Notes-05 - Notes on clauses-Central Excise Tariff - Finance Bill, 2017

Central Excise Tariff Clause 118 of the Bill seeks to amend the First Schedule to the Central Excise Tariff Act in the manner specified in the Fifth Schedule so as to revise the tariff rates in respect of certain tariff items. Clause 119 of the Bill seeks to amend the First Schedule to the Central Excise Tariff Act so as to substitute excise duty on motor vehicles falling under tariff items 8702 90 21, 8702 90 22, 8702 90 28 and 8702 90 29 retrospectively with effect from the 1st day of January, 2017.