Effect of Rescinding Notification No 18/2012-CE

[NEERAJ KUMAR, RANCHI]

Central Excise duty was increased from 10 % to 18 % vide Notification No. 18/2012-CE, now vide Notification no. 27/2012- CE Notification No 18/2012-CE has been rescinded. What is the efffect? Kindly give your views?

AI Summary

Understanding Rescinding of Notification No. 18/2012-CE: Temporary Excise Duty Adjustment Explained Through Finance Bill Process The discussion revolves around the rescinding of Notification No. 18/2012-CE, which initially increased the Central Excise duty from 10% to 12%. A participant clarifies that duty rates are typically adjusted through a finance bill, with notifications issued to implement changes immediately. Another contributor explains that Notification No. 18/2012 was meant to temporarily reduce tariff rates until the finance bill was enacted. Once the bill became law, the notification became redundant and was rescinded. The conversation highlights the procedural aspects of implementing and rescinding duty rate changes through notifications and finance bills.