TMI BlogOptional schemeX X X X Extracts X X X X X X X X Extracts X X X X ..... authorities having jurisdiction by the 28th day of February of the previous financial year: Provided that for the financial year 2016-17, such written declaration may be given to the Assistant Commissioner or Deputy Commissioner of Central Excise, as the case may be, having jurisdiction, by the 31st day of July, 2016: Provided further that for the period beginning from 1st March, 2016 to 31st March, 2016 such declaration may be given by the 31st day of July, 2016: (2) An option given under sub-rule (1) shall be valid for whole of the financial year for which it is given by the manufacturer or the principal manufacturer, as case may be. (3) For availing the optional scheme under sub-rule (1) a manufacturer or principal manuf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the job worker s premises or manufactured, during the month. The following illustrates the above rules (all figures in kg): Illustration 1. - A manufacturer or a principal manufacturer: has an opening stock as on 1st April manufactured stock traded stock silver studded articles 60 20 gold or platinum articles studded with diamonds 30 20 other gold or platinum articles 20 20 sells during the month of April total sales silver studded articles ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... diamonds and 10 kg of other gold or platinum articles. After deducting the sales during the month of April, the closing stocks of manufactured and traded articles as on 30th April, which shall also be the opening stock as on 1st May, of three types of articles, with the manufacturer or principal manufacturer shall be as under: Closing stock as on 30th April / opening stock as on 1st May manufactured stock traded stock silver studded articles 70 30 gold or platinum articles studded with diamonds 40 50 other gold or platinum articles 30 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... summarised below: Quantity of articles deemed to be sold during the month of April of manufactured articles of traded articles silver studded articles 60 10 gold or platinum articles studded with diamonds 30 10 other gold or platinum articles 20 10 Total excise duty payable by such manufacturer or principal manufacturer for the month of April shall be the sum total of the excise duty payable on 60 kg of silver studded articles, 30 kg of gold or platinum articles studded with diamonds and 20 kg of other gold or platinu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les 30 receives during the month of April manufactured stock traded stock silver studded articles 60 10 gold or platinum articles studded with diamonds 30 30 other gold or platinum articles 20 40 In this case, the sales during the month for the three types of articles are more than the opening stocks of respective manufactured articles. Further, the sales of in respect of gold or platinum articles studded with diamonds are even higher than the sum total of opening stocks of manu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of manufactured and traded articles as on 30th April, which shall also be the opening stock as on 1st May, of three types of articles, with the manufacturer or principal manufacturer shall be as under: Closing stock as on 30th April / opening stock as on 1st May manufactured stock traded stock silver studded articles 60 20 gold or platinum articles studded with diamonds 20 30 other gold or platinum articles 20 50 Explanation-1. - For the purposes of this option, exports by a manufacturer or a principal manufac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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