New Delhi, June 11 (UNI) The government today said it has amended the area-based excise duty exemptions applicable to units located in Jammu and Kashmir, northeast, Sikkim and Kutch district of Gujarat.
The move is expected to allow refund of excise duty based upon the value addition made by the unit.
The Finance Ministry modified the exemption schemes for iron and steel, cement, starch and coco-butter, and specified a uniform rate of 75 per cent of the total duty payable for computing the refund amount, an official statement said here.
Some relaxation has also been made in the provisions relating to determination of special rate. The time limit for filing an application for fixation of special rate has been relaxed to enable them to make claims on the basis of the finalised accounts for the previous financial year.
The condition that a manufacturer would be entitled to apply for a special rate only if his actual value addition is more than 25 per cent of the prescribed rate, has been relaxed to 15 per cent.
UNI MP SR BD2114