TMI BlogAmendment of Chapter Notes to Chapter 54 of First ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... the 29 th day of June, 2010, namely: "1A. Notwithstanding anything contained in Note 1, man-made fibre such as polyester staple fibre and polyester filament yarn manufactured from plastic and plastic waste including waste polyethylene terephthalate bottles shall be classified as textile material under Chapter 54 or Chapter 55, as the case may be.". (2) Any action taken or an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , assessed or collected as if the amendment made by sub-section (1) had been in force at all material times; (b) recovery shall be made of all the duties which have not been paid, but would have been paid had the amendments made by sub-section (1) been in force, within a period of thirty days from the date on which the Finance Bill, 2012 receives the assent of the President and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or omission on the part of any person shall be punishable as an offence which would not have been so punishable had this section not come into force.". - Clause 142 of the Bill seeks to insert a new Chapter Note 1A in Chapter 54 of the Central Excise Tariff Act so as to provide that notwithstanding anything contained in Note 1, man-made fibre such as polyester staple fibre and polyester fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of duty which is recoverable as above, the assessee shall be entitled to take into account the benefit of CENVAT Credit under the CENVAT Credit Rules, 2004, if the same has not been availed by such assessee for reason of such goods being treated as non-excisable or exempted goods. This amendment will take effect from the date on which this Bill receives the assent of the President. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
