MATTER OF EXCISE BOND

[Rajeev Khulbe]

Sir we take a bond under excise for goods removal UNDER conseciional rate of duty. sir we take that bond as on 12 March 2016.but sir now excise dept are saying that new f.y 2016-17 now coming so you surrender your bond and take new bond from 1 april 2016. sir plz tell me any solution regarding this.urgent QUERY sir

AI Summary

New Financial Year Rules: No Need to Surrender Excise Bond; Self-Declaration Suffices Under Removal of Goods Rules, 2016 A user inquired about the necessity to surrender an excise bond taken on March 17, 2016, due to the new financial year starting on April 1, 2016. The excise department advised obtaining a new bond. An expert explained that under the new Removal of Goods Rules, 2016, only a self-declaration is needed, eliminating the need for prior permission. The expert suggested highlighting that the rules do not mandate bond execution based on the financial year, except for numbering. If the bond value is insufficient for the next year, an additional or new bond may be necessary.