Official Amendments to the Finance Bill, 2002

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.... that the above amendments may kindly be taken note of and the field formations may be suitably informed. Annexure Amendments made in the Finance Bill, 2002 S. No. Reference of Finance Bill Prior to amendment Subsequent amendment Remarks 1. New Clause inserted after Clause 120 Section 75 contained a reference of the Foreign Exchange Regulation Act, 1973 (46 of 1973). Section 75 has been amended to substitute the reference to Foreign Exchange Regulation Act, 1973 (46 of 1973) by Foreign Exchange Management Act, 1999 (42 of 1999) It is a technical change. This amendment incorporates the reference to Foreign Exchange Management Act, 1999 in section 75 of the Customs Act. 2. New Clause inserted after Clause 120; Provisions relatin....

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.... rule 12A has been inserted to prescribe manner of filing of return in respect of goods mentioned in (ii) above. This amendment validates the deferment of fortnightly payment of central excise duties payable by 5-3-2002 and 20-3-2002 by non-SSI assessees and the duties payable by 15-3-2002 by SSI units located in the State of Gujarat. Assessees located in Gujarat were allowed to defer the payment of these installments till the 31st March, 2002, in view of the disturbances. Further this amendment validates the deferment of payment of the central excise duties till 15th of June, 2002 by the granite units, the new assessees who would be coming under the tax net for the first time (goods on which excise duty was imposed at a nominal rate of 4....