Business Daily from THE HINDU group of publications
Wednesday, Sep 06, 2006
Business Daily from THE HINDU group of publications Wednesday, Sep 06, 2006 |
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Industry & Economy
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Excise and Customs CBEC unveils scheme to avoid adjudication Our Bureau
THE CBEC CHAIRMAN, Mr V.P. Singh, addressing a press conference in the Capital on Tuesday. — Kamal Narang
New Delhi , Sept. 5 The Central Board of Excise and Customs (CBEC) on Tuesday said that assessees faced with showcause notices in cases involving fraud or misstatements could avoid the rigours of adjudication procedure if they were to opt for a scheme that provides for voluntary payment of duty along with interest and penalty. Penalty under the scheme would be 25 per cent of the duty and assessees opting for such a scheme would have to make the entire payment within 30 days of the receipt of the show cause notice. This "trade facility" would be available for both Central excise and customs duty cases, which are at the showcause notices stage. Announcing the features of the optional scheme, the CBEC Chairman, Mr V.P. Singh, said at a press conference that this "trade facility" would ensure that assessees need not go through the rigours of adjudication or even hire a consultant. This facility has been provided through the Taxation Laws (amendment) Act, which came into force on July 13 this year. Hitherto, in cases involving fraud or misstatements, importers and exporters could obtain relief only after the completion of adjudication. Asked whether the revenue department was contemplating any other trade facilitation measure, Mr Singh said that the large taxpayer unit (LTPU) facility would become operational from October 1 in Bangalore. Besides the five LTPUs (one each in the four metros and Bangalore), Mr Singh also said that 10 more LTPUs are in the pipeline.
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