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Optional scheme of Central Excise Department
COIMBATORE:
The Central Excise Department introduced an optional scheme with effect from July 13 for Central Excise and Customs assessees who have been issued show cause notices. According to a release, the assessees who have been issued show cause notices for cases registered against them on account of fraud, collusion, misstatement or suppression of facts and contravention of the provision of the law to evade payment of Central Excise or Customs Duty can opt for the following method: They can come forward for voluntary payment of the duty amount specified in the show cause notice along with appropriate interest and penalty within 30 days from the date of receipt of the notice. Then the adjudication proceedings will be considered concluded. The assessees opting for this facility need to pay penalty only to the extent of 25 per cent of the duty amount instead of 100 per cent as prescribed in the statute in such circumstances, the release said.
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