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of <h1>Ministry of Finance Updates Personal Ledger Account Rules: Single PLA Allowed for Multiple Goods Under New Excise Tariff System.</h1> The circular from the Ministry of Finance addresses changes in maintaining the Personal Ledger Account (PLA) due to the adoption of the harmonized system in the new Central Excise Tariff. Previously, PLAs were maintained tariff item-wise, but the new system's detailed classification could burden assessees. The circular allows assessees to maintain a single PLA for all manufactured goods if the proper officer is the same, even if multiple chapters or headings are involved. Assessees may also maintain multiple PLAs if desired, with the option to transfer credits between them. Deposits and debits must still adhere to specific accounting practices.
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