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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Manufacturers Must Escrow Excise Duty Exemptions Within 60 Days Per Amended Notification No. 08/2004-CE</h1> The Central Government has amended Notification No. 08/2004-CE to require manufacturers claiming excise duty exemptions to deposit an equivalent amount into an escrow account within 60 days after each quarter. This account must be opened with an authorized bank, and any operations require prior approval from the jurisdictional Commissioner of Central Excise. Manufacturers must execute a bond to ensure payment if investments are not made as specified. Quarterly statements must be submitted to a designated committee, which will certify the investments. Failure to comply will result in recovery of the duty with interest, potentially forfeiting the escrowed amount.
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