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of <h1>Finance Bill 2012 amends excise duty on man-made fibers, mandates retroactive payment with 24% interest for delays.</h1> Clause 142 of the Finance Bill, 2012 amends Chapter 54 of the Central Excise Tariff Act to classify man-made fibers like polyester staple fiber and polyester filament yarn from plastic waste as textile materials, effective retroactively from June 29, 2010. It validates actions taken for excise duty recovery during this period and mandates payment within 30 days of the Bill's assent. Failure to pay incurs a 24% annual interest. Assessees can account for unclaimed CENVAT credits on inputs, services, and capital goods. This amendment is effective upon the President's assent.
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