Exemption to fuel supplied for consumption on board a vessel of the Indian Navy
The Government has exempted Fuels falling under Chapter Heading 2710 manufactured and supplied by Indian Oil Corporation Limited as stores for consumption on board a vessel of the Indian Navy or Coast Guard; or procured by Indian Oil Corporation Limited from any other manufacturer of the said fuels and supplied as stores for consumption on board a vessel of the Indian Navy or Coast Guard subject to the conditions that
1. Indian Oil Corporation Limited obtains registration under rule 9 of the Central Excise Rules, 2002, with the Assistant Commissioner or Deputy Commissioner of Central Excise having jurisdiction over the concerned supply point;
2. maintains records of receipt and supplies of these fuels;
3. submits a monthly reconciliation statement to and proves to the satisfaction of the jurisdictional central excise officer that such fuels have been supplied as stores for consumption on board a vessel of Indian Navy or Coast Guard; and
4. Failing which Indian Oil Corporation Limited pays the excise duty leviable on fuels not properly accounted for along with interest.
NOTIFICATION No. Dated :November 1, 2007