Budget 2012 - Mega Notifications - Corrections
FIRST, they try to complicate matters and then they try to simplify them. Here are some corrections in the Budget Notifications.
Notification No. : Notification No. 21/2002-Cus was superseded by this Notification. In the 2002 Notification, entry No. 152 in the table read as:
S. No. | Heading | Description | Std. rate | Additional duty | Condition No. |
|---|---|---|---|---|---|
152 | 4707 | A) All goods imported for use in, or supply to, a unit for manufacture of paper or paperboard other than newsprint; | 2.5% | - | 20 |
(B) All goods, imported for use in, or supply to, a unit for manufacture of news print. | 2.5% | - | 20 |
While importing this into the new Notification into the new Budget Notification 12.2012-Cus, this became:
262 | 4707 | All goods | Nil | - | 20 |
|---|
So, the goods under 4707 are now fully exempted; but that was not the intention of the Government. So, they amended this notification, which now looks as:
"262 | 4707 | (A) All goods imported for use in, or supply to, a unit for manufacture of paper or paperboard other than newsprint | Nil | - | 25A |
(B) All goods, imported for use in, or supply to, a unit for manufacture of news print. | Nil | Nil | 25A" |
The condition No. 25A inserted now, is identical to the Condition No. 20 in the old Notification No. 21/2002-Cus. What will happen during the three days this amendment was not in force? Litigation?
Notification No. , Dated: March 20, 2012