27/2012 c.e. dt.30.05.2012
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 June 2012
THIS NOTIFICATION IS FOR CHANGES IN EXCISE DUTY? IF NOT THEN WHAT IS THE MEANING BY RESCIND NOTIFICATION NO.18/2012 C.E DT.17.03.2012
04 June 2012
In the Union Budget 2012, general excise duty rate (CENVAT Rate) was enhanced from 10% to 12%.
Consequently, the merit rate of 5% was enhanced to 6% and 1% excise duty applicable on 130 items was enhanced to 2%
The First Schedule to the Central Excise Tariff Act, 1985 was accordingly amended till the Finance Bill, 2012 was enacted,
These above stated changes were notified by Notification 18/2012-CE dated 17th March, 2012.
The Finance Bill 2012 has now received the assent of the President on date 29.05.2012 and is now the law of the land.
The change of enhanced general Cenvat rate now being in place in The Central Excise Tariff Act, 1985, CBEC therefore has rescinded many Notifications including the Notification 18/2012 – C.E. Dated 17.03.2012
To summaries the above , it is clarified that there is no change in the rate of Central Excise Duties and Notification no 27/2012 is only clarifying the tariff rates as being final rates.
Consequently, the merit rate of 5% was enhanced to 6% and 1% excise duty applicable on 130 items was enhanced to 2%
The First Schedule to the Central Excise Tariff Act, 1985 was accordingly amended till the Finance Bill, 2012 was enacted,
These above stated changes were notified by Notification 18/2012-CE dated 17th March, 2012.
The Finance Bill 2012 has now received the assent of the President on date 29.05.2012 and is now the law of the land.
The change of enhanced general Cenvat rate now being in place in The Central Excise Tariff Act, 1985, CBEC therefore has rescinded many Notifications including the Notification 18/2012 – C.E. Dated 17.03.2012
To summaries the above , it is clarified that there is no change in the rate of Central Excise Duties and Notification no 27/2012 is only clarifying the tariff rates as being final rates.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Management System (IMS)
- FTS Taxable under 115A
- Experts need help
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
