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An excise duty of 1% without Cenvat credit facility is being imposed on about 130 specified Items, which were hitherto either fully exempt from excise duty or chargeable to nil rate of excise duty. General SSI exemption would be available to all products covered under this new levy.
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the excisable goods of the description specified in column (3) of the Table below and falling under Chapter, heading, sub-heading or tariff item of the First Schedule to the Central Excise Tariff Act, 1985 ( 5 of
1986), specified in the corresponding entry in column (2) of the said Table, from so much of the duty of excise leviable thereon under the said Central Excise Act, as is in excess of the amount calculated at the rate of 1% ad valorem: Provided that nothing contained in this notification shall apply to the goods in respect of which credit of duty on inputs or tax on input services has been taken under the provisions of the CENVAT Credit Rules, 2004.
LIST OF 130 NEW ITEMS UNDER 1 PERCENT EXCISE :BUDGET 2011 Reviewed by RAJA BABU on 3/01/2011 Rating: 5 An excise duty of 1% without Cenvat credit facility is being imposed on about 130 specified Items, which were hitherto either fully exempt f...