EXCISE Basic Excise duty rate has been changes from 12% to 12.50 % .However Education cess and Secondary & Higher Education Ces...
EXCISE
Basic Excise duty rate has been changes from 12% to 12.50 % .However Education cess and Secondary & Higher Education Cess has been removed .
Unless otherwise stated, all changes in rates of duty take effect from the midnight of 28th February / 1st March, 2015.
The remaining legislative changes would come into effect only upon the enactment of the Finance Bill, 2015. Retrospective amendment in the notification issued under the Central Excise Act shall have the force of law only upon the enactment of the Finance Bill, 2015 but with effect from the date indicated in the relevant clause or Schedule. These dates may be carefully noted.
1) Education Cess levied on all excisable goods as a duty of excise under section 91 read with section 93 of the Finance Act, 2004 is being fully exempted. In this regard, notification No.14/2015-Central Excise dated 1st March, 2015 refers. Similarly, Secondary & Higher Education Cess leviable on excisable goods as a duty of excise under section 136 read with 138 of the Finance Act, 2007 is also being fully exempted. In this regard, notification No.15/2015-Central Excise dated 1st March, 2015 refers.
2) Simultaneously, the standard ad valorem rate of duty of excise (i.e. CENVAT) is being increased from 12% to 12.5%. Specific rates of Basic Excise Duty on petrol, diesel, cement, cigarettes & other tobacco products (other than biris) are also being suitably changed. In this regard, the First Schedule to the Central Excise Tariff Act, 1985 as amended by Clause 104 of the Finance Bill, 2015 refers. These changes will come into force with immediate effect owing to a declaration under the Provisional Collection of Taxes Act, 1931. Also, see S.Nos.42, 43, 45, 50, 51, 52, 53, 90, 107, 205A, 244, 273, 278, 279, 281, 285, 286, 287, 288 and 289 of notification No.12/2012-Central Excise, dated 17th March, 2012 as amended by notification No.12/2015-Central Excise dated 1st March, 2015 refers.
3) Other Basic Excise Duty rates (ad valorem as well as specific) with a few exceptions are not being changed.
4) Notifications No.13/2012-Customs and No.14/2012-Customs both dated 17th March, 2012 exempt Education Cess and Secondary & Higher Education Cess leviable as CVD on imported goods. Since Education Cess and Secondary & Higher Education Cess leviable on excisable goods are being exempted in general, there will be no corresponding levy as CVD on imported goods. Hence, these notifications are being rescinded. In this regard, notification
No.9/2015-Customs dated 1st March, 2015 refers.
5) S.No.1A and 1B of notification No.23/2003-Central Excise, dated 31.03.2003 exempt the Customs component of Education Cess and Secondary & Higher Education Cess. Since Education Cess and Secondary & Higher Education Cess leviable on excisable goods are being fully exempted, there will be no levy of these Cesses either on CVD while calculating the aggregate of the duties of customs or on excise duty leviable under the proviso to section 3 of the Central Excise Act, 1944. Therefore, the entries S.No.1A and 1B are being omitted.
Also, the entries at S.No.5A, 6 and 7A are being amended so as to substitute the rate of 12% with 12.5%.
Notification No.16/2015-Central Excise dated 1st March, 2015 refers.
6) Notifications No.28/2010-Central Excise and No.29/2010-Central Excise, both dated 22nd June, 2010 exempt the levy of Education Cess and Secondary & Higher Education Cess on the clean energy cess leviable on coal. Since Education Cess and Secondary & Higher Education Cess are being exempted on excisable goods in general, notifications No.28/2010- Central Excise and No.29/2010-Central Excise, both dated 22nd June, 2010 are being rescinded.
Notification No.17/2015-Central Excise dated 1st March, 2015 refers.
7) The rate of excise duty applicable to goods covered by the Medicinal and Toilet Preparations Act, 1955 is being increased from 12% to 12.5% ad valorem. In this regard, notification No.1/2015-M&TP dated 1st March, 2015 refers.
8) There is no change in Education Cess leviable on imported goods under section 91 read with section 94 of the Finance Act, 2004 as a duty of customs and Secondary & Higher Education Cess leviable on imported goods under section 136 read with 139 of the Finance Act, 2007 as a duty of customs. These Cesses shall continue to be levied on imported goods.
Chapter 1 to 3: No change.
Chapter 4:
1) Excise duty of 2% without CENVAT credit or 6% with CENVAT credit is being levied on condensed milk [0402 91 10 and 0402 99 20] put up in unit containers. Notification No.1/2011-Central Excise, dated 1st March, 2011 as amended by notification No.7/2015- Central Excise dated 1st March, 2015 [new S.No.1A] and notification No.2/2011-Central
Excise, dated 1st March, 2011 as amended by notification No.8/2015-Central Excise dated 1st
March, 2015 [new S.No.1A] refer. Condensed milk [0402 91 10 and 0402 99 20] is also being notified under section 4A of the Central Excise Act for the purpose of valuation with reference to the Retail Sale Price, with an abatement of 30%. Notification No.49/2008- Central Excise (N.T.), dated 21.12.2008 as amended by notification No.3/2015-Central Excise (N.T.) dated 1st March, 2015 [new S.No.1A] refers. Condensed milk, other than put up in unit containers will continue to be exempt from excise duty. S.No.1 of notification No.12/2012-Central Excise, dated 17th March, 2012, as amended by notification No.12/2015- Central Excise dated 1st March, 2015 refers.
Chapter 5 to 19: No change.
Chapter 20:
1) Excise duty of 2% without CENVAT credit or 6% with CENVAT credit is being levied on peanut butter [2008 11 00]. S.No.14 of notification No.1/2011-Central Excise, dated 1st March, 2011 and S.No.13A of notification No.12/2012-Central Excise, dated 17th March,
2012 as omitted by notification No.12/2015-Central Excise dated 1st March, 2015 refer.
Chapter 21:
1) All goods falling under Chapter sub-heading 2101 20, including iced tea, are being notified under section 4A of the Central Excise Act for the purpose of assessment of Central Excise duty with reference to the Retail Sale Price with an abatement of 30%. Notification No.49/2008-Central Excise (N.T.), dated 21.12.2008 as amended by notification No.3/2015- Central Excise (N.T.) dated 1st March, 2015 [new S.No.16A] refers. The Third Schedule to the Central Excise Act, 1944 is also being amended so as to include therein all goods falling under Chapter sub-heading 2101 20, including iced tea. Clause 103 of the Finance Bill, 2015
refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, these changes will come into force with immediate effect.
Chapter 22:
1) All goods falling under heading 2202 [other than mineral waters and aerated waters which attract abatement of 45% and 40% respectively] are being notified under section 4A of the Central Excise Act for the purpose of assessment of Central Excise duty with reference to the Retail Sale Price with an abatement of 35%. Notification No.49/2008-Central Excise (N.T.), dated 21.12.2008 as amended by notification No.3/2015-Central Excise (N.T.) dated 1st March, 2015 [newly inserted S.No.25A and omitted S.No.121, 122, 123 and 124] refer. The Third Schedule to the Central Excise Act, 1944 is also being amended so as to include
therein all goods falling under Chapter heading 2202. Clause 103 of the Finance Bill, 2015 refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, these changes will come into force with immediate effect.
2) Excise duty on “waters, including mineral waters and aerated waters, containing added sugar or other sweetening matter or flavoured” falling under Chapter sub-heading 2202 10 is being increased from 12% to 18%. Clause 104 of the Finance Bill refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, this increase will come into force with immediate effect. Simultaneously, the entry in the Seventh Schedule to the Finance Act, 2005 relating to levy of additional duty of excise @ 5% on these goods is being omitted. Clause
184 of the Finance Bill, 2015 refers. Notification No.6/2005-Central Excise, dated 1st March,
2005 as amended by notification No.9/2015-Central Excise dated 1st March, 2015 [new
S.No.1A] prescribes Nil rate of additional duty of excise on such goods till the enactment of the Finance Bill, 2015.
Chapter 24:
1) Basic Excise Duty rate on cigarettes and other products of tariff heading 2402 is being increased. Clause 104 of the Finance Bill, 2015 refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, these changes will come into force with immediate effect. There is no change in NCCD leviable under Seventh Schedule to the Finance Act, 2001 and Additional Duty (health cess) under Seventh Schedule to the Finance
Act, 2005. The changes in basic excise duty rates on cigarettes are summarized below.
Tariff
Item
|
Description
(length in mm)
|
BED
Rs. per 1000 sticks
(Existing Rate)
|
BED
Rs. per 1000 sticks
(New Rate)
|
24022010
|
Non filter not exceeding 65
|
990
|
1280
|
24022020
|
Non-filter exceeding 65 but not exceeding 70
|
1995
|
2335
|
24022030
|
Filter not exceeding 65
|
990
|
1280
|
24022040
|
Filter exceeding 65 but not exceeding 70
|
1490
|
1740
|
24022050
|
Filter exceeding 70 but not exceeding 75
|
1995
|
2335
|
24022090
|
Other
|
2875
|
3375
|
2) Excise duty on cut tobacco is being increased from Rs.60 per kg to Rs.70 per kg. Clause 104 of the Finance Bill, 2015 refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, the increase will come into force with immediate effect.
3) Maximum speed of packing machine for packages of notified goods of various retail sale prices is being specified as a factor relevant to production for determining excise duty payable under the Compounded Levy Scheme presently applicable to pan masala, gutkha and chewing tobacco. In this regard, section 3A of the Central Excise Act, 1944 is being amended to insert an Explanation so as enable the Central Government to specify more than one factor relevant to production. Clause 90 of the Finance Bill, 2015 refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, this amendment will come into force with immediate effect. Accordingly, deemed production and duty payable per machine per month are being notified with reference to the speed range in which the maximum speed of a packing machine for packages of various retail sale prices falls. Consequential amendments are being carried in the Pan Masala Packing machines (Capacity Determination and
Collection of Duty) Rules, 2008 and Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules, 2010. Rule 6(vii) of the said Rules provide that the manufacturer in the prescribed Form 1 shall declare the maximum packing speed at which the packing machine can be operated for packing of pouches of notified goods of various retail sale prices. A proviso is being inserted in sub-rule (3) of rule 6 of the said Rules so as to enable the AC / DC, as the case may be, to re- determine the annual capacity of production within 3 working days of the coming into force of the Packing machines (Capacity Determination and Collection of Duty) Amendment Rules, 2015 and Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Amendment Rules, 2015. In this regard,notification No.42/2008-Central Excise dated 1st July 2008 as amended by notification
No.6/2015-Central Excise dated 1st March, 2015 and notification No.30/2008-Central Excise
(N.T.) dated 1st July, 2008 as amended by notification No.5/2015-Central Excise (N.T.) dated
1st March, 2015 in respect of Pan Masala and Gutkha refer. Notification No.16/2010-Central
Excise dated 27th February, 2010 as amended by notification No.5/2015-Central Excise dated
1st March, 2015 and notification No.11/2010-Central Excise (N.T.) dated 27th February, 2010 as amended by notification No.4/2015-Central Excise (N.T.) dated 1st March, 2015 in respect of Chewing tobacco, unmanufactured tobacco, jarda scented tobacco and filter khaini refer.
Chapter 25:
1) Tariff rate of excise duty on goods falling under Chapter sub-heading 2523 29 is being increased from Rs.900 per tonne to Rs.1000 per tonne. Clause 104 of the Finance Bill, 2015 refers. By virtue of declaration under the Provisional Collection of Taxes Act, 1931, the increase will come into force with immediate effect. The effective rates of goods falling under Chapter sub-heading 2523 29 are specified vide S.Nos.51 and 52 of notification
No.12/2012-Central Excise dated 17th March, 2012, as amended by notification No.12/2015-
Central Excise dated 1st March, 2015.
Chapter 26: No change.
Chapter 27:
1) Tariff rate of excise duty on high speed diesel (HSD) falling under tariff item 2710 19 30 is being increased from 14% + Rs.5 per litre to 14% + Rs.15 per litre. However, there is no change in the aggregate of various duties of excise on high speed diesel (HSD). Clause
104 of the Finance Bill, 2015 refers.
2) The Second Schedule to the Finance (No.2) Act, 1998 is being amended so as to increase the
Schedule rate of Additional Duty of Excise and Additional Duty of Customs (commonly
known as Road Cess) on Motor Spirit commonly known as Petrol from Rs.2 per litre to Rs.8 per litre. Clause 163 of the Finance Bill, 2015 refers. The Second Schedule to the Finance Act, 1999 is being amended so as to increase the Schedule rate of Additional Duty of Excise and Additional Duty of Customs (commonly known as Road Cess) on High Speed Diesel oil from Rs.2 per litre to Rs.8 per litre. Clause 164 of the Finance Bill, 2015 refers. Increase in Schedule rate of Additional Duty will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931. However, the effective rates of the Additional Duty of Excise (commonly known as Road Cess) levied on Petrol and High Speed Diesel Oil are being increased from Rs.2 per litre to Rs.6 per litre only. Notification
No.6/2015-Customs and No.7/2015-Customs, both dated 1st March, 2015 and notification
No.10/2015-Central Excise and No.11/2015-Central Excise, both dated 1st March, 2015 refer. Simultaneously, the Basic Excise Duty rates on petrol (both branded and unbranded) and diesel (both branded and unbranded) are being reduced by Rs.4 per litre. Further, Education Cess and Secondary and Higher Education Cess, presently applicable to petroleum products, including petrol and High Speed Diesel, are being exempted. On this count, rates of duty of excise (CENVAT) on Petrol and High Speed Diesel Oil (both branded and unbranded) are also being revised. In this regard, S.Nos.70 and 71 of notification No.12/2012-Central Excise dated 17th March, 2012 as amended by notification No.12/2015-Central Excise dated 1st March, 2015 refer. Table below summarizes the changes in various duties applicable to petrol and diesel:
Duty rates applicable prior upto 28.02.02105
|
Duty rates applicable with effect from 01.03.2015
| ||||||||
CENVAT Rs. / Litre
|
SAED Rs. / Litre
|
AED Rs. / Litre
|
Education
Cesses (as % of aggregate of duties of excise)
|
Total Rs. / Litre
|
CENVAT
|
SAED
|
AED
|
Education
Cesses
|
Total
|
Unbranded petrol
| |||||||||
8.95
|
6
|
2
|
3%
|
17.46
|
5.46
|
6
|
6
|
NIL
|
17.46
|
Branded petrol
| |||||||||
10.10
|
6
|
2
|
3%
|
18.64
|
6.64
|
6
|
6
|
NIL
|
18.64
|
Unbranded Diesel
| |||||||||
7.96
|
NIL
|
2
|
3%
|
10.26
|
4.26
|
NIL
|
6
|
NIL
|
10.26
|
Branded Diesel
| |||||||||
14% +Rs. 5
/litre or Rs.
10.25 /litre, whichever
|
NIL
|
2
|
3%
|
12.62
|
6.62
|
NIL
|
6
|
NIL
|
12.62
|
Duty rates applicable prior upto 28.02.02105
|
Duty rates applicable with effect from 01.03.2015
| ||||||||
CENVAT Rs. / Litre
|
SAED Rs. / Litre
|
AED Rs. / Litre
|
Education
Cesses (as % of aggregate of duties of excise)
|
Total Rs. / Litre
|
CENVAT
|
SAED
|
AED
|
Education
Cesses
|
Total
|
is lower
| |||||||||
Thus, the total incidence of various duties of excise on petrol and diesel remains unchanged.
3) The Schedule Rate of Clean Energy Cess, levied on coal, lignite and peat, is being increased from Rs.100 per tonne to Rs.300 per tonne. Clause 188 of the Finance Bill, 2015 refers. The increase in rate of Clean Energy Cess will come into effect immediately owing to a declaration under the Provisional Collection of Taxes Act, 1931. However, the effective rate of Clean Energy Cess is being increased from Rs.100 per tonne to Rs.200 per tonne.
Notification No.1/2015-Clean Energy Cess, dated 1st March, 2015 refers.
Chapter 28 to 32: No change
Chapter 33:
1) Full exemption from excise duty is being provided to all goods which are consumed within the factory of their production in the manufacture of Agarbatti [3307 41 00]. Notification No.10/96-Central Excise dated 23rd July, 1996 as amended by notification No.13/2015- Central Excise dated 1st March, 2015 [new S.No.8A] refers.
Chapter 34 to 38: No change.
Chapter 39:
1) Tariff rate of excise duty on all goods falling under tariff item 3923 21 00 and Chapter sub- heading 3923 29 is being increased from 12% to 18%. However, the effective rate of excise duty on sacks and bags of polymers of ethylene [3923 21 00] other than for industrial use is being increased from 12% to 15%. Other sacks and bags falling under sub-heading 3923 29 shall remain at 12.5%. Notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification No.12/2015- Central Excise dated 1st March, 2015 [New S. Nos.148B, 148C and 148D] refers.
Chapter 40 to 63: No change.
Chapter 64:
1) Basic Excise Duty on leather footwear of Retail Sale Price exceeding Rs.1000 per pair falling under Central Excise Tariff heading 6403 and 6405 is being reduced from 12% to 6%. For the purposes of this exemption, leather footwear means footwear, classified under CETH
6403 or 6405, having uppers of leather, where leather refers to goods of heading 4107 or
4112 to 4114. This concessional rate of 6% would however not apply to footwear with leather sole and textile uppers falling under CETH 6404. Footwear, including leather footwear, of Retail Sale Price upto Rs. 500 per pair and those with RSP exceeding Rs. 500 per pair but not exceeding Rs. 1000 per pair will continue to attract NIL and 6% excise duty respectively. Notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification No.12/2015- Central Excise dated 1st March, 2015 [New S. No. 180A] refers.
2) The abatement as a percentage of Retail Sale Price is being reduced from 35% to 25% for all footwear. Notification No.49/2008-Central Excise (N.T.), dated 24th December, 2012 as amended by notification No.3/2015-Central Excise (N.T.) dated 1st March, 2015 [S. No. 56] refers.
Chapter 65 to 71: No change.
Chapter 72:
1) Excise duty is being reduced from 12% to Nil on Pig iron SG grade (7201 1000) and ferro- silicon-magnesium (7202 2900) for manufacture of cast components of wind operated electricity generators subject to certification by Ministry of New Renewable Energy [MNRE]. Notification No.12/2012-Central Excise, dated 17th March, 2012 as amended by notification No.12/2015-Central Excise dated 1st March, 2015 [new S.No. 201A, 201B & Condition No. 53] refers.
Chapter 73:
1) S.No.205A of notification No.12/2012-Central Excise dated 17.03.2012 exempts railway or tramway track construction material of iron and steel from payment of excise duty on the value of rails, subject to condition that such rails have suffered excise duty and no credit of duty paid on them is taken under the CENVAT Credit Rules, 2004. This exemption is being made applicable retrospectively for the period from 17.03.2012 to 02.02.2014. Clause 102 of the Finance Bill, 2015 may be referred to for details.
1) Full exemption from excise duty is being extended to round copper wire and tine alloys for use in the manufacture of PV ribbon (tinned copper interconnect) for manufacture of solar PV cells and modules, subject to certification by Department of Electronics and Information Technology (DeitY). Notification No.12/2012-Central Excise, dated 17th March, 2012 as amended by notification No.12/2015-Central Excise dated 1st March, 2015 [Sl. Nos. 215A and 215B] refers.
Chapter 75 to 83: No change.
Chapter 84:
1) Excise duty exemption is being withdrawn on solar water heater and system. Item-5 of List-8 of notification No.12/2012-Central Excise, dated 17th March, 2012 as omitted vide notification No.12/2015-Central Excise dated 1st March, 2015. Further, optional excise duty of Nil without CENVAT credit / 12.5% with CENVAT credit is being extended to solar water heater and system. Notification No.12/2012-Central Excise, dated 17th March, 2012 as amended by notification No.12/2015-Central Excise dated 1st March, 2015 [new S. No.
238A] and Clause 104 of the Finance Bill, 2015 refer.
2) Excise duty exemption on parts for use in manufacture of solar water heater and system is being continued, subject to actual user condition. Notification No.12/2012-Central Excise, dated 17th March, 2012 as amended vide notification No.12/2015-Central Excise dated 1st March, 2015 [new S. No. 238B] refers.
3) Excise duty of 2% without CENVAT credit / 12.5% with CENVAT credit is being provided to tablet computer. Notification No.12/2012-Central Excise, dated 17th March, 2012 as amended by notification No.12/2015-Central Excise dated 1st March, 2015 [new S.No.254A] and relevant entry in Clause 104 of the Finance Bill, 2015 refer.
4) Further, excise duty is being exempted on parts, components and accessories for use in manufacture of tablet computer. Excise duty is also being exempted on sub-parts for use in manufacture of parts, components and accessories of tablet computers. These exemptions are subject to actual user condition. Notification No.12/2012-Central Excise, dated 17th March,
2012 as amended vide notification No.12/2015-Central Excise dated 1st March, 2015 [new S.
No. 254B] refers.
1) Excise duty on mobile handsets including cellular phone is being changed from 1% without CENVAT credit or 6% with CENVAT credit to 1% without CENVAT credit or 12.5% with CENVAT credit. S.No.263A of notification No.12/2012-Central Excise, dated 17th March,
2012 as amended by notification No.12/2015-Central Excise dated 1st March, 2015 and
Clause 104 of the Finance Bill, 2015 refer. NCCD of 1% on mobile handsets including cellular phone, remains unchanged.
2) Excise duty is being reduced from 12% to 6% on wafers for use in the manufacture of IC modules for smart cards, subject to actual user condition. Notification No.12/2012-Central Excise, dated 17th March, 2012 as amended vide notification No.12/2015-Central Excise dated 1st March, 2015 [new S. No. 145A] refers.
3) Excise duty is being reduced from 12% to 6% on all inputs for use in manufacture of LED driver and MCPCB for LED lights and Fixtures & LED Lamps, subject to actual user conditin. Notification No.12/2012-Central Excise, dated 17th March, 2012 as amended vide notification No.12/2015-Central Excise dated 1st March, 2015 [new S. No. 321B] refers.
4) RSP based assessment is being prescribed expressly for LED lights or fixtures including LED lamps (Chapter 85 or 94) with an abatement of 35%. S.No.101 of notification No.49/2008-Central Excise (N.T.), dated 24th December, 2008 as amended vide notification No.3/2015-Central Excise (N.T.), dated 1st March, 2015 and Clause 103 of the Finance Bill,
2015 refer.
Chapter 86: No change.
Chapter 87:
1) Excise duty on chassis for ambulance is being reduced from 24% to 12.5%, subject to actual user condition. Notification No.12/2012-Central Excise, dated 17th March, 2012 as amended vide notification No.12/2015-Central Excise dated 1st March, 2015 [new S. No. 288A] refers.
2) The validity period of concessional excise duty of 6% granted to specified goods used in the manufacture of electrically operated vehicles and hybrid vehicles is being extended by one more year up to 31st March, 2016. First proviso to notification No.12/2012-Central Excise, as amended by notification No. 12/2015-Central Excise, dated the 1st March 2015 refers.
Chapter 88, 89: No change.
1) Excise duty is being exempted on specified raw materials for use in manufacture of pacemakers, subject to actual user condition. Notification No.12/2012-Central Excise, dated
17th March, 2012 as amended vide notification No.12/2015-Central Excise dated 1st March,
2015 [new S. No. 318A] refers.
Chapter 91 to 96: No change.
Miscellaneous:
1) Goods manufactured domestically and supplied against International Competitive Bidding are eligible for full excise duty exemption provided that such goods when imported attract Nil Basic Customs Duty and Nil CVD [S.No.336 of notification No.12/2012-Central Excise dated 17.03.2012 read with Condition No.41]. The condition is being amended so as to provide that if imported goods are eligible for Nil Basic Customs Duty and Nil CVD subject to certain conditions, then the said conditions shall also apply mutatis mutandis to such goods when manufactured domestically and supplied against International Competitive Bidding for the purposes of availing of the said excise duty exemption. Condition No.41 of notification
No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification No.12/2015-
Central Excise, dated 1st March, 2015 refers.
2) S. No. 337 of Notification No. 12/2012-Central Excise dated 17-3-2012 provided Nil excise duty on goods for setting up of Ultra Mega Power Project specified in List No. 10 of the said Notification. In case of goods for a Project for which certificate regarding Ultra Mega Power Project status is provisional, the exemption is subject inter alia to condition that the Chief Executive Officer of the Project furnishes a bank guarantee or fixed deposit receipt for a term of 36 months or more. This condition is being amended to prescribe furnishing of bank guarantee or fixed deposit receipts for a period of 42 months. Condition No. 42(b) of
Notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification
No.12/2015-Central Excise, dated 1st March, 2015 refers.
3) S. No. 338 of Notification No. 12/2012-Central Excise dated17-3-2012 provided Nil excise duty on goods for setting up of Mega Power Project specified in List No. 11 of the said Notification. In case of goods for a Project for which certificate regarding Mega Power Project status is provisional, the exemption is subject inter alia to condition that the Chief Executive Officer of the Project furnishes a bank guarantee or fixed deposit receipt for a term of 36 months or more. This condition is being amended to prescribe furnishing of bank guarantee or fixed deposit receipts for a period of 66 months. Condition No. 43(b) of
Notification No.12/2012- Central Excise, dated 17th March, 2012 as amended by notification
No.12/2015-Central Excise, dated 1st March, 2015 refers.
COMMENTS