TaxTMI 
TaxTMI 
Effect of Rescinding Notification No 18/2012-CE
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....ffect of Rescinding Notification No 18/2012-CE<br> Query (Issue) Started By: - NEERAJ KUMAR, RANCHI Dated:- 3-6-2012 Last Reply Date:- 10-6-2012 Central Excise<br>Got 6 Replies<br>Central Excise<br>Central Excise duty was increased from 10 % to 18 % vide Notification No. 18/2012-CE, now vide Notification no. 27/2012- CE Notification No 18/2012-CE has been rescinded. What is the efffect? Kindly gi....
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....ve your views? Reply By NEERAJ KUMAR, RANCHI: The Reply: I wish to make a little a correction, In my question please read "increased from 10 % to 12 %." Reply By raj kumar shukla: The Reply: MR NEERAJ , ARE YOU SURE RATES OF DUTY CAN BE INCREASED BY A NOTIFICATION NORMALLY? Reply By raj kumar shukla: The Reply: MR NEERAJ , ARE YOU SURE RATES OF DUTY CAN BE INCREASED BY A NOTIFICATION NORMALL....
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....Y? Reply By NEERAJ KUMAR, RANCHI: The Reply: No, as far as I understand , rate of duty is normally increased by way of finance bill only and for giving effect to it Notifications are issued. Reply By raj kumar shukla: The Reply: 18/2012 was to give effect to reductions in tariff rates. since reduction in tariff rates can not be effective unless finance bill is enacted, to make the proposal ef....
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....fective immediately. such notifications are issued. once finance bill is passed such notifications become in effective and are subsequently rescinded being redundant. Reply By sv bhasker: The Reply: Mr. Niraj Please recall that till recent budget propsal, Tariff rate of excise duty was 16% in general. However, reduced rate of duty from 1.3.2008 was made effective by the Notification No. 2/2008 ....
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....as amended through various Notifications as 14%,10%,8%,10% till 17.3.2012. During the budget propsals 2012, Tariff rate was reduced to 12% across the board. As Notification No. 2/2008 was rescinded on 17.3.2012, when Tariff rate was 16% till the Finance Bill 2012 became an act,fresh effective rate 12% was made applicable through notification no.18/2012 covering almost all chapters. Once the Financ....
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....e Bill 2012 reducing Tariff rate 12% became law, the notification no.18/2012 became redundant and therefore rescinded. Hope convincing views are offered.<br> Discussion Forum - Knowledge Sharing ....