HIGHLIGHTS

• Excise duty on travel by train has sought to be abolished.
• Reducing excise duty on reclaimed oil and introducing uniform rate of excise duty of Rs.2000/- for all grades of Asphalt / Bitumen.
• Levying 15% excise duty on international air travel Hajj fare / ticketing is exempt from the levy.
• Levy of excise duty @ 5% on non-fund services provided by financial services sector.
• Levying 5% excise duty on commission and brokerage of foreign exchange dealers, exchange companies and money changers.
• Levying 5% excise duty on ‘franchise’ services.
• Cable TV operators to pay Rs.25/- per connection per month as excise duty.
• Increasing retail price of cigarettes by 7% .
• Enhancing the rate of excise duty from 3% to 5% on Insurance Service.
• Excise duty on lubricating oil to be levied on retail price.
• Explicitly identifying telecommunication services in the First Schedule to the Excise Act.
• Introducing a consolidated return for sales tax and excise and prescribing annual return for corporate sector.
• Introducing the concept of electronic filing of return and other documents through e-intermediaries.
• Amending the Excise legislation to restrict the Collector (Appeals) to remand back a case for denovo consideration.
• Incorporating the enabling provisions in the Federal Excise Act, 2005 to monitor production through CCTV and technical experts.
• Amendment to prescribe time limit of ninety days for filing of revised return.
• Requiring the Cigarette manufacturers to print their name on the cigarette packets.
• Amending the excise legislation to disallow drawback of excise duty.
• Power to collect excise duty on minimum fixed price.
• Printing of retail price on imported cigarettes.
• Introducing the concept of Common Taxpayer Identification umber (CTIN).
• Granting one time extension up to 31 st December, 2006 of time limit for cases pending adjudication.
• Authorizing the Additional Collector to file appeal before the Appellate Tribunal and reference to the High Court.
• Seek to Improve the Working of ADRC.

AMENDMENTS

Definitions
Reduction in the Rate of Duty
Conditions for filing of Return
Time for filing of Revised Return
Power to Prohibit Payments
Duty at Higher of the Prices
Electronically Generated Sales
Time for Disposal of Cases
Powers of The Collector
Assessment of Tax
Administrative Changes
Powers to Postpone the Refunds
Procedural
Committee for Resolution
Committee Members