https://www.taxtmi.com/circulars?id=8541 Immediate-effect notifications implement Finance Bill, 2011 proposals for Customs and Central Excise: a 10% standard central excise rate for non-POL goods and merit rate increase to 5%; commodity-specific changes for cement, garments, vehicles and precious metals; withdrawal of many exemptions replaced by a 1% nominal levy (no Cenvat credit) or a 5% concessional/tariff rate; broad amendments to Cenvat Credit Rules clarifying inputs and input services, limiting ship breaking credit and tightening reversals; re-drafted recovery, interest and penalty rules including an inserted first charge on defaulters' property; customs reforms include fused lower duty slabs to 2.5%, valuation changes for packaged software, new export/import duty adjustments, and introduction of a trust based self-assessment regime with accompanying procedural and electronic filing changes. en-us Mon, 28 Feb 2011 00:00:00 +0530 Mon, 28 Feb 2011 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8541 Immediate-effect notifications implement Finance Bill, 2011 proposals for Customs and Central Excise: a 10% standard central excise rate for non-POL goods and merit rate increase to 5%; commodity-specific changes for cement, garments, vehicles and precious metals; withdrawal of many exemptions replaced by a 1% nominal levy (no Cenvat credit) or a 5% concessional/tariff rate; broad amendments to Cenvat Credit Rules clarifying inputs and input services, limiting ship breaking credit and tightening reversals; re-drafted recovery, interest and penalty rules including an inserted first charge on defaulters' property; customs reforms include fused lower duty slabs to 2.5%, valuation changes for packaged software, new export/import duty adjustments, and introduction of a trust based self-assessment regime with accompanying procedural and electronic filing changes. Circulars Customs Mon, 28 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8541