JN Nigam, member, Central Board of Excise and Customs (CBEC), told FE, this is not about simple procedural simplification, there is substantive reduction in the details to be filed. Minute information is not required. It is assessee friendly and favourable to trade, Mr Nigam added.
The notification giving effect to this simplification has been issued. Manufacturers of excisable goods can submit their one page simple return on a monthly and quarterly basis with effect from October 1, 2003.
The new format is expected to reduce complexities and bring down transaction costs.
Under the existing dispensation, manufacturer of excisable goods registered with the central excise department are required to file two returns, one return for production and clearance of manufactured goods and another for availing CENVAT.
In the new return, details of information about excisable goods manufactured by an assessee are required to be furnished based on the six digits sub heading level of Central Excise Tariff Act, 1985 and not on description of goods. This is expected to facilitate on line filing of returns and use of automation for collection, compilation and analysis of trade statistics, say officials.
According to revenue department officials, the monthly return of excisable goods to be filed by November 10, for October and the quarterly return for the quarter ending December shall be required to be filed in the new format.
Finmin has also made certain changes in the Central Excise Rules 2002 and the Cenvat Credit Rules, 2002. As per the changes made, Export Oriented Units (EOUs) shall be required to give details of the goods manufactured and exported under bond as well as the inputs and capital goods received without payment of duty in the returns filed by them.