Notification No.12/2012-CE dated 17-3-2012

[Admin TMI]

Question - What are proposed amendment in Notification No.12/2012-CE dated 17-3-2012​ in Finance Bill 2015 ?

[Admin TMI]

S.No.205A of notification No.12/2012-CE dated 17-3-2012 exempts railway or tramway track construction material of iron and steel from payment of excise duty on the value of rails, subject to condition that such rails have suffered excise duty and no credit of duty paid on them is taken under the CENVAT Credit Rules, 2004. This exemption is being made applicable retrospectively for the period from 17.03.2012 to 02.02.2014.

AI Summary

Excise exemption for railway track materials applied retrospectively where rails bore excise duty and no CENVAT credit claimed. S.No.205A of Notification No.12/2012-CE exempts railway or tramway track construction material of iron and steel from excise duty on the value of rails where those rails have suffered excise duty and no CENVAT credit has been taken under the CENVAT Credit Rules, 2004; this exemption is applied retrospectively for the period from 17.03.2012 to 02.02.2014.