Interest rate for Central Excise obligations fixed by notification under section elevenAB, effective from April as specified.
Fixes the statutory annual interest rate applicable to central excise obligations at eighteen percent per annum under the authority of the Central Excise Act, replacing the earlier 2003 notification, and declares the date from which the revised rate takes effect for purposes of interest calculation on liabilities and related obligations.

Service tax exemption for works contracts applies to construction and finishing of residential complexes under urban renewal and housing schemes.
Exemption is granted for the taxable service of execution of a works contract referred to in sub-clause (zzzza) of clause (105) of section 65 of the Finance Act, when provided for construction of a new residential complex or for completion and finishing services of a new residential complex under the Jawaharlal Nehru National Urban Renewal Mission and the Rajiv Awaas Yojana, exempting the whole of the service tax leviable under section 66 of the Finance Act.

Central Excise exemptions and tariff entries revised to expand concessional coverage and tighten certification conditions.
Amendments to Notification No. 6/2006 revise tariff descriptions and effective duty rates by substituting currency symbol usage, raising certain concessional rates, inserting new exempt or concessional entries (including conveyor systems for cold storage, mailroom equipment, printer and optical drive parts, hydrogen vehicles and hybrid conversion kits), restating and omitting multiple serial entries, and expanding project linked exemptions for mega and ultra mega power projects. Exemptions are conditioned on certification by designated officers and undertakings by project officials, with duty liability on non compliance.

Rate of interest fixed for section elevenaa under the Central Excise Act, establishing an annual interest obligation from notified commencement.
Fixes the rate of interest at eighteen percent per annum for the purposes of section 11AA of the Central Excise Act, 1944, superseding Notification No. 18/2002-Central Excise (N.T.) except as to prior actions, and states that the notification comes into force from the notified commencement date.

Exemption for exhibition organiser services abroad removes service tax liability under applicable service tax provisions.
Notification No. 5/2011 exempts the taxable service provided by an organiser of business exhibition for holding a business exhibition outside India from the whole of the service tax leviable thereon, on the exercise of the Central Government's power under the Finance Act; this exemption was subsequently rescinded by Notification No. 34/2012.

Effective rate of duty change raises specified tariff entries and revises excise exemptions for jute, gold and silver.
Amendment revises the Central Excise tariff table by substituting the currency symbol, increasing the effective duty rate for specified entries, inserting a nil duty entry for jute yarn, deleting multiple serial numbered entries, and replacing certain entries with new provisions specifying excise treatment for gold and silver. The revised provisions condition exemptions on the manufacturing starting stage, manufacturer's engraved serial numbers and metric weight, and, for dore bars, an assay certificate; additional entries address silver and gold arising in metallurgical processes and specific duties for those insertions. Condition no. 6 in the Annexure is omitted.

Excise liability for ready-made garments treated as manufacturer duty, with optional authorization for job worker to pay and comply.
Amendment treats a person who gets goods under Chapters 61-63 produced on job work as the manufacturer for excise purposes, making him liable to pay duty in the manner prescribed; the principal may authorize the job worker to pay duty and the job worker so authorised may discharge liabilities and comply with the Rules. "Job worker" and "job work" are defined to cover persons performing manufacture or processes on inputs supplied by the principal or an authorised person resulting in goods under Chapters 61-63. The Rules apply to such liable persons as if they had manufactured the goods themselves.

Effective rate of duty amended across tariff items, changing duty structures and altering schedule entries and exemptions.
The notification amends the principal central excise schedule by changing the effective rate of duty for multiple tariff entries-replacing some percentage rates and per tonne figures with new percentage or combined percentage plus per tonne charges-substituting currency notation, omitting and inserting specified S. Nos. (including new entries for enzymatic preparations and cinematographic film), and modifying Annexure conditions by replacing fixed per tonne amounts with the updated rate formulations and deleting certain conditions.

Service tax rate adjustment increases passenger air service levies and limits applicability to economy class, effective from April 1, 2011.
Amendment revises the effective service tax charges for passenger air service by increasing specified monetary thresholds and restricting the scope in clause (a) from any class to economy class; clause (b) also substitutes a higher amount. The changes amend Notification No. 26/2010-Service Tax and take effect on 1 April 2011.

CENVAT Credit amendments restrict credit use, revise definitions, and impose monthly payment and accounting obligations for taxpayers
Amendments expand definitions of input and input service, include captive generation of electricity and goods cleared with final products, and extend the manufacturer definition for specified goods. They bar CENVAT credit where exemption under notification No.1/2011-CE is availed, restrict credit utilisation, require separate accounts for exempted and dutiable outputs, mandate proportionate repayment where input service payments are returned, and impose prescribed monthly payment obligations and recovery mechanisms for non payment, with limited carve outs for SEZ authorized operations.

Date for determination of rate: service tax rate applies when service is deemed provided under applicable rules, affecting chargeability.
Amendments reframe chargeability to the provision of services and insert Rule 5B that fixes the applicable tax rate as that prevailing when services are deemed provided. Rule 6 is amended to replace payment-based triggers with deeming provisions, sets a March payment deadline for services deemed in March or the March quarter, allows credit where services are not provided upon refund or credit note issuance, makes unpaid self-assessed tax recoverable with interest, and adjusts specified monetary thresholds and percentage rates.

Effective rate of duty updated: tariff table alters currency symbol, revises duty rate, and omits multiple entries.
The amendment substitutes the currency symbol throughout the tariff table, increases the duty rate specified in column (4), and omits multiple enumerated serial entries and their corresponding tariff descriptions from the principal notification, thereby modifying the scope of miscellaneous exemptions and the operative tariff schedule.

Warehousing station declaration enables establishment of export oriented unit under the STP Scheme following customs statutory powers.
The Commissioner, exercising powers under the applicable customs notification framework and the Customs Act, has declared M/s. Interbiz consultancy's Bilaspur premises as a warehousing station solely to facilitate the setting up of a 100% Export Oriented Unit under the STP Scheme, based on approval from the Director, Software Parks of India, Noida.

Valuation of money changing services: taxable value based on deviation from RBI reference rate or a prescribed fallback.
The amendment prescribes that for money changing involving Indian Rupees the taxable value equals the difference between the provider's buying or selling rate and the RBI reference rate for that currency multiplied by the units exchanged; if the RBI reference rate is unavailable, a prescribed fallback percentage of the gross INR amount applies; where neither currency is INR the taxable value is a prescribed fraction of the lesser of the two amounts obtained by converting either currency into INR at the RBI reference rate.

Exemption from excise duty: specified goods allowed duty ceiling with option-based rate and cenvat credit implications.
The Government, exercising powers under section 5A of the Central Excise Act, exempts the excisable goods listed in the Table from so much of the excise duty as is in excess of the amount calculated at the notified ad valorem rate, by reference to specified First Schedule tariff chapters, headings, sub headings or tariff items and corresponding product descriptions; the notification includes explanatory definitions for certain entries and records multiple subsequent substitutions, insertions and omissions which modify the scope of specific Table entries.

Effective rate of duty for specified excisable goods; exemption applies only where manufacturer has not claimed CENVAT credit
The notification exempts specified excisable goods from excise duty to the extent duty exceeds an effective ad valorem rate of 2%, provided such goods are manufactured from inputs or by utilising input services on which appropriate duty or service tax has been paid and the manufacturer (not the buyer) has not taken CENVAT credit of such duty or tax under the CENVAT Credit Rules, 2004; "appropriate duty" includes nil or concessional rates.

CENVAT credit restriction: limited credit available for specified services when service tax is paid after availing input credit.
The amendment inserts a sub-rule in the Works Contract composition rules restricting CENVAT credit for specified taxable services: credit is available only to a limited extent when service tax is paid on the full value of the service after availing CENVAT credit on inputs. The provision modifies rule 3 of the principal rules and takes effect upon publication in the Official Gazette, changing credit entitlement under the composition scheme where input credit has been utilized.

Schedule VI revision mandates standardized financial statement presentation with detailed classification and mandatory disclosure requirements.
Replacement of Schedule VI prescribes standardized presentation of the Balance Sheet and Statement of Profit and Loss with mandated classifications for equity, liabilities and assets, detailed sub classifications for borrowings, investments, loans, receivables, inventories and fixed assets, and extensive notes to accounts requiring reconciliations, valuation bases, disclosure of rights and restrictions on share capital, particulars of borrowings and defaults, contingent liabilities and commitments, and specified disclosures for revenue, finance costs and other income.

Prohibition exemption on wheat exports permits specified shipments to Afghanistan and Maldives through designated channels.
Permits specified exports otherwise prohibited by allowing limited quantities of wheat to be exported to Afghanistan through the Food Corporation of India and scheduled consignments of wheat flour to the Maldives through designated public sector undertakings, subject to allocation by financial year and export from Central Pool stock where directed.

Export conditions for honey: only wholly obtained Indian-origin honey allowed; no blending with foreign honey for specified markets.
Export of natural honey is permitted as Free but conditioned so that exported honey must be wholly obtained Indian-origin honey and no blending with honey originating from any other country is allowed; these restrictions, previously applicable to the United States, are extended to apply to the European Union as well.