Ordnance factories need not file Annual Financial Statements
As per Rule 12 of the Central Excise Rules, “every assessee shall submit to the Superintendent of Central Excise, an Annual Financial Information Statement for the preceding financial year to which the statement relates in the form specified by notification by the Board by 30th day of November of the succeeding year”
But assesses who paid less than One Crore rupees duty in PLA in the preceding year need not submit this statement. Now the Indian Ordnance Factories, Department of Defence Production, Ministry of Defence are also exempted from the operation of this rule.
NOTIFICATION NO. , Dated: August 1, 2006