Monday, 3 July 2017

Finmin notifies new Central Excise Rules, CENVAT Credit Rules & Credit Transfer Document

Finance Ministry notifies new Central Excise Rules 2017 and CENVAT Credit Rules 2017 w.e.f. July 1; Prescribes ‘Credit Transfer Document’ for unregistered dealers seeking to avail transitional ITC of manufactured goods in stock subject to specified limitations, conditions and procedures; Also exempts levy of Education Cess & Secondary and Higher Education Cess on IGST and Compensation Cess on import of goods; Notifies levy of SAD at 4% on import of petroleum crude, motor spirit (petrol), High Speed Diesel, Aviation Turbine Fuel, Liquefied natural gas and Natural Gas; Further issues various Notifications prescribing effective customs duty rates on import of various goods like electronics and petroleum products, while granting exemption to reimport of goods exported under duty drawback, rebate of duty or under bond on or after July 1 : Finance Ministry Notifications  

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