Industry & Economy
-
Budget
Mechanism to lower excise penalty
Our Bureau
New Delhi
,
Feb. 3
FROM June 30, corporates can look forward to a mechanism for lowering the penalty amounts levied on them by excise authorities for various offences under the excise law.
The Finance Minister, Mr Jaswant Singh, in his Interim Budget, has announced that `compounding of offences' with regard to excise would be made available from June 30 to ensure quick settlement of disputes.
This facility (`compounding' is basically the legal term for reduction of penalties) is already available in respect of corporation and personal income tax under the Income-Tax law.
As part of the Government's efforts towards ushering in a user-friendly tax administration, Mr Singh also announced the introduction of e-filing of excise returns from June 30.
E-filing of excise returns would help in better reconciliation of revenue accounts besides enhancing excise automation.
An eight-digit code classification of goods for the levy of excise would be adopted by September 30 to bring greater transparency, avoid classification dispute, and harmonise excise classification with customs and Exim Policy nomenclature.
More Stories on :
Budget |
Excise and Customs
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
