Customs and excise duty changes: immediate tariff and procedural amendments with provisional effect and sectoral exemptions. The circular implements tariff and legislative changes proposed in the Finance (No.2) Bill, 2014, effected in part immediately under the Provisional Collection of Taxes Act. It details chapter-wise adjustments to basic customs duty and central excise duty, consolidation and omission of certain tariff items, expanded duty exemptions for specified raw materials and renewable energy inputs, procedural modifications to customs and excise Acts and rules-including pre-deposit requirements for appeals, CENVAT credit timing limits, mandatory e-payment and valuation clarifications-and directs reliance on the Finance Bill and official notifications for legal effect.
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Customs and excise duty changes: immediate tariff and procedural amendments with provisional effect and sectoral exemptions.
The circular implements tariff and legislative changes proposed in the Finance (No.2) Bill, 2014, effected in part immediately under the Provisional Collection of Taxes Act. It details chapter-wise adjustments to basic customs duty and central excise duty, consolidation and omission of certain tariff items, expanded duty exemptions for specified raw materials and renewable energy inputs, procedural modifications to customs and excise Acts and rules-including pre-deposit requirements for appeals, CENVAT credit timing limits, mandatory e-payment and valuation clarifications-and directs reliance on the Finance Bill and official notifications for legal effect.
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