Revised ER-1 & ER-3 returns – Board clarifies.
As already reported by us the ER1 and ER3 forms have been changed - - 16 10 2006. Now the Board has explained the salient features of the changes:-
1. The revision of the formats has been necessitated following the setting up of the first Large Taxpayer Unit (LTU) in Bangalore. It may, however, be noted that the revised ER 1 return form is applicable for all assessees (large taxpayers and others), although the additional details to be provided by a large taxpayer, have been separately indicated with an asterix.
2. Two new tables have been introduced at Sr. Nos. 4 & 5 of ER-1 return, for seeking information from a large taxpayer who has opted for LTU. Table at Sr. No. 4 seeks information regarding the clearance details of intermediate goods without payment of duty under sub-rule (1) of rule 12BB of the Central Excise Rules, 2002. Similarly, table at Sr. No. 5, seeks details of intermediate goods received from other premises under sub-rule (1) of rule 12 BB of the Central Excise Rules, 2002.
3. The table at Sr. no. 7 seeks the abstract of Account Current (Cash payment details) and its utilization. This table also captures the details of self-adjustment of excess duty paid by large taxpayers. The information sought in this table is applicable to all central excise assessees.
4. Certain changes have been introduced in the table at Sr. No. 8, which gives details of the CENVAT Credit taken and utilized.
5. Similar changes have also been made in the ER-3 return, which are applicable to all SSI Units filing quarterly returns.
6. The new format of ER-1 return is applicable from the month of October 2006, i.e. in respect of the return to be filed in November 2006.
Board wants the field to give wide publicity so that the assessees are aware of the changed requirements of the law.
But we had raised a question –
And incidentally, is the Finance Ministry not aware of the enactment of the Finance Bill 2005? ADE is defined in the forms as ADE levied under clause 85 of Finance Bill, 2005. Hasn’t the Finance Bill become the Finance Act? Are they aware that Finance Bill 2005 simply dopes not exist now?
No answer yet to this.
CIRCULAR NO. , Dated: October 25, 2006