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of <h1>Finance Bill 2016 Proposes Key Amendments to Central Excise Act Sections 5A, 11A, 37B, and Third Schedule</h1> Clause 139 of the Finance Bill, 2016, proposes amending Section 5A of the Central Excise Act to ensure notifications take effect on issuance unless specified otherwise, and omits sub-section (6). Clause 140 suggests extending the limitation period in Section 11A from one year to two years for cases not involving fraud or suppression. Clause 141 aims to empower the Board under Section 37B to issue directives for implementing any Act provision. Clause 142 proposes amendments to the Third Schedule, revising duty rates and harmonizing entries with the Harmonised System of Nomenclature effective January 1, 2017.
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