Substitution of new section for section 3.

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..... ed a duty of excise to be called the Central Value Added Tax (CENVAT) on all excisable goods (excluding goods produced or manufactured in special economic zones) which are produced or manufactured in India as, and at the rates, set forth in the Fourth Schedule: Provided that the duty of excise which shall be levied and collected on any excisable goods which are produced or manufactured by a hundre .....

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..... n, such duty shall, for the purposes of this proviso, be deemed to be leviable at the highest of those rates. Explanation 2.- For the purposes of this sub-section,- (i) hundred per cent. export-oriented undertaking means an undertaking which has been approved as a hundred per cent. export-oriented undertaking by the Board appointed in this behalf by the Central Government in exercise of the powers .....

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..... em and may alter any tariff values for the time being in force. (4) The Central Government may fix different tariff values- (a) for different classes or descriptions of the same excisable goods; or (b) for excisable goods of the same class or description- (i) produced or manufactured by different classes of producers or manufacturers; or (ii) sold to different classes of buyers: Provided that in f .....

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