Mandatory e-filing of excise duty returns likely for all
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The Central Board of Excise and Customs (CBEC) is considering making electronic filing mandatory for excise duty payment. An official source told The Indian Express that the present duty cap of Rs 10 lakh for e-filing is likely to be done away with and all the assesses may have to file returns electronically.
"We are working out the modalities. We want to improve compliance and minimise the intervention of officials to reduce errors. This will also reduce the work load of the department as a large number of returns are filed," the official said.
As per the government data, there were 1,13,482 assesses registered for excise duty payment as on May 15, 2012. Only manufacturers having a turnover of more than Rs 1.5 crore have to pay the central excise duty.
The move will also help taxpayers as they will not have to go to the centres for filing returns. At present, there are manufacturers, export-oriented units, registered dealers, among others who have paid central excise duty of Rs 10 lakh or more (including payment by utilisation of Cenvat credit) in the previous financial year will have to file their annual financial information statement, form ER4, electronically.
Manufacturers have to file a monthly return of information relating to principal inputs under form ER6 in electronic format.
"This will definitely save a lot of time of manufacturers. Industry as a whole will benefit form this," Sanjay Budhia, head of national committee of export and import of the CII.
The CBEC is upgrading its system for taking the load of e-filing and the announcement would be made as soon as the system is ready. Electronic filing will also help the department in expeditious audit and processing of the returns. (The Indian Express)
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