Date: 2014-01-20Category: Extra OrdinaryState: Union GovernmentCountry: India
The Central Govt, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Govt. of India in the Ministry of Finance (Department of Revenue), No. 12-2012-Customs, dated the 17th March, 2012.
Executive Summary:
This document contains two notifications from the Indian Ministry of Finance. The first notification, No. 02/2014-Customs, amends a previous customs notification from 2012, and the second notification, No. 02/2014-Central Excise N.T., further amends the CENVAT Credit Rules, 2004. Both notifications are effective from the date of their publication in the Official Gazette: January 20, 2014.
Key Points / Main Content:
Customs Amendment (Notification No. 02/2014-Customs):
* Amends Notification No. 12/2012-Customs, dated March 17, 2012.
* In the notification's table, the entry "10" is substituted for the existing entry in column 4 against S.No. 56, 58, 59, 63, 66, 69 and 71.
CENVAT Credit Rules Amendment (Notification No. 02/2014-Central Excise N.T.):
* Amends the CENVAT Credit Rules, 2004.
* In rule 12, inserts "or No.1/2010-Central Excise, dated the 6th February, 2010 [G.S.R. 62(E), dated the 6th February, 2010]" after "GSR 307(E), dated the 25th April, 2007".
* These amendments are called the CENVAT Credit Second Amendment Rules, 2014.
Impact Analysis:
Central Government:
* Impact: The Central Government is the issuing authority for these notifications, ensuring compliance with the Customs Act, 1962, and the Central Excise Act, 1944, and the Finance Act, 1994.
* Action Required: Ensure proper implementation and enforcement of the amended regulations.
Businesses/Importers/Exporters:
* Impact: Businesses involved in import/export activities and those utilizing CENVAT credits are directly affected by the changes in customs duties and credit rules.
* Action Required: Review and adjust their operational and financial processes to align with the new amendments, particularly regarding the duty rates specified in the amended notification and the updated CENVAT credit rules.
Customs and Excise Officials:
* Impact: These officials are responsible for implementing and enforcing the amended rules and regulations.
* Action Required: Update their understanding of the new provisions and ensure correct application during customs processing and excise duty assessments.
Key Entities Referenced
New Delhi: The location where the notification was issued.
Customs Act, 1962: A legal act that provides the framework for customs regulations.
Ministry of Finance Department of Revenue: The government department responsible for issuing the notification related to customs and excise.
Central Excise Act, 1944: A legal act related to central excise duties.
Finance Act, 1994: A legal act related to finance.
CENVAT Credit Rules, 2004: Rules pertaining to the CENVAT (Central Value Added Tax) credit scheme.
RAJ KUMAR DIGVIJAY: Under Secretary who signed the notification.
Mayapuri, New Delhi: Location of the Government of India Press.
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MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 20th January, 2014
No. 02/2014-Customs
G.S.R.35 (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs
Act, 1962 (52 of 1962), the Central Government, 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. 12/2012-Customs, dated the 17th March, 2012 which was
published in the Gazette of India, Extraordinary, vide G.S.R. 185(E), dated the 17th March, 2012, namely: -
In the said notification, in the Table,-
(i) against S.No. 56, for the entry in column (4), the entry “10%” shall be substituted;
(ii) against S.No. 58, for the entry in column (4), the entry “10%” shall be substituted;
(iii) against S.No. 59, for the entry in column (4), the entry “10%” shall be substituted;
(iv) against S.No. 63, for the entry in column (4), the entry “10%” shall be substituted;
(v) against S.No. 66, for the entry in column (4), the entry “10%” shall be substituted;
(vi) against S.No. 69, for the entry in column (4), the entry “10%” shall be substituted;
(vii) against S.No. 71, for the entry in column (4), the entry “10%” shall be substituted.
[F. No. 354/203/2012-TRU]
RAJ KUMAR DIGVIJAY, Under Secy.
Note. - The principal notification No. 12/2012-Customs, dated the 17th March, 2012 was published in the
Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 185(E), dated the 17th
March, 2012, and was last amended vide notification No.53/2013- Customs, dated the 26th December, 2013.,
published vide number G. S. R.794 (E), dated the 26th December, 2013.
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जनवरी, Eारा 6कया गया था।
NOTIFICATION
New Delhi, the 20th January, 2014
No.02/2014-Central Excise (N.T.)
G.S.R.36 (E).- In exercise of the powers conferred by section 37 of the Central Excise Act,
1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government
hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:-
1. (1) These rules may be called the CENVAT Credit (Second Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In rule 12 of the CENVAT Credit Rules, 2004, after the brackets, letters, figures and words,
“[GSR 307(E), dated the 25th April, 2007]” the words, figures, letters and brackets, “or No.1/2010-
Central Excise, dated the 6th February, 2010 [G.S.R. 62(E), dated the 6th February, 2010]” shall be
inserted.
[F.No.332/09/2013-TRU]
RAJ KUMAR DIGVIJAY, Under Secy.
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3,
Sub-section (i), dated the 10th September, 2004, vide notification No. 23/2004-Central Excise
(N.T.) dated the 10th September, 2004, vide number G.S.R. 600(E), dated the 10thSeptember, 2004
and last amended vide notification No.1/2014-Central Excise (N.T.) dated the 8th January, 2014
published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number
G.S.R. 6 (E), dated the 8th January, 2014.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.