Introduction Highlights Economic Scenario Income Tax Ordinance
Sales Tax Act Central Excise Act Customs Act Self Assessment Scheme
Federal Excise Act, 2005
   
Monthly filing of return
Return for change in rate of duty
Revised return
Zero rate of duty
Draw back of duty
Adjustment of excise duty paid
Condition to take adjustment
Default surcharge
Rate of default surcharge
Value of goods
Value of services
Value of imported goods
Value of goods sold at retail price
Indication of retail price
Not required for sales tax registered
Limit for recovery of unpaid duty
Minimum period for record keeping
Prescribed records
Requirements as to invoices
No separate invoice for tax & duty
Failure to file a return
For manipulation in stored data
If retail price is not indicated
Evasion of duty on cigarettes
Power to arrest and prosecute
Register of Arrests and Detention
Officers shall assist Excise Officers
Power to seize
Confiscation of cigarettes
Cigarettes seized on evasion of duty
Power to release seized conveyance
Appointment of excise officers
Power of adjudication
Minimum time to decide the case
Appeals to Collector (Appeals)
Appeals to the Appellate Tribunal
Appeals to High Court
Power to rectify mistakes in orders
Alternate Dispute Resolution
Claim in respect of refund of duty
Claim for admissible adjustments
Basis of computation of period
Access to records of excise staff
Postings of excise staff
Departmental Audit
Power of Collector to conduct audit
Further proceedings may abate
Appointment of audit firm
Composite audit 		It is proposed in the bill to repeal the Central excise Act, 1944 which will be replaced by Federal Excise Act, 2005. Highlights of the proposed new Act are summarized below:

Layout of the Act

The Act has been divided into seven chapters and has three schedules dealing with excisable and exempted goods and services. There are total forty eight sections to the new Act.

Objective

To simplify and modernize the tax statues, the government is replacing the existing Central Excise Act 1944 with the new Federal Excise Act, 2005.

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