Excise Bond matter

[Rajeev Khulbe]

Good morning to all experts,

First of all happy Holi to all of you my loving experts.

My query is that we was take a bond under excise for CONSECIONAL RATE OF DUTY EXCISE (purchase led bulb material). We purchase that material @ 6% bed. But due to some rate problem we want to change bond and want to take another bond with same item but different rate.So can you please tell me the procuder of previous bond surrendering and take new bond.We was take previous bond 22 feb-2016 and we want to now surrender this bond

[Rajagopalan Ranganathan]

Sir,

Giving bond to Central Excise Authority alone can be dealt with by Central Excise Law. Giving bond and taking bond from another party/customer will be govened by Civil Law. Please clarifiy what is the purpose of the bond and to whom you have give a bond or from whom you have to take a bond.

[Rajagopalan Ranganathan]

Sir

If you want to execute a bond with your jurisdictional excise authority to obtain exciseable goods at Nil/concessional rate under Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016 due variation in the price/rate you seek the permission of the Assistant/Deputy Commissioner of your jurisdiction to cancel previous bond and execute a fresh bond.

AI Summary

Excise bond surrender: variation in rate requires permission to cancel the prior bond and execute a fresh bond. Variation in the applicable rate for goods obtained under an excise bond requires cancellation of the existing bond and execution of a fresh bond; bonds given to a Central Excise authority must be surrendered and re executed with the permission of the jurisdictional Assistant/Deputy Commissioner, whereas bonds between private parties are governed by Civil Law.