Industry & Economy
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Excise and Customs
Filing of annual statement: Directive to excisable goods manufacturers
Our Bureau
New Delhi
,
Nov. 1
THE Government on Monday asked manufacturers of goods who paid an excise duty of Rs 1 crore and above in the preceding financial year, to file by November 30 the Annual Financial Information Statement (AFIS) of the succeeding fiscal.
"Government has amended the Central Excise Rule, 2002, requiring the manufacturers of excisable goods to file an Annual Financial Information Statement once in a year by November 30 of the succeeding year," an official release said here on Monday.
Since the statement is restricted only to those assessees who pay an annual revenue of Rs 1 crore and above in the preceding year, the release said, all other tax assessees are exempted.
The AFIS is required to be filed only by about five per cent of the registered units who paid revenue of Rs 1 crore and above in the preceding financial year. Currently, Central Excise assessees are not furnishing any financial information and the manufacturers are following the scheme of self-assessment. The purpose of the statement is to collect essential financial data only from major assessees to ensure "selective and focused" audit and eliminate routine checks. The total number of assessees who may be required to file such statement would be about 5,000 as against the total registered units of over one lakh.
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