Tuesday, 20 March 2012

Date of Applicability of Amendments in Custom and Central Excise Duty


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:
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.


Courtesy:- Tax Guru