Effect of Notification No. 7 (RE – 2012)/2009-2014 dated 23.7.2012 - Incorporated the changes in the descriptions of tariff lines in Chapters 24, 26, 74, 75, 76, 78 and 79 in accordance with the changes in the Finance Bill 2012-13 - 21 (RE – 2012)/2009-2014 - Foreign Trade Policy
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Retrospective effect clarified for import policy: budgetary tariff changes apply from Finance Bill passage. The amendment clarifies that budgetary changes incorporated into the ITC(HS) 2012 by Notification No. 7 (RE 2012) will take effect from the date the Finance Bill was passed, thereby fixing the effective date for the revised tariff line descriptions and removing uncertainty whether the changes applied from publication or legislative passage.
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Retrospective effect clarified for import policy: budgetary tariff changes apply from Finance Bill passage.
The amendment clarifies that budgetary changes incorporated into the ITC(HS) 2012 by Notification No. 7 (RE 2012) will take effect from the date the Finance Bill was passed, thereby fixing the effective date for the revised tariff line descriptions and removing uncertainty whether the changes applied from publication or legislative passage.
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