TaxTMI 
TaxTMI 
Special procedure for dealing with Excess/Shortages of Iron & Steel Products at the Stockyard / Depots of Integrated Steel Plants/their Consignment Agents
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....he Committee on Disputes (CoD) in the Cabinet Secretariat, when the CoD desired that an enduring solution to the problems arising from such issues should be provided by the Board keeping in view the valid factors leading to such "Excesses/shortages" of Iron and Steel Products. 2. The matter has been examined by the Board in consultation with the Directorate General of Inspection (Customs & Central Excise). The variations in the weight of the materials as despatched from the plants and as finally sold from the stockyards/depots are considered inevitable considering the mill-scale tolerances, Mix-up of Wagon lots etc. The following procedure is specified for accountal and determining of duty liability/credit, if any, on the Excess/Shortages ....
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....he opening stock, receipts and issues the unadjusted closing stock will be arrived for each account. Net Excess/shortage in respect of each account would then be derived from the "Wagon Close Indicator" or similar indicator, i.e. an extract would be made of all receipts and issues pertaining to the closed wagons/vehicles so that the net differential weight and duty can be determined for that product on annual basis. For sake of clarity it is reiterated that if part wagon/vehicle quantity is remaining unsold, the concerned wagon/vehicle will not be reckoned both in receipts and issues for the year and as and when the wagon/vehicle quantity is fully sold out, the receipts and issues of the whole wagon/vehicle would get accounted in that year ....
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....paid at the end of the year as above, the Modvat availment by the customers who buy from the stockyards/depots will be as per the invoice of the stockyards/depots only. In other words, no further modvat credit to the buyers will be allowed on account of payment of such differential duty. 3. Any difficulties noticed while following the above procedure should be brought to the notice of the Board along with specific suggestions, if any. Sd/- (P K Sinha) Under Secretary (CX.6) Annexure - I Format of the Special Register (Circular No. ---------------------/----/99-CX dated ------------------- September 1999) Name of the Plant : Address of the Stockyard/Depot : Product Name : Excise Range of the Plant : (with complete address) Excise Ran....