(1)With effect from such date as the Central Government may, by notification in the Official Gazette, specify,there shall be levied and collected, as a cess , a duty of excise and customs for the purposes of this Act, on every item specified in column (2) of the [Schedule I] [Substituted 'Schedule' by Finance Act, 2018 (Act No. 13 of 2018) dated 29.3.2018.], which is produced in or imported into India and(a)removed from are finery or a factory or an outlet; or(b)transferred by the person, by whom such item is produced or imported, to another person,at such rates [***] [Omitted 'not exceeding the rate set forth in the corresponding entry in column (3) of the Schedule' by Finance Act, 2018 (Act No. 13 of 2018) dated 29.3.2018.], as the Central Government may, by notification in the Official Gazette, specify:[***] [Omitted 'Provided that until the Central Government specifies by such notification the rate of the cess in respect of petrol and high speed diesel oil (being items specified in the Schedule, the cess on petrol and high speed diesel oil under this sub-section shall be levied and collected at the rate of rupee one per litre' by Finance Act, 2018 (Act No. 13 of 2018) dated 29.3.2018.][Provided that the additional duty of customs and the additional duty of excise on motor spirit commonly known as petrol and on high speed diesel oil levied under sub-section (1) of section 109 and sub-section (1) of section 110, as the case may be, of the Finance Act, 2018 shall be deemed to be the cess for the purposes of this Act from the date of its levy and the proceeds thereof shall be credited to the Fund.] [Substituted by Finance Act, 2018 (Act No. 13 of 2018) dated 29.3.2018.]
