Special countervailing duty extended to most imports with specified exemptions and creditability for excise inputs. The Finance Bill, 2006 revises customs and central excise by extending a special countervailing duty broadly to imports subject to enumerated exemptions, lowering peak customs rates and reducing duties across multiple sectors, while withdrawing specified concessions. Central excise adjustments combine targeted rate reductions and new impositions, RSP abatement changes, unified treatment for certain tobacco and pan masala products, and statutory notes expanding what constitutes 'manufacture.' Procedural and valuation amendments, tariff re alignment to eight digit codes, retrospective corrections for export schemes, and reporting requirements for revenue and price data are also introduced.
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Special countervailing duty extended to most imports with specified exemptions and creditability for excise inputs.
The Finance Bill, 2006 revises customs and central excise by extending a special countervailing duty broadly to imports subject to enumerated exemptions, lowering peak customs rates and reducing duties across multiple sectors, while withdrawing specified concessions. Central excise adjustments combine targeted rate reductions and new impositions, RSP abatement changes, unified treatment for certain tobacco and pan masala products, and statutory notes expanding what constitutes "manufacture." Procedural and valuation amendments, tariff re alignment to eight digit codes, retrospective corrections for export schemes, and reporting requirements for revenue and price data are also introduced.
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