Changes which are become effective from 14th May 2015 (i.e. the date on which Finance Bill received Presidential Assent) are summarised below:-
Amendments in the Central Excise Act, 1944
- Section 11A stands amended as follows:
(i) category of cases where extended period of time applies but the transactions are recorded in the specified record, will be removed from the statute,
(ii) provision relating to relevant date also amended to provide definition of relevant date in respect of cases where a return is not filed on the due date and where only interest is required to be recovered,
(iii) provisions of section 11A will not apply to cases where the non-payment or short payment of duty is reflected in the periodic returns filed and that in such cases recovery of duty will be made in such manner as may be prescribed in the rules.