Section Text
1) There shall belevied and collected, with effect from such date as may be specified in this behalf by the Central Government by Notification in the Official Gazette, on all goods mentioned in the First Schedule to the Central Excises Act as amended by this Act or any subsequent Act of Parliament, a regulatory duty of excise which shall be ten per cent of the value of the goods as determined in accordance with the provisions of section 4 of the Central Excises Act-Provided that different dates may be specified by the Central Government for different kinds of goods.
(2) The duties of excise referred to in sub-section (1) in respect of March, 1964, except as respects things done or omitted to be done before such cesser; and section 6 of the General Clauses Act, 1897-, shall apply upon such cesser as if the said sub-section had then been repealed by a Central Act.
(3) The duties of excise referred to In sub-section (1) in respect of the goods specified therein shall be in addition to the duties of excise chargeable on such goods under the Central Excises Act or any other law for the time being in force and such regulatory duties shall be levied for purposes of the Union and the proceeds thereof shall not be distributed among the States.
(4) The provisions of the Central Excises Act and the rules made thereunder, including those relating to refunds and exemptions from duties, shall, as far as may be, apply in relation to the levy and collection of the regulatory duty of excise leviable under this section in respect of any goods as they apply in relation to the levy and collection of the duties of excise on such goods under that Act or those rules.
(5) Every notification issued under sub-section (1) shall, as soon as may be after it is issued, be placed before each House of Parliament.