Global Tax Guru: For Mega Power Project status provisional, condition is being amended to prescribe furnishing of bank guarantee or fixed deposit receipts for a period of 66 months.

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Monday, March 02, 2015

For Mega Power Project status provisional, condition is being amended to prescribe furnishing of bank guarantee or fixed deposit receipts for a period of 66 months.

S. No. 338 of Notification No. 12/2012-Central Excise dated17-3-2012 provided Nil excise duty on goods for setting up of Mega Power Project specified in List No. 11 of the said Notification.

In case of goods for a Project for which certificate regarding Mega Power Project status is provisional, the exemption is subject inter alia to condition that the Chief Executive Officer of the Project furnishes a bank guarantee or fixed deposit receipt for a term of 36 months or more.

This condition is being amended to prescribe furnishing of bank guarantee or fixed deposit receipts for a period of 66 months. Condition No. 43(b) of Notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification No.12/2015-Central Excise, dated 1st March, 2015 refers.

Global Tax Guru

I did my graduation from IIT Delhi ,Post Graduate Diploma in Supply Chain and Logistics from LIBA Chennai and LLB from CCSU,Meerut.Worked five years in the BHEL then fifteen years in the Customs department.Currently practicing as Indirect Tax Consultant.