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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2012 Chapters List Statements - Notes - Memorandum This

Notes - Notes on clauses - Central Excise Tariff - FINANCE BILL, 2012

FINANCE BILL, 2012
Statements - Notes - Memorandum
  • Contents

Central Excise Tariff

     Clause 141 of the Bill seeks to amend the First Schedule to the Central Excise Tariff Act in the manner specified in the Seventh Schedule so as to,—

           (a) align the classification of certain entries with that of revised ISRI code of classification;

           (b) incorporate changes in description of certain tariff items;

           (c) revise tariff rates in respect of certain tariff items;

           (d) insert Chapter Notes relating to classification of certain tariff items and to deem that certain processes shall amount to manufacture.

     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 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”, with retrospective effect from the 29th June, 2010.

          Sub-clause (2) of the said clause seeks to validate any action taken for the recovery of duty of excise during the period commencing from the 29th June, 2010 and ending with the date on which the Finance Bill, 2012 receives the assent of the President.

     It further seeks to provide a time limit of one month to pay the duty of excise and in case of failure, interest at the rate of twenty-four per cent. per annum shall be payable along with the duty of excise.

     It also seeks to provide that in computing the amount 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.

 
 
 
 

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