Excise duty cap limits levy on specified tariff chapter goods to an ad valorem rate under exemption reducing higher rates. Under Notification No. 71/93 C.E. dated 28 2 1993, the Central Government, under sub section (1) of section 5A of the Central Excises and Salt Act, 1944, exempts all goods in Chapter 92 from that part of the excise duty specified in the Tariff Schedule which exceeds 10% ad valorem, thereby capping the effective excise liability for those items and removing any levy above that ad valorem threshold.
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Excise duty cap limits levy on specified tariff chapter goods to an ad valorem rate under exemption reducing higher rates.
Under Notification No. 71/93 C.E. dated 28 2 1993, the Central Government, under sub section (1) of section 5A of the Central Excises and Salt Act, 1944, exempts all goods in Chapter 92 from that part of the excise duty specified in the Tariff Schedule which exceeds 10% ad valorem, thereby capping the effective excise liability for those items and removing any levy above that ad valorem threshold.
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