Excise Commissioner amends Excise Taxation Laws

Thiruvananthapuram, Oct 26: The Central Excise Taxation Laws have been amended to facilitate trade, said the office of the Commissioner of Central Excise and Customs here today.

An official release said the amendment in Central Excise Act 1944 provided an optional scheme for voluntary payment of duty in full or in part, in cases involving fraud along with interest and 25 per cent of duty as penalty. If this was paid within 30 days, no legal action would be taken, it added.

Rule 16 of the Central Excise Act 2002 was amended to declare independent wire drawing units assesses for Central Excise payment.

Sub Section 1 A was incorporated under Section 29 of Customs Act 1962 providing an optional scheme for voluntary payment of duty by assesses along with interest and 25 per cent of duty amount as penalty within a month.

Section 110 A had been introduced under the above Act to release the goods, documents seized to the owner, prior to adjudication of cases, subject to provision of adequate security to safeguard the interest of the revenue.

UNI