Budget 2021-22 + FINANCE Bill, 2021

EXCISE

Note: (a) “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the Central Excise Act, 1944.

(b) “Road and Infrastructure Cess” means the additional duty of central excise levied under section 112 of the Finance Act, 2018.

(c) “Special Additional Excise Duty” means a duty of excise levied under section 147 of the Finance Act, 2002.

(d) “NCCD” means National Calamity Contingency Duty levied under Finance Act, 2001, as a duty of excise on specified goods at rates specified in seventh schedule to Finance Act, 2001

(e) Clause Nos. in square brackets [ ] indicate the relevant clause of the Finance Bill, 2021.

(f) Amendments carried out through the Finance Bill, 2021 come into effect on the date of its enactment, unless otherwise specified.

 

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Full Text:

Budget 2021-22 + FINANCE Bill, 2021

Excise duty definitions clarified in Finance Bill, with specified duties and amendments effective on enactment. The Finance Bill, 2021 defines Basic Excise Duty by reference to the Fourth Schedule of the Central Excise Act, 1944 and identifies Road and Infrastructure Cess, Special Additional Excise Duty, and NCCD with their statutory origins; it also indicates clause numbering conventions and provides that amendments in the Bill take effect on enactment unless otherwise stated.