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of <h1>Finance Bill 2012: Clause 141 and 142 Amend Excise Tariffs, Classify Plastic Fibers, Set Retroactive Duty Rules</h1> Clause 141 of the Finance Bill, 2012 proposes amendments to the First Schedule of the Central Excise Tariff Act to update classifications, descriptions, and tariff rates, and to include notes deeming certain processes as manufacturing. Clause 142 introduces a new Chapter Note in Chapter 54, classifying man-made fibers from plastic waste as textile materials retroactively from June 29, 2010. It validates past excise duty recoveries, sets a one-month payment deadline with a 24% annual interest penalty for non-payment, and allows the use of unclaimed CENVAT Credit. These changes take effect upon presidential assent.
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