Amendment of Act 8 of 2011.
156. In the Finance Act, 2011, with effect from the date of coming into force of that Act,––
(i) in section 73,––
(A) in the opening portion, for the brackets, words and letter "(hereinafter referred to as the Central Excise Tariff Act),––
(a) the First Schedule shall", the words ", the First Schedule shall" shall be substituted and shall be deemed to have been substituted;
(B) the brackets, letter and words "(b) the Third Schedule shall be amended in the manner specified in the Twelfth Schedule" shall be inserted and shall be deemed to have been inserted under the heading "Excise" as section 70A of the aforesaid Act.
(ii) in the Twelfth Schedule, for the brackets, words, figures and letter "[See section 73(b)] In the Third Schedule to the Central Excise Tariff Act", the following shall be substituted and shall be deemed to have been substituted, namely:––
"[See section 70A]
In the Third Schedule to the Central Excise Act".
Declaration under the Provisional Collection of Taxes Act, 1931
It is hereby declared that it is expedient in the public interest that the provisions of clauses 127, 128, 140, 141 and 151 of this Bill shall have immediate effect under the Provisional Collection of Taxes Act, 1931.
Notes on Clauses:
Clause 156 of the Bill seeks to amend the Finance Act, 2011 so as to provide for a deeming clause that with effect from the date of coming into force of the Finance Act, 2011, clause (b) of section 73 under the heading “Central Excise Tariff” shall be deemed to have been inserted as section 70A under the heading “Excise”. It further seeks to amend the Twelfth Schedule to the said Finance Act so as to substitute brackets, words, figures and letter “[See section 73(b)]
In the Third Schedule to the Central Excise Tariff Act” with the words “[see section 70A], In the Third Schedule to the Central Excise Act”.
This amendment will take effect from the date on which this Bill receives the assent of the President.
