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# Increase in Baggage allowance - 25K to 35K for pax of Indian origin & 12K to 15K for children upto 10 yrs.
# Education Cess on CVD exempted. (Click here for copy of the Notification 13/2012 - Cus - E Cess & Notification 14/2012 - Cus - SHE Cess).
# Importer of specified goods to declare State of first sale of such goods and VAT Registration number - w.e.f. 1/5/2012 (Click here for copy of the Notification 21/2012 - Cus).
# Analogous provisions brought in Customs Act in respect of Arrest and Prosecution. Section 104 substituted and Section 104A introduced (Click here for the relevant Clause 120 & 121 of Finance Bill 2012).
# Section 28AAA introduced to facilitate demand on import using export promotion instruments. (Click here for the relevant Clause 116 of the Finance Bill 2012).
# Major Changes in Cenvat Credit Rules - effective from 1/4/2012 (Click here for copy of the Notification 18/2012 CE NT).
# Optional 5% payment on exempted goods and services under Rule 6 of CCR – increased to 6%.
# Removal of capital goods redefined – Refer Rule 3(5) & 3(5A) - the credit to be reversed either as per depreciation route or as per transaction value, whichever is higher – no distinction between used capital goods and scrap – to be effective from 17/3/2012.
# Cenvat Credit allowed on Capital goods and inputs to service providers based on documentary evidence for delivery at the location – No need to bring it to the registered premises. (Refer Rule 4(1) & 4(2) of CCR).
# Rule 5 refund simplified; New Formula [{(Export turnover of goods + Export turnover of Services) * Net Cenvat Credit} / Total turnover] – one year transition period permitted to stay with old provisions.
# Rule 6(3C) – 20% reversal for insurance and reinsurance service provider dispensed with – to fall in line with Rule 6 obligation.
# ISD Restricted – Credit attributable to a specific unit should be distributed only to that unit – Common credit to be distributed proportionately based on turnover (Refer Rule 7 of CCR).
# Rule 10 A introduced to facilitate transfer of unutilised SAD credit at the end of a quarter to other units of the same manufacturer.
# P-AND-OR-A box opened by Supreme Court is closed – Interest only if Cenvat Credit is wrongly taken and utilised – Penalty remains for even wrong taking. (Refer Rule 14 of CCR).
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