Central Value Added Tax imposed on excisable goods, with tariff value rules and EOU customs equivalent duty treatment. Section 3 is substituted to levy a Central Value Added Tax (CENVAT) on excisable goods produced or manufactured in India as per the Fourth Schedule, excluding goods from Special Economic Zones. Excisable goods from hundred per cent. export oriented undertakings brought into India are charged an excise equal to customs duties on like imports, with value determined under customs law and the highest applicable customs rate applied. The Central Government may fix and vary ad valorem tariff values and set different tariff values by class of producer or buyer, considering sale prices and wholesale practice.
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Provisions expressly mentioned in the judgment/order text.
Central Value Added Tax imposed on excisable goods, with tariff value rules and EOU customs equivalent duty treatment.
Section 3 is substituted to levy a Central Value Added Tax (CENVAT) on excisable goods produced or manufactured in India as per the Fourth Schedule, excluding goods from Special Economic Zones. Excisable goods from hundred per cent. export oriented undertakings brought into India are charged an excise equal to customs duties on like imports, with value determined under customs law and the highest applicable customs rate applied. The Central Government may fix and vary ad valorem tariff values and set different tariff values by class of producer or buyer, considering sale prices and wholesale practice.
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