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Date of Applicability of Amendments in Custom and Central Excise Duty

The Finance Minister has introduced the Finance Bill, 2012 in Lok Sabha today, i.e., 16th March, 2012. Changes in Customs and Central excise law and rates of duty have been proposed through the Finance Bill, 2012 [clauses 114 to 126 for customs; clauses 127 to 142 for Central Excise and clauses 151, 152, 154 to 156 for miscellaneous changes)]. In order to prescribe effective rates of duty and to carry out changes in the Rules made under the respective Acts, the following notifications are being issued:

The Finance Minister has introduced the Finance Bill, 2012 in Lok Sabha today, i.e., 16th March, 2012. Changes in Customs and Central excise law and rates of duty have been proposed through the Finance Bill, 2012 [clauses 114 to 126 for customs; clauses 127 to 142 for Central Excise and clauses 151, 152, 154 to 156 for miscellaneous changes)]. In order to prescribe effective rates of duty and to carry out changes in the Rules made under the respective Acts, the following notifications are being issued:

CUSTOMS:

Notification Nos.

Date

Tariff No. 10/2012-Customs to No. 22/2012-Customs

17th March, 2012

Non-Tariff No. 20/2012-Customs(NT) to No. 22/2012-Customs (NT)

17th March, 2012

CENTRAL EXCISE
Tariff No. 5/2012-CE to No. 19/2012-CE

17th March, 2012

Non-Tariff No. 7/2012-CE (NT) to No. 18 /2012-CE (NT)

17th March, 2012

M&TP
Tariff No. 1/2012 –M&TP

17th March, 2012

 Unless otherwise stated, all changes in rates of duty take effect from the midnight of 16th March/17th March, 2012. A declaration has been made under the Provisional Collection of Taxes Act, 1931 in respect of clauses 127, 128, 140, 141 and 151 of the Finance Bill, 2012 so that changes proposed therein also take effect from the midnight of 16th March/17th March, 2012. The remaining legislative changes would come into effect only upon the enactment of the Finance Bill, 2012. Retrospective amendments in the provisions of law or notifications issued under the respective Acts shall have the force of law only upon the enactment of the Finance Bill, 2012 but with effect from the date indicated in the relevant clause or Schedule. These dates may be carefully noted.

Categories: Excise Duty

View Comments (5)

  • It was keep on brought to the notice , so many years, that any changes in the Duty structure should be given effect from 1 st of the subsequent month, so that we can avoid all confusions in preparing invoices, returns etc., . This aspect was continously ignored by the Finance ministers, for so many years.

  • They always ignore small issues arises after those amendments / notifications.
    From where do we get all related notifications mentioned above, to update it in our Excise invoices & Returns?

  • The Changes in duty structure under central excise / customs while announcing the Union Budget should be made effective from 1 st April. This will facilitate the trade in their smooth accounting , which will be useful in their return submission , audit reports & an easy cross verification of accounts & figures during Auditing.

    Similarly , the proposed date of implementing GST i.e 1st August 2012 , should either be made effective from 1st July 2012 or from 1st October 2012 ,as new qtr starts from this date . This will also be helpful for the trade to submit their Commercial Tax / Excise Returns.

  • recently CVD CESS & SHE CESS ON IMPORTED MATERIAL IS REMOVED & RATE OF DUTY IS CHANGED TO 12% . WHILE CLEARING GOODS FROM MANUFACTURERS FACTORY WHAT WILL BE THE RATE 12%+2%CESS+1%SHECESS OR ELS?

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