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        Bills

        Retrospective amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944

        1 February, 2021

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        Budget 2021-22 + FINANCE Bill, 2021

        Retrospective amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944

        No.

        Amendment

        Clause of the Finance Bill, 2021

        1.

        (i) It is proposed to specify correct IS “17076” against the tariff item 27101249 and made effective from 01.01.2020, retrospectively.

        [97 (i)]

        2.

        (ii) It is proposed that tariff rate of 14%+ ₹ 15.00 per litre against tariff item 2710 20 10 and 2710 20 20 may be prescribed and made effective from 01.01.2020, retrospectively.

        [97 (ii) and 97 (iii)]

         

        Full Text:

        Budget 2021-22 + FINANCE Bill, 2021

        Retrospective tariff amendment clarifies classification and prescribes increased excise duty rates effective retrospectively from budget measures. Retrospective amendments to Chapter 27 of the Fourth Schedule to the Central Excise Act correct the Indian Standard for tariff item 27101249 to IS 17076 and prescribe a combined ad valorem and specific per litre excise duty for tariff items 2710 20 10 and 2710 20 20, all effective from 01.01.2020, as proposed in the Finance Bill, 2021.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Retrospective tariff amendment clarifies classification and prescribes increased excise duty rates effective retrospectively from budget measures.

                              Retrospective amendments to Chapter 27 of the Fourth Schedule to the Central Excise Act correct the Indian Standard for tariff item 27101249 to IS 17076 and prescribe a combined ad valorem and specific per litre excise duty for tariff items 2710 20 10 and 2710 20 20, all effective from 01.01.2020, as proposed in the Finance Bill, 2021.


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