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Clarifications on excise exemptions
COIMBATORE: The Central excise assessees have been requested to contact the nearest Central Excise offices for clarifications on the excise duty exemptions for the textile industry.
According to a release, the Union budget has exempted various excisable goods in the textile industry falling under chapter 50 to 63 of the Central Excise Tariff from payment of central excise duty if they do not avail of Cenvat (Central Value Added Tax) credit of duty paid on the inputs used in the manufacture of the final products. However, if the Cenvat credit was taken on the inputs, then four per cent duty was payable in respect of goods containing 100 per cent cotton and eight per cent for the textile goods containing other materials, the release added. — Our Staff Reporter
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