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19 August 2016

Revised Excise Returns – Provisions in force from 17-8-2016

Central Board of Excise and Customs (CBEC) has notified the effective date for operation of provisions regarding filing of specified revised returns under Central Excise Rules, 2002.
 
As per new sub-rules 12(8) and 17(7) inserted for this purpose, revised monthly return of production and removal of goods can be submitted by the end of the calendar month in which the original return is filed. In case of annual return, revised return can be submitted within one month from the date of submission of such annual return. It may also be noted that according to the new explanation, “relevant date” for the purpose of recovery of Central Excise duty, under Section 11A of the Central Excise Act, will be the date of submission of such revised return.
 
As per Notification No. 42/2016-C.E. (N.T.), dated 11-8-2016 issued for the purpose, these amendments made by Notification No. 8/2016-C.E. (N.T.), dated 1-3-2016, which was issued at the time of presentation of Finance Budget 2016, will come into force from 17th of August, 2016.