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Bill - Memorandum Explaining the Provisions in The Finance Bill, 2017 - Bill - Note: Basic Duty means the duty set forth in the First Schedule to the Central Tariff Act, 1985. I. AMENDMENTS IN THE CENTRAL ACT, 1944: S. No. Amendment Clause of the Finance Bill, 2017 1. Clause (e) of section 23A is being amended so as to substitute the definition of Authority to mean the Authority for Advance Ruling as constituted under section 245-O of the Income-tax Act, 1961. [111] 2. Section 23B relating to va .....

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rted so as to provide for transferring the pending applications before the Authority for Advance Rulings (Central , Customs and Service Tax) to the Authority constituted under section 245-O of the Income-tax Act from the stage at which such proceedings stood as on the date on which the Finance Bill, 2017 receives the assent of the President. [115] 6. Section 32E is being amended so as to insert a new sub-section (5) therein to enable any person, other than assessee, referred to in sub-section (1 .....

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nvolving change in the rate of Basic duty Rate of Duty Commodity From To A. Tobacco and Tobacco Products 1. Cigar and cheroots 12.5% or ₹ 3755 per thousand, whichever is higher 12.5% or ₹ 4006 per thousand, whichever is higher 2. Cigarillos 12.5% or ₹ 3755 per thousand, whichever is higher 12.5% or ₹ 4006 per thousand, whichever is higher 3. Cigarettes of tobacco substitutes Rs.3755 per thousand Rs.4006 per thousand 4. Cigarillos of tobacco substitutes 12.5% or ₹ 37 .....

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ange in the rate of Additional duty under Finance Act, 2005 B. Pan Masala 6. Pan Masala 6% 9% C. Tobacco and Tobacco Products 7. Unmanufactured tobacco 4.2% 8.3% Amendments involving change in the rate of Basic duty 8. Paper rolled biris - handmade Rs.21 per thousand Rs.28 per thousand 9. Paper rolled biris - machine made Rs.21 per thousand Rs.78 per thousand D. Renewable Energy 10. Solar tempered glass for use in solar photovoltaic cells/modules, solar power generating equipment or systems, fla .....

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ts for Wind Operated Energy Generators [WOEG], subject to actual user condition 12.5% Nil 13. All items of machinery generating systems to demonstration purposes required be set for up fuel cell based in the country power or for 12.5% 6% 14. All items of machinery required for balance of systems operating on biogas/bio-methane/by-product hydrogen 12.5% 6% E. Miscellaneous 15 Membrane Sheet and Tricot/Spacer for use in manufacture of RO membrane element for household type filters, subject to actu .....

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TM as per standards version 1.5.1, Finger Print Reader/Scanner or Iris Scanner, subject to actual user condition Applicable duty Nil 20. a. Waste and scrap of precious metals or metals clad with precious metals arising in course of manufacture of goods falling in Chapter 71 b. Strips, wires, sheets, plates and foils of silver c. Articles of silver jewellery, other than those studded with diamond, ruby, emerald or sapphire d. Silver coin of purity 99.9% and above, bearing a brand name when manufa .....

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