TaxTMI 
TaxTMI 
Budget- 2000- Changes in Finance Bill- Clarifications- reg
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.... 78 to 117 of the Finance Act, 2000. 2. Clause 90 of the Finance Bill, 2000, in terms of which section 4 of the Central Excise Act was sought to be replaced by a new section has now become section 94 of the Finance Act, 2000. It would be noticed that there are certain amendments which have now been made in the revised text of Section 4. The revised text is reproduced below: '(I) Where under this Act, the duty of excise is chargeable on any excisable goods with reference to their value, then, on each removal of the goods, such value shall- a. n a case where the goods are sold by the assessee, for delivery at the time and place of removal, the assessee and the buyer of the goods are not related and the price is the sole ....
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.... for the goods, when sold, and includes in addition to the amount charged as price, any amount that the buyer is liable to pay to, or on behalf of, the assessee, by reason of, or in connection with the sale, whether payable at the time, including, but not limited to, any amount charged for, or to make provision for, advertising or publicity, marketing and selling organisation expenses, storage, outward handling, servicing, warranty, commission or any other matter; but does not include the amount of duty of excise, sales tax and other taxes, if any, actually paid or actually payable on such goods.' 1. As mentioned in the section, new section will come into force from 1/7/2000. The term "place of removal" has been defined as in the ex....
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.... of duty or tax which is payable but has not been actually paid shall be deductible from transaction value. For instances, any amount of sales tax which is not paid by the assessee at the time of sale transaction but is allowed to be deferred under the sale tax scheme is allowed to be deducted for the purposes of transaction value. 4. Clause 93 of the Finance Bill, 2000, has now become section 97 of the Finance Act, 2000. There is some change in the sense that anew sub-section (a) has been added. This is purely on account of drafting change and the substantive intention to give retrospective validity to the show cause notices that are issued in cases involving approval of classification list or price list remains unchanged. 5.&nb....
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....% ad- valorem. 10. coffee falling under sub-heading nos. 09011.11,0901.21, 0901.22 and 0901.90 of the First Schedule to the Customs Tariff Act, 1975 from 15% less 13 paise per kg. Respectively; and 11. tea falling under sub-heading Nos. 0902.10, 0902.20 and 0902.40 of the First schedule to the Customs Tariff Act, 1975 from 15% (Standard rate) or 15% less 26 paid per kg. (Preferential rate) to 35% or 35% less 26 paid per kg. respectively; and 2. coal falling under sub-heading Nos. 2701.11 and 2701.19 of the First Schedule to the Customs Tariff Act, 1975 from 15% to 25%. 2. The 3^rd Schedule to the Finance Bill, 2000, has been amended. The tariff rate of excise duty on marble slabs and tiles falling under sub-h....