Financial Daily from THE HINDU group of publications
Friday, Sep 20, 2002
Financial Daily from THE HINDU group of publications Friday, Sep 20, 2002 |
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Industry & Economy
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Excise and Customs Government - Taxation Govt offers relief to excise duty payers Our Bureau
NEW DELHI, Sept. 19 FROM October 1 this year, the Government will bring into force a new system of issuing registration certificates to central excise duty payers on the spot. The registration certificate will bear a 15-digit PAN-based registration number. This number will be a common identifier for different government departments. An official release issued by the Central Board of Customs and Excise (CBEC) said that the grant of the registration certificate immediately on receipt of the application would provide significant relief to central excise taxpayers. Registration under central excise is a necessary pre-condition for manufacturers, warehouses and dealers of excisable goods who pass on Cenvat credit to manufacturers. The new procedure envisages the use of a systems-compatible application form and the grant of registration at the central excise divisional offices by accessing a central server. The CBEC has also dispensed with the concept of "deemed registration" in respect of export-oriented units and units in export processing zones procuring duty-free goods from the domestic market or selling goods in the domestic tariff area. EOUs and units in EPZs, which are administratively under customs officers, would be granted registration by these officers only. However, other such units that are exclusively engaged in exports and do not have transactions with the domestic economy will continue to be treated as "deemed registered under central excise." The new procedure will ensure availability of error-free data for various interconnected processes and help reduce the department's response time to queries from taxpayers. It will also help build a national database and provide inputs for policy formulation, according to the release.
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