Retrospective amendment of certain entries in First Schedule.
119. In the Central Excise Tariff Act, in the First Schedule, in Chapter 87, in column (4), for the entry “27%” occurring against tariff items 8702 90 21, 8702 90 22, 8702 90 28 and 8702 90 29, the entry “12.5%” shall be substituted and shall be deemed to have been substituted retrospectively with effect from the 1st day of January, 2017.
Notes on Clauses:
Clause 119 of the Bill seeks to amend the First Schedule to the Central Excise Tariff Act so as to substitute excise duty on motor vehicles falling under tariff items 8702 90 21, 8702 90 22, 8702 90 28 and 8702 90 29 retrospectively with effect from the 1st day of January, 2017.
