Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: due date for vat payment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT Audit
« Customs and Excise »
 Central Board of Excise and Customs to soon notify new procedural framework
 CBEC set to be Central Board of Indirect Taxes and Customs
 Govt to give customs, excise duty benefits to boost solar rooftop sector
 Clarification regarding posting of Central Excise officer in Cigarette units-reg.
 Ensure transparency in excise department working: Bizmen to government
 It is time to review the customs duty on essential food imports
 Migration to GST of existing Central Excise / Service Tax Assessees
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
 Budgetary Changes In Customs
 Customs and excise officials upset with GST administration deal with states
 Higher petro excise props up govt tax kitty

Drafting errors at CBEC go unnoticed for long periods
May, 02nd 2011

The Finance Act, 2011, through its Section 73(b) read with Twelfth Schedule amends the Third Schedule to the Central Excise Tariff Act. The interesting point is that there is no Third Schedule to the Central Excise Tariff Act.

The background to this amendment is somewhat unusual. The Third Schedule to the Central Excise Act (CEA) of 1944 specifies goods in relation to which any process that involves packing or repacking of such goods in a unit container or labelling or re-labelling of containers including the declaration or alteration of retail sale price on it or adoption of any other treatment on the goods to render the product marketable to the consumer amounts to manufacture.

Section 4A of the CEA empowers the government to notify goods in respect of which valuation shall be done on the basis of maximum retail price (MRP) less notified abatements. Several goods have been notified for MRP-based valuation through notification number 49/2008-CE(NT) dated December 24, 2008.

The government brought in Parts, components and assemblies of automobiles falling under any Chapter under the MRP-based valuation on June 1, 2006. Simultaneously, the Third Schedule to the CEA was also amended to include these items.

On February 27, 2010, the notification (number 49/2008-CE(NT) dated December 24, 2008) issued under Section 4A of the CEA was amended (at S.No. 108) changing the description for the above items to read as Parts, components and assemblies of vehicles (including chassis fitted with engines) falling under Chapter 87 excluding vehicles falling under headings 8712, 8713, 8715 and 8716. But the description (at S.No. 100) in the Third Schedule to CEA remained unamended.

This deficiency was rectified (by amending the description at the said S.No. 100) on April 29, 2010. But, the period from February 27, 2010, to April 29, 2010, remained uncovered. This deficiency was sought to be rectified through the Finance Act, 2011, (by changing the description at the said S.No. 100) with retrospective amendment effective from February 27, 2010. However, the amendment is made to Third Schedule to the Central Excise Tariff Act and not the Central Excise Act, 1944.

For more detail click below


Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions