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of <h1>Circular Clarifies Excise Duty on Textiles Post-Budget 2004: Exemption and Duty Payment Options Explained for Manufacturers.</h1> The circular addresses issues related to changes in the excise duty structure on textiles following Budget 2004. It clarifies that manufacturers can simultaneously avail full exemption under Notification No. 30/2004-CE and pay duty under Notification No. 29/2004-CE, provided separate accounts are maintained. For pre-budget stock, manufacturers can either pay duty at post-budget rates or reverse credit to avail full exemption. Regarding Rule 12B's omission, traders registered under it are treated as manufacturers. They can clear goods duty-free by reversing credit or pay duty for clearance, with the procedure not applying to inputs received post-8th July 2004.
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