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26 November, 2013

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Updates that Matter (UTM #3)

Dear All,
Please find below the "Updates that Matter (UTM # 3)",
Ø  Central Excise :- Valuation Rules Amended (w.e.f 1/12/2013)
Ø  CE & ST:- Threshold limit for E-payment now reduced to 1 Lac. (w.e.f. 1.1.2014)
Ø  VCES :- CBEC issues clarification No. 174/9/2013 dated 25th November,2013
Ø  SEZ :- To Furnish Quarterly Form A-3 to claim Service tax benefit.

a)    CE :- The Rule 8, 9, 10 of CEVR,2000 now covers the cases even where the part of excisable goods are captively consumed. Hence even in case of those partly captively consumed goods, the 110% clause shall be applicable. It is important to note that previously it covered only those cases where the whole of excisable goods were captively consumed.

Similarly amendment is also made in Rule 9 & 10 which governs the valuation in case of related parties / Interconnected Undertakings.

b)    CE & ST:  The Threshold limit for mandatory e-payment of Central Excise & Service tax duty has been reduced to Rupees One lakh against Limit of Rs 10 Lacs previously. Hence where the assessee has paid service tax / central Excise of Rs 1 Lac or more (via Cash / Cenvat / PLA), he is required to deposit in electronic mode only.
Central Excise Notification                  Service tax Notification

c)    VCES:-  After the previous two circulars regarding the VCES, the CBEC has issued now Circular No. 174/9/2013 yesterday i.e. 25th November,2013. The circular mentions and clarified few important aspects.

d)    SEZ: - SEZ Unit or the Developer shall furnish to the jurisdictional Superintendent of Central Excise a quarterly statement, in Form A-3, furnishing the details of specified services received by it without payment of service tax, by 30th of the month following the particular  quarter. For the quarter of July, 2013 to September, 2013, the said statement shall be furnished by the 15th of December, 2013.
CA.Ankit Gulgulia (Jain)|B.COM(H), C.A, C.IFRS, C.B.V
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