TaxTMI 
TaxTMI 
TaxTMI 
Manufacture and supply of fuel by IOC to Indian Navy or Coast Guard shall be exempt from excise duty
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....anufacture and supply of fuel by IOC to Indian Navy or Coast Guard shall be exempt from excise duty <br>News and Press Release<br>Dated:- 8-11-2007<br><BR>Central Government has issued a notification ....
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....no.37/2007-central excise date 1-11-2007 to amend notification no. No.64/95-Central Excise, dated the 16th March, 1995 to grant the exemption of Fuels falling under Chapter Heading 2710 subject to: I....
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....f,- (a) manufactured and supplied by Indian Oil Corporation Limited as stores for consumption on board a vessel of the Indian Navy or Coast Guard; or (b) procured by Indian Oil Corporation Limited f....
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....rom any other manufacturer of the said fuels and supplied as stores for consumption on board a vessel of the Indian Navy or Coast Guard: Provided that- (i) Indian Oil Corporation Limited obtains regi....
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....stration under rule 9 of the Central Excise Rules, 2002, with the Assistant Commissioner or Deputy Commissioner of Central Excise having jurisdiction over the concerned supply point; (ii) maintains r....
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....ecords of receipt and supplies of these fuels; (iii) submits a monthly reconciliation statement to and proves to the satisfaction of the jurisdictional central excise officer that such fuels have be....
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....en supplied as stores for consumption on board a vessel of Indian Navy or Coast Guard; and (iv) failing which Indian Oil Corporation Limited pays the excise duty leviable on fuels not properly accoun....
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....ted for along with interest."<BR> News - Press release - PIB....