9911796707
TMI BlogOfficial Amendments to the Finance Bill, 2002X X X X Extracts X X X X X X X X Extracts X X X X ..... urse of time. 2. The Board desires that the above amendments may kindly be taken note of and the field formations may be suitably informed. Annexure Amendments made in the Finance Bill, 2002 S. No. Reference of Finance Bill Prior to amendment Subsequent amendment Remarks 1. New Clause inserted after Clause 120 Section 75 contained a reference of the Foreign Exchange Regulation Act, 1973 (46 of 1973). Section 75 has been amended to substitute the reference to Foreign Exchange Regulation Act, 1973 (46 of 1973) by Foreign Exchange Management Act, 1999 (42 of 1999) It is a technical change. This amendment incorporates the reference to Foreign Exchange Management ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uty in respect of (a) specified goods on which excise duty has been imposed with effect from 1-3-2002 (b) granite (c) woven fabrics of cotton (d) woven fabrics of man made fibres; (iii) new rule 12A has been inserted to prescribe manner of filing of return in respect of goods mentioned in (ii) above. This amendment validates the deferment of fortnightly payment of central excise duties payable by 5-3-2002 and 20-3-2002 by non-SSI assessees and the duties payable by 15-3-2002 by SSI units located in the State of Gujarat. Assessees located in Gujarat were allowed to defer the payment of these installments till the 31st March, 2002, in view of the disturbances. Further this amendment validates the deferment of payment of the central e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fields covered by production sharing contracts (PSC's). This notification, has been given retrospective effect from 1-3-2002 and necessary validation provisions have been made in the new clause. This amendment gives retrospective effect from 1-3-2002, to the notification of the Ministry of Petroleum Natural Gas, dated 12-4-2002, vide which the effective rate of cess on crude oil for fields covered by production sharing contracts (PSC's) has been prescribed @ Rs. 900 PMT. 8. Amendment in the Schedule II The tariff rate of basic customs duty on dairy spreads as well as other fats and oils derived from milk, falling under sub-headings 0405.20 and 0405.90 was prescribed at 30%. The tariff rate of basic custom ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
