PART VI
REPEAL OF THE RESEARCH AND DEVELOPMENT CESS ACT, 1986.
Commencement of this Part.
139. The provisions of this Part shall come into force on the 1st day of April, 2017.
Notes on Clauses:
Clauses 139 to 142 of the Bill seek to repeal the Research and Development Cess Act, 1986.
The Research and Development Cess Act, 1986 provides for the levy and collection of a cess on all payments made for the import of technology for the purposes of encouraging the commercial application of indigenously developed technology and for adapting imported technology to wider domestic application and for matters connected therewith or incidental thereto.
It is proposed to repeal the said Act, and to make budgetary allocation for Research and Development.
This amendment will come into force from 1st April, 2017.
