E-filing of excise duty returns must for all
Updated: May 10, 2013 06:33:47pm
According to an official, the board would like to improve compliance and minimise the intervention of officials to reduce errors. It could also reduce the work load of the department as a large number of returns are filed every year.
Last year, almost 1, 13, 482 assesses registered for payment of excise duty. Among them, only manufacturers having a turnover of more than Rs 1.5 crore need to pay the central excise duty.
As far as companies are concerned they have to file a monthly return of information relating to principal inputs under form ER6 in an electronic format.
With the help of e-filling, taxpayers need not visit the centres for filing returns.
Presently, there are manufacturers, export-oriented units, and registered dealers, among others who have paid central excise duty of Rs 10 lakh or more in 2012-13, who will have to file their annual financial information statement electronically.
The new system for taking the load of e-filing and the announcement would be made as soon as CBEC has the system ready. (KNN)