Clarification regarding changes made or proposed in Budget 2012-2013

Central excise duty reforms: revised tariff structure and provisional valuation and procedural changes now take effect.

Central excise and customs duties have been revised under Finance Bill, 2012 proposals and associated notifications, with several changes provisionally effective from the midnight of 16th/17th March, 2012. Key measures include revised excise rate structure for non petroleum goods, sectoral tariff adjustments (notably for cement, automobiles, tobacco, textiles, footwear, precious metals and batteries), RSP/tariff value valuation rules for goods under section 4A, consolidation of concession notifications, amendments to Cenvat Credit and procedural rules, and customs tariff, SAD and classification amendments. Legislative amendments align offence, arrest and search provisions and adjust adjudication thresholds.