TRADE NOTICE NO. :   37/2004 - CE

Subject:- Rounding off the transactions of CBEC

As per Rule 17 Appendix II of Controller General of Accounts Receipt and payment Rules, the Govt. transactions should be rounded off to the nearest rupee i.e. transactions involving fifty paise and above may be rounded off to next higher rupee and less than fifty paise be ignored. Section 37-D of the Central Excise Act,1944 also provides for rounding off of the amount of duty, interest, penalty, fine or any other sum payable to the govt. to the nearest Rupee.  By virtue of Section 83 of the Finance Act,1994 the provisions of Section 37D of the Central Excise Act,1944 are applicable to Service Tax matters also.

All  trade associations are requested to give wide publicity to the contents of the above mentioned para amongst their members / constituents.

 -sd/-

                                                                             ( K.K.SHARMA )

                                                                            COMMISSIONER

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