Global Tax Guru: Goods manufactured domestically and supplied against International Competitive Bidding are eligible for full excise duty exemption provided that such goods when imported attract Nil Basic Customs Duty and Nil CVD

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Monday, March 02, 2015

Goods manufactured domestically and supplied against International Competitive Bidding are eligible for full excise duty exemption provided that such goods when imported attract Nil Basic Customs Duty and Nil CVD

This is as per S.No.336 of notification No.12/2012-Central Excise dated 17.03.2012 read with Condition No.41.
The condition is being amended so as to provide that if imported goods are eligible for Nil Basic Customs Duty and Nil CVD subject to certain conditions, then the said conditions shall also apply mutatis mutandis to such goods when manufactured domestically and supplied against International Competitive Bidding for the purposes of availing of the said excise duty exemption. Condition No.41 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.