NEW FORMAT FOR ER-1 & ER-3 EXCISE RETURNS ISSUED

Following the functioning of Large Tax Payers Unit (LTUs) from October 1, the department of revenue has issued a revised format for ER-1 and ER-3 returns for all Central Excise assessees on October 12, 2006. The ER1 and ER3 return forms are applicable for all assessees, including large taxpayers. In the new format, the department has included new tables to get information on inter unit movements of intermediate goods of large taxpayers who have opted for LTU. Similarly, the excess CENVAT Credit transfer to deficient transfer are also sought in the new form. A large taxpayer has the option to transfer any excess CENVAT credit (of Central Excise Duty or Service Tax) accumulated in one manufacturing unit or service providing unit to any other unit under cover of a transfer voucher under rule 12A(4) of the CENVAT Credit Rules, 2004. Self-adjustment of excess duty paid through CENVAT credit account must be reported to the excise office. Other details such as credit taken on imported inputs, and credit taken on imported capital goods, are also being sought from all central excise assessees.