The Hindu : Special order for excise clearance on budget day

Online edition of India's National Newspaper
Sunday, Feb 24, 2002

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Special order for excise clearance on budget day

By Our Special Correspondent

NEW DELHI FEB. 23 . With the general budget 2002-03 scheduled for presentation at 11 a.m. on February 28, the Finance Ministry has issued special directions for excise clearance of industrial goods on that day. Special orders have to be issued for budget day since any changes in excise duties announced by the Finance Minister come into effect from midnight and, therefore, no clearances are allowed in the normal course from the time the Minister starts reading the budget till midnight.

For this year, a `physical control' system is being imposed from the time of the presentation of the budget which will remain in force till midnight.

However, as a measure of simplification, there will be no requirement of declaring stocks of goods at 6 p.m. on the day preceding the budget.

The permission for removal of goods after 11 a.m. on budget day will be granted by the Commissioner of Central Excise subject to the necessary condition that the assessee undertakes in writing to pay duty at enhanced rate, if any, that may be applicable to such goods with effect from March 1, 2002. The assessee will also have to comply with specific conditions that the Commissioner might specify.

Assessees intending to remove goods after 11 a.m. on February 28 will be required to make an application in the prescribed form to the Central Excise Officer before 5 p.m. on February 27

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