The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised custom duty rates as per the proposals in the Union Budget 2023. In regard to exemption of blended CNG, the following conditions were laid down that the manufacturers of such blended CNG shall:
- (i) maintain detailed records regarding the quantum of Biogas or CBG blended with CNG, along with the value thereof, at the registered premises;
- (ii) submit a reconciliation statement, certified by the statutory auditor to the jurisdictional Commissioner of Central Excise by 10th of the month following every quarter; and
- (iii) pay the short-paid duty of excise along with applicable interest after such reconciliation.
Read More: Taxscan
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