Watches and clocks of retail sale price, not exceeding Rs. 500 per piece — MRP based valuation — Amendment to Notification No. 5/2001-C.E. (N.T.) - 057/2001 - Central Excise - Non Tariff
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MRP based valuation for low priced timepieces establishes excise duty treatment where exemptions are not claimed. Amendment adds two tariff entries prescribing MRP based valuation and specified excise duty rates for watches and clocks of retail sale price not exceeding Rs. 500 per piece, applicable where duty is paid under the First Schedule to the Central Excise Tariff Act and the manufacturer does not avail notification based exemptions; the entries modify the Table of Notification No. 5/2001 Central Excise (N.T.).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
MRP based valuation for low priced timepieces establishes excise duty treatment where exemptions are not claimed.
Amendment adds two tariff entries prescribing MRP based valuation and specified excise duty rates for watches and clocks of retail sale price not exceeding Rs. 500 per piece, applicable where duty is paid under the First Schedule to the Central Excise Tariff Act and the manufacturer does not avail notification based exemptions; the entries modify the Table of Notification No. 5/2001 Central Excise (N.T.).
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