Electronic payment requirement for high-duty assessees mandates online deposit; false excise invoices attract penalties for enabling ineligible credits. Mandates electronic deposit of excise duty by assessees exceeding the specified prior-year duty threshold (excluding CENVAT-paid duty) and expands the rule definition of duty to include amounts payable under the CENVAT Credit Rules, 2004. Adds the address of the concerned Central Excise division to required registration particulars. Revises multiple monetary limits in existing provisos and substitutes specified amounts in rules contingent on assent to the Finance Bill. Inserts a penal sub-rule making issuers or abettors of excise invoices or documents that produce ineligible benefits, such as wrongful CENVAT credit or refund, liable to a penalty up to the amount of the benefit or a prescribed minimum, whichever is greater.
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Electronic payment requirement for high-duty assessees mandates online deposit; false excise invoices attract penalties for enabling ineligible credits.
Mandates electronic deposit of excise duty by assessees exceeding the specified prior-year duty threshold (excluding CENVAT-paid duty) and expands the rule definition of duty to include amounts payable under the CENVAT Credit Rules, 2004. Adds the address of the concerned Central Excise division to required registration particulars. Revises multiple monetary limits in existing provisos and substitutes specified amounts in rules contingent on assent to the Finance Bill. Inserts a penal sub-rule making issuers or abettors of excise invoices or documents that produce ineligible benefits, such as wrongful CENVAT credit or refund, liable to a penalty up to the amount of the benefit or a prescribed minimum, whichever is greater.
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