8 digit- Tariff and 8 notifications
IT is finally out, the 8 digit Central Excise Tariff is to come into force from 28.2.2005 as per Notification No. 6/2005 - Central Excise (NT), dated: February 24, 2005. The Government has issued 8 other notifications to carry out the changes in several notifications. All these notifications come into effect from 28.2.2005 and that would mean from 0000hrs of 28.2.2005 that is you have one whole day to study the new tariff, before it is amended in the budget - if you can get a copy of it that is! Nobody just nobody in the world seems to be having a copy of the new tariff. The Government's job is over once the law is notified.
The Bible says, "Search and thou shalt find" - there was no Central Excise tariff to search for in those days.
But what are these nine notifications which the Government kindly made public and what are they all about?
They are meant to carry out the new headings in the more than a hundred notifications issued by the Government all these years. Here's the list of the nine notifications and what they propose to do.
S. No. | Notification No. and date | What it proposes to do. |
|---|---|---|
1. | 1/2005 - Central Excise, dated: February 24, 2005 | To substitute the new headings in all the notifications exempting from excise duty, AED(GSI) and AED(TTA) |
2. | 2/2005 - Central Excise, dated: February 24, 2005 | To substitute the new headings in all the exemption notifications relating to NCCD |
3. | 3/2005 - Central Excise, dated: February 24, 2005 | To prescribe nil rate of duty for the commodities at present attracting nil rate of duty and to continue the present duty of 8% for Intraocular lenses and to prescribe effective rate of Rs.17/- and Rs.34/- for Sugar as at present |
4. | 5/2005 - Central Excise (NT), dated: February 24, 2005 | To substitute the new headings in all the notifications relating to RSP based assessment |
5. | 6/2005 - Central Excise (NT), dated: February 24, 2005 | the Central Excise Tariff (Amendment) Act, 2004 ( 5 of 2005), made effective from 28.2.2005 |
6. | 7/2005 - Central Excise (NT), dated: February 24, 2005 | To substitute the new headings in all the rules and notifications issued under the rules. |
7. | 8/2005 - Central Excise (NT), dated: February 24, 2005 | To substitute the new headings in all the notifications relating TO Tariff value bases assessment. |
8. | 9/2005 - Central Excise (NT), dated: February 24, 2005 | To substitute the new headings in all the Section 11C notifications. (retrospective exemption) |
9. | 10/2005 - Central Excise (NT), dated: February 24, 2005 | To substitute the new headings in all the notifications relating adhoc exemptions for goods of strategic or secret nature, or for charitable purpose. |
With so much pre budget confusion, you can very well expect what's in store, if Shakespeare was right, "coming events cast their shadows before".
Until Monday with more of DDT
Have a Nice Day till budget
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