Govt amends excise rules

The Government has amended the Central Excise Rules, 2002 and also revoked its earlier instructions relating to the Budget day restrictions in respect of indigenously manufactured goods as well as imported and exported goods. This time for the first time on B-Day, the manufacturers, importers and exporters would be free to conduct their normal activities, according to a finance ministry release.

Historically, the central excise law imposed certain restriction on the clearance of manufactured goods on the Budget day. Similar restrictions applied to the importing and exporting community including those clearing the imported goods from customs bonded warehouses. In respect of central excise taxpayers it was provided that they must declare their stock of manufactured goods on the day preceding the Budget Day. Thereafter no goods were allowed to be removed from a factory or warehouse on the Budget day up to 12 mid-might unless an application to this effect had been made to the department and special permission obtained.