Excise duty exemption for goods under heading 85.18 limits excess duty where investment and clearance thresholds are met. Exempts goods under heading No. 85.18 from excise duty above the reduced ad valorem rate where the industrial unit's capital investment, taken at face value and excluding permanently removed or unfit plant and machinery, does not exceed a prescribed threshold, and where aggregate clearances of those goods for home consumption in the preceding financial year did not exceed a prescribed turnover ceiling; the exemption is subject to an annual cap on first clearances at the reduced rate and excludes manufacturers or units exceeding specified turnover limits. Value is as statutorily defined.
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Provisions expressly mentioned in the judgment/order text.
Excise duty exemption for goods under heading 85.18 limits excess duty where investment and clearance thresholds are met.
Exempts goods under heading No. 85.18 from excise duty above the reduced ad valorem rate where the industrial unit's capital investment, taken at face value and excluding permanently removed or unfit plant and machinery, does not exceed a prescribed threshold, and where aggregate clearances of those goods for home consumption in the preceding financial year did not exceed a prescribed turnover ceiling; the exemption is subject to an annual cap on first clearances at the reduced rate and excludes manufacturers or units exceeding specified turnover limits. Value is as statutorily defined.
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