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Union Budget 2016 Important changes in Excise & Customs effective from April 1 2016

Budget - By: - Bimal jain - Dated:- 5-4-2016 Last Replied Date:- 6-4-2016 - Dear Professional Colleague, Union Budget 2016: Important changes in Excise & Customs effective from April 1, 2016 Affirming that the economy is right on track, the Hon ble Finance Minister Shri. Arun Jaitley presented the Union Budget for 2016-17 on February 29, 2016. Although, Shri. Arun Jaitley in his Make in India Budget speech laid more emphasis on agriculture, farmers welfare, infrastructure, social sector etc. .....

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ied on readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 of Retail Sale Price (RSP) of ₹ 1000 and above when they bear or are sold under a brand name; The tariff value for readymade garments and made up articles of textile is also increased from 30% to 60% which shall apply to all goods mentioned in the Notification No. 20/2001-Central Excise (N.T.) dated .....

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, there are other important changes in the Central Excise and the Customs that are effective from April 1, 2016, summarized below for easy digest: A: Important changes in the Central Excise The Central Excise Rules, 2002 ( the Excise Rules ) is being amended vide Notification No. 8/2016-CE(NT) dated March 1, 2016, broadly, to provide as under: Rule 12: Reduction in number of returns to be filed by a Central Excise assessee above a certain threshold, from 27 to 13, that is, 1 annual and 12 monthl .....

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ion 11A of the Central Excise Act, 1944 ( the Excise Act ), shall be the date of submission of such revised return; Rule 17: The above discussed facility (point b and c) for revision of return is also being extended to 100% Export Oriented Undertaking; Rule 11: In cases where invoices are digitally signed, the manual attestation of copy of invoice, meant for transporter, is done away with. Rule 26: In cases where the proceedings in respect of duty, interest and penalty have been concluded agains .....

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ise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016 made effective from March 16, 2016 Vide Notification No. 20/2016-CE(NT) dated March 1, 2016, the existing Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2001 were scheduled to be substituted, w.e.f April 1, 2016, with the Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other .....

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. The words, or security are omitted from Rule 4(5) thereof. B: Important changes in the Customs New Baggage Rules vide Notification No. 30/2016-Customs (NT) dated March 1, 2016 The existing Baggage Rules, 1998 are being substituted with the Baggage Rules, 2016, so as to simplify and rationalize multiple slabs of duty free allowance for various categories of passengers. In this regard, following notifications have been issued as regards the Baggage Rules, 2016: Notification No. Particulars 26/20 .....

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eriod can import specified items upto specified limit (Rs.2,00,000/-or ₹ 5,00,000/-) without payment of import duty, subject to conditions given in the notification, and beyond that limit shall be taxable @ 15% ad valorem for items given in Table -II 43/2016-Customs (NT) dated March 31, 2016 Rules 3, 4, 6 and 7 of the Baggage Rules, 2016 has been amended. Amendment in Customs Baggage Declaration Regulations vide Notification No. 31/2016-Customs (NT) dated March 1, 2016 The Customs Baggage .....

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