Change in the notification no.08/2003

[MEHUL ASHAR]

Respected Sir,

As regarding above subject,I want to know that is there any change regarding the noti.no.08/2003 of central excise tariff as one of my clients is taking the benefit of exemption of 1.5 crore as at present the no. was 08/2003 but regarding the budget on 10-07-2014 is there any change in the notification no.Please reply.

THANKING U

[Mahir S]

No change in the text of the notification no. 08/2003 has been made in the budget 2014 nor any new notification number allotted to it.

[YAGAY andSUN]

Dear Mehul,

There is no change per se. However, now, SSI units are required to deposit Central Excise Duty on Monthly Basis instead of Quarterly basis after the crossing of Threshold limit.

Regards

Team YAGAY and SUN

(Management and Indirect Tax Consultants)

AI Summary

Exemption notification unchanged: SSI units must switch to monthly central excise duty deposits after threshold breach. Notification No. 08/2003 was not amended nor renumbered in the 2014 budget; the exemption text remains unchanged. However, SSI units crossing the threshold must now deposit Central Excise Duty monthly instead of quarterly, altering payment periodicity without changing the notification itself.