Sunday, September 28, 2008

Rules regarding provisional assessment

Under Rule 7 of central excise rules 2002
An assessee can request for provisional assessment of excisable goods after his request by assistant commissioner accept his request and this assessment is called provisional assessment .
Circumstances of Provisional assessment
He has not sufficient document
He could not classify the goods.

Main rules under rule 7
1st rule
If he want to make provisional assessment he writes its reason and send report to c.e.o.

2nd Rule
If security of payment of excise duty
Provisional duty → Rs. 100000
Final duty → Rs. 150000
Security → of Rs. 50000
3rd Rule
C.E.O. pass the order of final assessment with in six month after P.A.
4th Rule
If assessee does not pay final duty . He will pay 24% interest per year as penalty .
5th Rule
Government will pay 15% interest on refund amount . It is payable till the date of refund.

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