Notes - Notes on clauses - Miscellaneous - Finance Bill, 2012

Miscellaneous Clause 151 of the Bill seeks to amend the Schedule to the Oil Industry (Development) Act, 1974 so as to increase the rate of cess levied on crude oil. Clause 152 of the Bill seeks to amend the Seventh Schedule to the Finance Act, 2001 so as to make certain amendments as specified in the Ninth Schedule. This amendment will take effect from the date on which this Bill receives the assent of the President. Clause 153 of the Bill seeks to amend section 98 of the Finance (No. 2) Act, 2004 relating to charge of securities transaction tax. It is proposed to amend the Table below the said section which specifies the rates at which the securities transaction tax shall be charged. It is proposed to reduce the rates of securities transaction tax from 0.125 per cent. to 0.1 per cent. in respect of the taxable securities transactions of the equity shares or units of equity oriented fund of the nature referred to in column (2) of the said Table against serial numbers 1 and 2 thereof. This amendment will take effect from 1st July, 2012. Clause 154 of the Bill seeks to amend the Seventh Schedule to the Finance Act, 2005 so as to make certain amendments as specified in the Tenth Schedule. This amendment will take effect from the date on which this Bill receives the assent of the President. Clause 155 of the Bill seeks to amend section 73 of the Finance Act, 2010 with a view to substitute the word inputs with the words inputs or input services with retrospective effect from the 8th day of May, 2010. This amendment will take effect from the date on which this Bill receives the assent of the President. Clause 156 of the Bill seeks to amend the Finance Act, 2011 so as to provide for a deeming clause that with effect from the date of coming into force of the Finance Act, 2011, clause (b) of section 73 under the heading Central Excise Tariff shall be deemed to have been inserted as section 70A under the heading Excise . It further seeks to amend the Twelfth Schedule to the said Finance Act so as to substitute brackets, words, figures and letter [See section 73(b)] In the Third Schedule to the Central Excise Tariff Act with the words [see section 70A], In the Third Schedule to the Central Excise Act . This amendment will take effect from the date on which this Bill receives the assent of the President.