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of <h1>Excise Duty Exemption on First Clearances of Specified Fabrics: Key Conditions and Opt-Out Option Explained</h1> The notification exempts the first clearances for home consumption of specified fabrics under Chapters 51, 52, 54, 55, 58, or 60 of the Central Excise Tariff Act, 1985, from excise duty. This exemption applies to an aggregate value not exceeding twenty-five lakh rupees, effective from April 1st of each financial year. For the financial year 2003-2004, the exemption starts from April 30, 2003. Conditions include combined clearances from multiple factories or manufacturers not exceeding thirty-five lakh rupees annually. Manufacturers must maintain purchase records and may opt out of the exemption, but cannot reapply within the same year.
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