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Home Acts & Rules Bill Bills FINANCE (No. 2) BILL, 2014 Chapters List Chapter IV INDIRECT TAXES This

Clause 85 - Amendment of notification issued under section 25 of Customs Act - FINANCE (No. 2) BILL, 2014

FINANCE (No. 2) BILL, 2014
Chapter IV
INDIRECT TAXES
  • Contents
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Amendment of notification issued under section 25 of Customs Act

 

85. (1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 185 (E), dated the 17th March, 2012, issued under sub-section (1) of section 25 of the Customs Act, as specified in column (1) of the Second Schedule, shall stand amended and shall be deemed to have been amended, retrospectively, in the manner specified in column (2) of that Schedule, on and from and up to the corresponding date specified in column (3) of the said Schedule.

          (2) For the purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notification with retrospective effect as if the Central Government had the power to amend the said notification under sub-section (1) of section 25 of the Customs Act retrospectively, at all material times.

          (3) The refund shall be made of all such duty of customs which has been collected but which would not have been so collected, had the notification referred to in sub-section (1) been in force at all material times, subject to the provision of section 27 of the Customs Act.

          (4) Notwithstanding anything contained in section 27 of the Customs Act, an application for the claim of refund of duty of customs under sub-section (3) shall be made within the period of six months from the date on which the Finance (No. 2) Bill, 2014 receives the assent of the President.

          (5) No act or omission on the part of any person shall be punishable as an offence which would not have been so punishable had the notification referred to in sub-section (1) not been amended retrospectively.

          Explanation.— For the purposes of sub-section (1), the “corresponding date”, in relation to tariff items specified against S.No.141, means the 8th February, 2013 to 10th July, 2014 (both days inclusive).

 



 

Notes on Clauses:

Clause 85 of the Bill seeks to amend notification issued under sub-section (1) of section 25 of the Customs Act bearing number G.S.R. 185 (E), dated the 17th March, 2012 in the manner specified in the Second Schedule retrospectively with effect from 8th February, 2013 and up to 10th July, 2014 so as to exempt liquefied propane and butane mixture, liquefied propane, liquefied butane and liquefied petroleum gases (LPG) imported by the Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited or Bharat Petroleum Corporation Limited for supply to household domestic consumers or to non-domestic exempted category (NDEC) customers.

 
 
 
 

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