Central Excise Cenvat Credit Rules – Traders Must Know
Central Excise Cenvat Credit Rules Traders Must Know
Central Board of Excise and Customs or CBEC is the governing authority of India that exercises the right to formulate and implement policies related to the Import export trade. CBEC is also responsible for promoting foreign trade in the country and take measures to cease the unacceptable practices prevalent in the industry.
Even the most influential countries need resources from other nations to support all the demands of the citizens. This is why, Nations promote import-export business and facilitate cross border trading by formulating policies and guidelines to favour the trade. In India the guidelines and policies of the international business are formulated by major government agencies that are largely involved in the trade. The government boards involved in the import-export trade include Central Board of Excise and Customs, Director General Foreign Trade (DGFT), RBI and other major financial boards. All these organizations work in co-ordination to encourage the functionality of foreign trade in the country.
Besides all the governing authorities, CBEC is the sole authority concerning the regulation of important trade. Major responsibilities of CEBC include collection of taxes (Customs and Central Excise duties), and policy formulation. Another important task handled by this board includes prevention of objectionable practices like smuggling and foster punishment to those who are found guilty. The different functions of CEBC are administered by its eminent subordinate organizations namely Custom Houses, Central Excise Commissionerates and the Central Revenues Control Laboratory.
Central Excise Rules
Central Excise board is the ruling authority, exercising control over the Exports trade. It levies excise duties that are impeccable for exporting any goods or products across the territorial borders of the country. Another important task of this board includes the conception of guidelines and policies known as Central Excise Rules. Any exporter, exporting goods out of the country has to abide by these rules to carry out his trade smoothly.
CENVAT Credit Rules, 2002, formulated by the CE board were enforced in the import export trade of India from 1st of March, 2002. This rule has segregated the Capital goods as all the goods falling under Chapter 82, Chapter 84, Chapter 85, and Chapter 90, heading No. 68.02 and sub-heading No. 6801.10 of the First Schedule to the Tariff Act. Further the list includes pollution control equipments; components, spares and accessories of the goods specified at (i) and (ii) above; moulds and dies; refractories and refractory materials; tubes and pipes and fittings thereof; and storage tank. For more details on the entire import export commodity, regulations, acts, tariffs, HS-code, and other such relevant information you can visit infodriveindia.com. Infodrive India is a complete online database. This authentic database collected from genuine sources is available for the international traders at very affordable prices.
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