Notification No. 23/2016, Dated 1st April 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

NOTIFICATION

No. 23/2016- Central Excise (N.T.)

New Delhi, 1^st April, 2016

G.S.R. (E). - In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely-

1. (1) These rules may be called the CENVAT Credit (Fourth Amendment) Rules, 2016.

(2) They shall come into force from the date of their publication in the official Gazette.

2. In the CENVAT Credit Rules, 2004,-

(a) in rule 6, in sub-rule (3) for clause (i), the following clause shall be substituted , namely :-

“(i) pay an amount equal to six per cent. of value of the exempted goods and seven per cent. of value of the exempted services subject to a maximum of the sum total of opening balance of the credit of input and input services available at the beginning of the period to which the payment relates and the credit of input and input services taken during that period; or” ;

(b) in rule 7B, in sub-rule (1) for the words and figures “invoices, issued in terms of the provisions of the Central Excise Rules, 2002,” the words and figure “documents specified under rule 9,” shall be substituted.

[F. No.267/17/2016-CX.8]

(Shankar Prasad Sarma)

Under Secretary

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification No. 23/2004 - Central Excise (N.T.) dated the 10th September, 2004 vide number G.S.R. 600(E) dated the 10th September, 2004 and last amended vide notification No. 13/2016(N.T.)- Central Excise (N.T.) dated 1st March, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 244 (E) , dated the 1 st March, 2016.

Frequently Asked Questions

What are Central Excise notifications?

Central Excise notifications are official announcements issued by the Government of India to communicate changes, updates, or clarifications related to central excise laws and procedures.

They may include amendments to duty rates, exemptions, procedural changes, or new compliance requirements, helping manufacturers and traders stay informed and compliant.

Why are Central Excise notifications important for businesses?

Central Excise notifications are important because they tell businesses about current regulations, duty changes, and compliance obligations.

These updates help manufacturers, importers, and tax professionals adjust their processes, prepare accurate returns, and avoid penalties for non-compliance with excise laws.

How often are Central Excise notifications released?

Central Excise notifications are released as and when the Government introduces changes to tax laws, exemptions, or procedures.

These may be issued periodically or in response to budget announcements, policy reforms, or judicial interpretations that require clarification or regulatory updates.

How can I access the latest Central Excise notifications?

The most reliable sources for the latest Central Excise notifications are official government portals such as the Central Board of Indirect Taxes and Customs (CBIC).

Seair Exim Solutions also consolidates and summarises important notifications to make it easier for businesses to track updates relevant to their operations.

Do Central Excise notifications affect past tax liabilities?

Yes, Central Excise notifications can affect past tax liabilities if they include retrospective amendments, clarifications, or transitional provisions.

Such notifications may have an earlier impact. assessments, compliance positions, or legal interpretations and should be reviewed carefully to ensure proper handling of legacy accounts.