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Wish List - Budget 2016

Budget - By: - surya narayana - Dated:- 17-2-2016 Last Replied Date:- 18-2-2016 - Wish list -Expectations in the Union Budget 2016 Central Excise , Service Tax & Customs 1. Simplification of Rule 6 of Cenvat Credit Rules : Over a period of time , Rule 6 of Cenvat Credit Rules, 2004 become lengthy and complex more specifically with the procedure prescribed under Sub- Rule 3A being cumbersome and resulting in confusion among the assesses and prone to more litigation. To avoid the complexities .....

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ion to submit the workings with relevant documents as proof. 2. Request to Notify Medicaments containing alcohol under M&TP Act under MRP Valuation on par with Toilet preparations containing alcohol or Narcotic drug or narcotic which were earlier notified vide Notification No. 3/2003-M&TP Dated 01.03.2003 and also to extend the cenvat facility on par with Central excise : So far only Toilet preparations containing alcohol were notified under MRP valuation (MRP- abatement) and not the oth .....

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Inverted Duty Structure on P or P Medicines under Chapter 30 Central Excise: Variation in the duty rates i.e., 12% on inputs and 6% on Finished Product resulting in accumulation of Cenvat Credit and exporters are compelled to pay duty and claim the same as rebate under Rule 18 of Central Excise Rules, 2002 which is time consuming and increase in transaction cost. Hence, it is requested to increase the Duty rate on P or P Medicines from 6% to 12%. 4. Section 5A of Central Excise Act, 1944 - Mand .....

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edural requirements which is cumbersome, time taking and painful which could have been avoided without availing the exemption had this change not been made. Hence, request the Government to amend the provisions of Section 5A of CE Act, 1944 for restoring the earlier provision of using the concept of own Volition Where manufacturer clears goods by paying duty though there is general exemption to clear at nil rate of duty and purchaser after paying the invoice value incl. Excise duty to supplier , .....

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condition for LUT, the assesses are facing problems in getting renewal which involves lot of precious time and increase of transaction costs. Hence, it is requested to relax the condition of yearly RENEWAL with respect to LUT considering the hardship being faced by the Assesses. 6. Cenvat Credit facility on all the duties and taxes paid on inputs, input Services and Capital goods should be allowed seamlessly without any restriction. 7. Facility of Centralized registration under service tax- to b .....

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n costs. As per para 3(1) of Circular No. 586/23/2001-CX, Dated. 12-9-2001 where two premises of the same factory segregated by public road, canal, railway line, single registration may be given, and certain guidelines have been incorporated in the CE Manual as to how to determine that two premises are parts of the same factory vide Chapter 2, Part-I, Sub-para 2.2. The provisions are restrictive and discretionary. It is requested the Board should allow single license to the premises of same fact .....

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emises in the definition of UNIT. 9. Time limit for availment of CENVAT credit on inputs and input services: The time limit for availing Cenvat Credit within 1 year period from the date of invoice will cause hardship especially for availment of Cenvat Credit. Since payment of respective excise duty/taxes has been made by the manufacturer supplier, there should not be any imposition of time limit for taking credit. This will not affect in any way to the exchequer, therefore the restriction should .....

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fied. Request for an early implementation of the proposal which will certainly minimize the procedural/documentation requirements and also reduce the transaction cost including time. 12. Variable rates of interest on delayed payment Notification No. 12/2014-ST prescribed variable rates of interest for the delayed payments of service tax, ranging from 18% to 30% p.a. depending on the period of delay. This is effective from 1st October, 2014. This interest is penal in nature. A difference may be r .....

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FT for monitoring Realization of Export proceeds for Duty Draw Back Scheme by customs also: This will be of great help to the exporters who are Currently compelled to submit the hard copy of BRC within 6 months from Date of sanction of Duty Drawback to the Customs Authorities in saving precious time and energy. Further, the Authorized Dealer Banks expressing difficulty in arranging the physical BRCs in view of the mandatory requirement of uploading the details of export proceeds realization in t .....

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payment of Excise duty/Service Tax on final products and taxable services. 17. Request to provide the facility of seamless cenvat credit of all inputs and input services used by the assesses without restriction by way of removing the exclusions in the Cenvat credit Rules, 2004. This will help in reduction of litigation. 18. Request for extension of transfer facility of Cenvat credit availed on inputs and input services on par with SAD to the other units of same manufacturer wherever required un .....

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interest as well, in all cases where the tax was not billed, collected or paid by service receivers even though billed. Another aspect worth consideration is to get the period of pendency/delay in the adjudication,appeal etc. For the same, similar provisions as available in Cex Act and Customs Act as reproduced below The Central Excise Act, 1944 , sec 11A (11) provides that- The Central Excise Officer shall determine the amount of duty of excise under sub -section (10)- Within SIX months from t .....

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