CENVAT leviable on high speed diesel and the special duty of excise on motor spirit (commonly known as petrol), falling under heading No.27.10 of the First Schedule should be increased
(This Notification has been rescinded vide Notification No.12/2002 -CE.,Dt.1/3/2002)
NOTIFICATION NO. 01/2002-CE
DATED 11/01/2002
WHEREAS the Central Government is satisfied that the duty of excise [called the Central Value Added Tax (CENVAT)] leviable on high speed diesel and the special duty of excise on motor spirit (commonly known as petrol), falling under heading No.27.10 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) should be increased and that circumstances exist which render it necessary to take immediate action;
NOW, therefore, in exercise of the powers conferred by clause (b) of sub-section (1) of section 3 of the said Central Excise Tariff Act as substituted by the Central Excise Tariff (Amendment) Ordinance, 2002 (1 of 2002), the Central Government, hereby directs that the First Schedule and the Second Schedule of the said Central Excise Tariff Act shall be amended in the following manner, namely:-
(i) in the First Schedule to the said Central Excise Tariff Act, in Section V, in Chapter 27, against sub-heading No.2710.90 occurring in column (2), for the entry in column (4), the entry "20%" shall be substituted;
(ii) in the Second Schedule to the said Central Excise Tariff Act, against sub-heading No.2710.19 occurring in column (2), for the entry in column (4), the entry "74%" shall be substituted.
2. This notification shall come into force on the 12th day of January, 2002 and shall cease to have effect on the 1st day of April, 2002.
F.No.354/1/2002-TRU
Note.- (i) The First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) was enacted on 19th January, 1986 and was last amended on 11th May, 2001 by the Finance Act, 2001 (14 of 2001).
(ii) The Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) was inserted therein on 11th May, 1999 by the Finance Act, 1999 (27 of 1999) and was last amended on 11th May, 2001 by the Finance Act, 2001 (14 of 2001).
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