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of <h1>Government Sets Peak Excise Duty at 12% with Specific Rates and Exemptions; Later Rescinded in May 2012</h1> The notification issued by the Government of India on March 17, 2012, under the Central Excise Act, 1944, prescribes a peak excise duty rate of 12% for most products, with specific rates of 6%, 14%, and 15% applicable in certain cases. The notification details exemptions for various goods as specified in the Central Excise Tariff Act, 1985, and outlines the applicable rates for different chapters, headings, sub-headings, or tariff items. This notification was later rescinded by Notification No. 27/2012 on May 30, 2012.
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