The Hindu Business Line : Date extended for textile input stock declaration

CLOSE on the heels of the Government's decision to provide turnover-based excise duty reliefs for textile producers, the Finance Ministry has granted another relief to those sections of the textile industry that have come under the excise net from April 1.

The revenue department has again extended the deadline for declaration of stock of inputs, as on March 31, 2003, held by such segments, which include the powerloom weavers.

The deadline, which has already been extended thrice in April 2003, is now extended by 10 more days to May 12, a Central Board of Excise and Customs (CBEC) official said.

A declaration is a must if Cenvat credit is to be obtained by a manufacturer, producer, first stage or second stage dealer on the duty paid on inputs lying in stock as on April 1, 2003.

As a transitional measure, the Finance Ministry had promised that the segments that are entering into the excise net would be entitled to avail cenvat credit equivalent to the duty paid-on inputs of the finished products — lying in stock as on April 1.

The deadline for submission of declaration was originally set as April 7. This was later extended to April 15 and then set at April 25, only to be further extended to May 2.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Dumping duty on porcelain tiles from UAE, China

Cement despatches down due to truckers' strike

Date extended for textile input stock declaration

`Improve efficacy of batteries'

Day of the gold rush

NIPO protests US move on Super 301

Arbitration Act needs changes, says SC judge