The Hindu Business Line : Date extended for textile inputs stock declaration

THE Finance Ministry has again extended the deadline for submission of written declaration on the quantity and value of stock of inputs, as on March 31, 2003, held by different segments of the textile industry that have been brought under the excise net from April 1, 2003.

A declaration is a must if Cenvat credit is to be obtained by a manufacturer, producer, first stage or second stage dealer on the duty paid on inputs lying in stock as on April 1, 2003.

The deadline for submission of declaration, which was originally set at April 7, 2003, and later extended to April 15 has now been placed at April 25.

As a transitional measure, the Finance Ministry had promised that the segments that are entering into the excise net would be entitled to avail Cenvat credit equivalent to the duty paid on inputs of the finished products — lying in stock or in process or contained in finished goods lying in stock as on March 31, 2003.

Segments of the industry, which are unable to produce the document evidencing the actual payment of duty on inputs are also entitled to avail themselves of the Cenvat credit, which is calculated in a different manner.

Besides withdrawing deemed Cenvat credit scheme, the Finance Bill 2003 had removed a large number of exemptions. Small-scale industries (SSIs) exemption on readymade garments and optional excise duty exemption on woven, crocheted or knitted fabrics have also been withdrawn from April 1, 2003.

Certain industry observers are seeing the extension of deadline as an effort aimed at ensuring smooth transition for the segments that are coming under the excise net for the first time.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Bank credit increases

HC sets aside APERC fiat on wheeling charges

Powerloom body seeks relief from Cenvat

Date extended for textile inputs stock declaration

Entertainment policy on the anvil

ICFAI to extend management internship period

Truckers' stir uncalled for, says CII

Jaitley to address IIFT

Export target to be fixed in May