Excise duty on iron and steel products revised, creating category-specific tariff rates and definitions under schedule amendment. The Finance Act, 1983 substitutes Item 25 in the First Schedule to the Central Excises Act, establishing category specific excise duty rates and an ad valorem entry for iron and steel products; it enumerates discrete tariff entries (pig iron, ferro alloys, waste and scrap, various semi finished and finished forms, tubes and pipes, castings, etc.), prescribes corresponding rates or percentage duties, provides a composite duty rule linking certain products to duty on pig iron or ingots, and supplies detailed definitions to determine classification and applicability.
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Excise duty on iron and steel products revised, creating category-specific tariff rates and definitions under schedule amendment.
The Finance Act, 1983 substitutes Item 25 in the First Schedule to the Central Excises Act, establishing category specific excise duty rates and an ad valorem entry for iron and steel products; it enumerates discrete tariff entries (pig iron, ferro alloys, waste and scrap, various semi finished and finished forms, tubes and pipes, castings, etc.), prescribes corresponding rates or percentage duties, provides a composite duty rule linking certain products to duty on pig iron or ingots, and supplies detailed definitions to determine classification and applicability.
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