Excise duty exemption on naphtha limits central excise to a specified ad valorem rate, capping leviable duty accordingly. The notification exempts goods under specified tariff items and naphtha under heading 2710 from central excise duty to the extent that such duty exceeds the amount calculated at the rate of 14 per cent. ad valorem, thereby capping the leviable excise on those products; it supersedes an earlier notification and is predicated on the declared public-interest satisfaction.
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Provisions expressly mentioned in the judgment/order text.
Excise duty exemption on naphtha limits central excise to a specified ad valorem rate, capping leviable duty accordingly.
The notification exempts goods under specified tariff items and naphtha under heading 2710 from central excise duty to the extent that such duty exceeds the amount calculated at the rate of 14 per cent. ad valorem, thereby capping the leviable excise on those products; it supersedes an earlier notification and is predicated on the declared public-interest satisfaction.
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