Home India Ministry of Finance In exercise of the powers conferred by section 5A of the Cen...
Date: 02-Feb-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 5A of the Central Excise Act, 1944 (1 of 1944) read with section 147 of the Finance Act, 2002 (20 of 2002)

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification No. 05/2024-Central Excise amends notification No. 18/2022-Central Excise, dated 19th July, 2022, regarding central excise duty.
  • The amendment substitutes the entry in column (4) against S. No. 1 in the table of the original notification.
  • This notification is issued by the Ministry of Finance (Department of Revenue).

Key Changes

  • The central excise duty for the entry at S. No. 1 is revised to Rs. 3200 per tonne.
  • This change is effective from February 3, 2024.

Impact Analysis

Manufacturers/Producers

  • Action Item: Update accounting systems and pricing strategies to reflect the new excise duty rate.

Consumers

  • Action Item: Monitor price changes and adjust consumption patterns accordingly.

Government Revenue

  • Action Item: Track revenue collection to assess the impact of the amendment on government finances.

Accounting and Finance Departments

  • Action Item: Update ERP and accounting systems with the new excise duty rate of Rs. 3200 per tonne effective February 3, 2024. Train relevant staff on the changes.

Key Entities Referenced

Central Government: The issuer of the notification, acting through the Ministry of Finance (Department of Revenue). Ministry of Finance (Department of Revenue): The department responsible for issuing and administering the notification. Central Excise Act, 1944: The principal act governing central excise duties, under which the notification is issued (Section 5A). Finance Act, 2002: Act that provides the basis for the powers exercised in the notification (Section 147). Notification No. 18/2022-Central Excise: The original notification being amended, dated 19th July, 2022, related to central excise. Notification No. 03/2024-Central Excise: The notification that last amended Notification No. 18/2022-Central Excise, dated 15th January, 2024.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-02022024-251743 xxxGIDHxxx CG-DLxx-xEG-I0D2E0x2x2x0 24-251743 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 85] नई दिल्ली, ि्क्रिार, फरिरी 2, 2024/ंाध 13, 1945 No.85] NEW DELHI, FRIDAY, FEBRUARY 2, 2024/MAGHA 13, 1945 जित्त ं्ं ाल (रािस्ट्ि जिभाग) अजधसचू ना नई दिल् ली, 2 फरिरी, 2024 स.ं 05/2024-केन्‍दर ी उत्प ाि िल्् क सा.का.जन. 94(अ).—केंरी सरकार, जित् त अजधजन ं, 2002 (2002 का 20) की धारा 147 के साथ पठित केन्‍द री उत् पाि िल्् क अजधजन ं, 1944 (1944 का 1) की धारा 5क के अधीन प्रित् त िजतिय का प्र गग करत े ुए, ह संाधान हग िान े पर दक ऐसा करना लगक जहत ं ें आिश् क ह, भारत सरकार, जित् त ं्ं ाल (रािस्ट् ि जिभाग) की अजधसूचना संख् ा 18/2022-केन्‍द री उत् पाि िल्् क, दिनांक, 19 ि्लाई, 2022, जिसे संख् ा सा.का.जन. 584 (अ), दिनांक 19 ि्लाई, 2022, ंें भारत के रािप्, असाधारण, भाग-II, खंड 3, उप खडं (i) ंें प्रकाजित दक ा ग ा था, ंें और आग े भी जनम्न जलजखत संिगधन करती ह, था:- उक्त अजधसूचना ं,ें सारणी ं,ें - (i) क्रंांक 1 के सांने, कॉलं (4) ंें प्रजिजि के जलए, प्रजिजि "रु. 3200 प्रजत टन" कग प्रजतस्ट्थाजपत दक ा िाएगा; 722 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 2. ह अजधसूचना 3 फ़रिरी, 2024 से प्रिृत्त हगगी । [फा. स.ं 354/15/2022-टीआर ू] अम्रीता टाइटस, उप सजचि नगट: ंख्् अजधसूचना संख् ा 18/2022-केन्‍द री उत् पाि ि्ल् क, दिनांक 19 िल् ाई, 2022 जिस े सा.का.जन. संख् ा 584 (अ), दिनांक 19 ि्लाई, 2022 के तहत भारत के रािप्, असाधारण, भाग II, खंड 3, उपखंड (i) ंें प्रकाजित दक ा ग ा था और इसं ें अंजतं बार अजधसूचना संख् ा 03/2024- केन्‍द री उत् पाि ि्ल् क, दिनांक 15 िनिरी, 2024 जिसे सा.का.जन. संख् ा 42 (अ), दिनांक 15 िनिरी, 2024 के तहत भारत के रािप्, असाधारण, भाग II, खंड 3, उप-खंड (i) ंें प्रकाजित दक ा ग ा था। MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 2nd February, 2024 No. 05/2024-Central Excise G.S.R. 94(E).—In exercise of the powers conferred by section 5A of the Central Excise Act, 1944 (1 of 1944) read with section 147 of the Finance Act, 2002 (20 of 2002), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 18/2022-Central Excise, dated the 19th July, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 584 (E), dated the 19th July, 2022, namely:- In the said notification, in the Table, - (i) against S. No. 1, for the entry in column (4), the entry “Rs. 3200 per tonne” shall be substituted; 2. This notification shall come into force on the 3rd day of February, 2024. [F. No. 354/15/2022-TRU] Amreeta Titus, Dy. Secy. Note : The principal notification No. 18/2022-Central Excise, dated the 19th July, 2022 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 584 (E), dated the 19th July, 2022, and was last amended vide notification No. 03/2024-Central Excise, dated the 15th January, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 42 (E), dated the 15th January, 2024. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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