TaxTMI 
TaxTMI 
Compounded Levy Scheme (Capacity based duty)
X X X X Extracts X X X X
X X X X Extracts X X X X
....etc. Central government had specified the goods through notification, upon which duty can be paid on the basis of the Compounded Levy Scheme. It had also specified the procedure for payment of duty, abatement allowable, interest and penalty payable etc. Vide Finance Act, 2015, Central government. has been empowered to specify more than one factor relevant to the production of such goods. Can ass....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cture of the above goods. Presently the rates of duty on the above goods are: 1.Stainless steel pattas/ patties - ₹ 40,000 per cold rolling machine per month; 2. Aluminium circles -Rs.12,000 per cold rolling machine per month; Subject to the process of cold rolling with the aid of cold rolling machine. Procedure to avail compounded levy scheme: 1. Submission of application: - * An ap....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o avail this procedure for a period of six months from the date of expiry of the period. 2. Duty liability: - * After the grant of application the duty shall be paid at the rate mention in the notification or at such revised rates as intimated from time to time. In case of revised rates the sum payable will be recalculated from the date of revision and differential duty will be payable if any o....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the details, otherwise he will be liable to pay duty on his entire production during the month at the rate prescribed in the 1st schedule of central excise with any relevant notification. * The superintendent shall also be intimated for any change in the number of cold rolling machine in writing. After making payment as per above procedure, the manufacturer does not have to follow any procedur....