Addition in Exemption (Motor spirit, (commonly known as petrol))
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....Central Excise Act, 1944(1 of 1944), read with sub-section (3 ) of section 147 of the Finance Act, 2002 (20 of 2002) the Central Government, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India, in the erstwhile Ministry of Finance ( Department of Revenue), specified in column(2) of the Table hereto annexed, ....
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....ming to Bureau of Indian Standards specification 2796. Explanation: For the purposes of this exemption "appropriate duties of excise" shall mean the duties of excise leviable under the First Schedule and Second Schedule to the Central Excise Tariff Act, 1985 ( 1 of 1986), the additional duty of excise leviable under the Finance (No.2) Act, 1998 (21 of 1998) and the special additional exci....
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....andards specification 2796 subject to following the procedure laid down in the Central Excise ( Removal of Goods) at Concessional Rate of Duty for Manufacture of Excisable Goods Rules , 2001. Five rupees and seventy paise per litre 1B 5% ethanol blended petrol that is a blend ,- a) consisting, by volume, of 95% Motor spirit, (commonly known as petrol), on which the appropriate du....
TaxTMI