on impact under Customs and Central Excise - Central Excise - By: - surya narayana - Dated:- 16-2-2016 - Dear TMI Readers, All of you are kindly aware, on 28.01.2016 CBE & C issued Notification No. 6/2016- Cus. Withdrawing the exemption by way of omitting certain products from payment of CVD on import of certain Drugs, Me .....

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tion given under Sl.No. 147A of the Notification ibid was also extended (covered under List 3 & 4 of Customs Notification No. 12/2012-Cus) to Central Excise for the said products manufactured in India from payment of Excise Duty under Sl. No. 108A of Notification No. 12/2012-CE Dated 17.03.2012 as amended without any condition. Accordingly, the assessees who are manufacturing such Drugs (Bulk Drugs) and Medicines (Formulations or P or P Medicines and diagnostic kits) are availing this exempt .....

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ions under the said rule briefly, are…. Not to avail Cenvat Credit on the exclusive inputs, Capital Goods and Input services used in such exempted Goods; Maintain separate accounts for the common inputs and input services used in both the exempted and dutiable products; If separate accounts for common inputs not maintained, required to reverse an amount equal to certain percentage ( 6%) on the value of the exempted product at the time of clearance; or to reverse the proportionate Cenvat c .....

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2. The manufacturers of such omitted/deleted products in India are also required to pay the applicable rate of excise duty and need not required to follow the procedures under Rule 6 of Cenvat Credit Rules,2004 on the clearances made on or after 28.01.2016. 3. The manufacturers/Assessees can now take Cenvat Credit on exclusive and common inputs and input services received on or after 28.01.2016 used in such products. 4. The manufacturers/Assessees can also avail proportionate cenvat credit on su .....

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he contents of Notification No.6/2016-Customs Dated 28.01.2016 together with the names of the items omitted /deleted from List 3 & 4 detailed below for ready reference and benefit of the readers. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 6/2016-Customs New Delhi, the 28th January, 2016 In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary i .....

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g), the entry NPK 13:05:26 shall be substituted; (ii) in List 3, the goods specified against following item numbers shall be omitted, namely:- (1), (3), (6), (8), (13), (14), (15), (20), (22), (24), (27), (30), (32), (35), (37), (39), (41), (43), (44), (45), (48), (51), (52), (55), (56), (57), (58), (59), (61), (62), (63), (65), (66), (72), (73), (77), (91), (95), (102), (105), (110), (113), (115), (116), (117), (118), (119), (120), (121), (125), (127), (128), (129), (130), (131), (132), (133), .....

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5(E), dated the 17th March, 2012 and last amended vide notification No. 4/2016-Customs, dated the 19th January, 2016, published vide number G.S.R. 86 (E), dated the 19th January, 2016.. Details of items omitted (deleted ) from the list 3 & 4 under the above Notifications LIST - 3 ( 61 items omitted) (1) Allopurinol (3) Amiodarone (6) Amifostine (8) Atracurium besylate (13) Carbidopa with Levodopa (14) Cefoperazone (15) Ceftizoxime (20) Cefpirome (22) Dacarbazine (24) Desmopressin (27) Dobuta .....

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