Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
Circular No. 1019/7/2016-CX
New Delhi, dated the 29th February, 2016
To
Principal Chief Commissioner / Chief Commissioner of Central Excise (All),
Principal Chief Commissioner / Chief Commissioner of Central Excise and Service
Tax (All),
Principal Commissioner of Central Excise, Service Tax (All),
Web-master, CBEC
Madam/sir,
Subject: Change in rate of interest on goods warehoused for export,
when cleared to DTA- reg.
Kind attention is invited to Board’s
Circular No. 581/18/2001-CX, dated
29.06.2001, specifying conditions, procedures, class of exporters and places
under sub-rule (2) of rule 20 of Central Excise (No. 2), Rules, 2001 for Central
Excise who can avail facility of export warehousing.
- Paragraph 10.3 in the said circular deals with liability of interest
on goods, warehoused for export, when diverted for home-consumption. In the
said paragraph
10.3, for the words, symbols and figures, “interest @ 24% per annum ", the
words, symbols and figures, “interest @ 15% per annum ", shall be
substituted. The change would bring down the rate of interest to fifteen per
cent. per annum.
- This circular shall come into force on 1.4.2016. Field formations may be
suitably informed. Receipt of this Circular may please be acknowledged.
Hindi version will follow.
(Santosh Kumar Mishra)
Under Secretary to the Government of India
F. No. 96/18/2016-CX.I
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