What are the rules for valuation of goods under central excise Act?

What are the rules for valuation of goods under central excise Act?

The value of the excisable goods shall be based on the value of such goods sold by the assessee for delivery at any other time nearest to the time of the removal of goods under assessment, subject, if necessary, to such adjustment on account of the difference in the dates of delivery of such goods and of the excisable …

What is the validity period for central excise registration certificate?

Once a Central Excise Registration is completed, the registration is valid unless it is suspended, revoked or surrendered. In case a manufacturer or producer liable to pay Central Excise does not obtain Central Excise Registration, a penalty of up to Rs. 10,000 and/or imprisonment of up to 7 years can be imposed.

What is the maximum general penalty imposable under Rule 30 of central excise Rules 2002 where no other penalty is provided?

RULE 30. — A breach of these rules shall, where no other penalty is provided herein or in the Act, be punishable with a penalty which may extend to five thousand rupees and with confiscation of the goods in respect of which the offence is committed.

What is mean by excisable goods?

The term ‘excisable goods’ means the goods which are specified in the first schedule and the second schedule to the Central Excise Tariff Act, 1985, as being subject to a duty of excise and includes salt.

How is Central Excise Tariff arranged?

The present Central Excise Tariff Act, 1985 (5 of 1986) was enacted with effect from 28.02. 1986 replacing the earlier one. In the new tariff the arrangement of the various Chapters and Headings is on the pattern of the International Harmonised System of Nomenclature (H.S.N.).

What are the various basis for imposition of excise duty?

Tax base: Excise duty is levied on the manufacture of products, while GST is charged at every stage of the supply chain, from manufacture till the sale of the products. Point of taxation: Excise duty is charged at the time of the removal of products, while GST is charged at the time of supply of products and services.

What is Rule 8 of Central Excise valuation?

Provisions regarding Valuation of Captively consumed goods are given under Rule 8 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000. Value shall be 110% (w.e.f 5-8-2003) of the cost of production of such goods captively consumed.

Why is CAS 4 used in Central Excise valuation?

The objective of the article is to link CAS 4 along with Rule 8 of Central excise valuation covering main topics and its relevance. The main objective behind this standard is to bring uniformity in the principles and methods used for determining the cost of production of excisable goods used for captive consumption.

How is excise duty declared on normal price?

Where the excisable goods subject to excise duty on ‘normal price’ ,then , notwithstanding anything contained in section 4 above ,such value shall be deemed to be retail sale price declared on such goods less such amount of abatement ,if any, from such MRP as the CG may allow by notification in the Official Gazette.

When did CBEC vide Notification No 14 / 2013 come out?

CBEC vide Notification No. 14/2013- CX (NT) dated 22.11.2013 has amended Rules 8, 9 and 10 of the Central Excise Valuation Rules, 2000 dealing with determination of assessable value in case of captive consumption and sale to related person.