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4. Tisco who are liable to pay the excise duty on their steel products, do not dispute their liability to pay such duty in respect of the products which fall under item no. 26-AA of the First Schedule of the Act, but they refer to a notification issued by the Central Government vide Notification No. 152 of 1977-C.E., dated 18-6-1977, which says that the Central Government has exempted iron or steel products falling under item no. 26-AA of the First Schedule of the Act, and specified in column (2) of the table thereto annexed, from so much of the duty of excise leviable thereon as is in excess of the duty specified in the corresponding entries in column (3) of the said table, subject to the conditions laid down in the corresponding entries in column (4): thereof. Column (2) in serial no. 2 of the table mentions "all products falling under sub-item (ia) of item 26-AA (other than rails and sleeper bars specified in serial no. 3." In the proviso thereto it is stated as follows :-

"Provided that where the products mentioned in the Table are made from steel ingots, falling under item no. 26 of the aforesaid Schedule, which have been cleared from the factory, prior to the 18th day of June, 1977, on payment of duty at 'the appropriate rate, the duty specified in the corresponding entries in column (3) of the Table shall be reduced by two hundred rupees per metric tonne :
Provided further that where the products mentioned in the Table, other than bars and rods, falling under sub-item (ia) of item No. 26-AA referred to in serial no. 3 of the Table, are made from semifinished steel on which duty at the appropriate 'rate has already been paid, or from steel ingots falling under item no. 26 of the aforesaid Schedule which are cleared from the factory on or after the 18th day of June, 1977 on payment of duty, the duty specified in the corresponding entries in column (3) of the Table shall be reduced by three hundred and thirty rupees per metric tonne :
Provided also that where the duty paid on steel ingots or semifinished steel, as the case may be, used in the manufacture .of any quantity of the products mentioned in the Table is iii excess of duty leviable on such products, the amount eligible for adjustment towards the exemption shall be restricted to the amount of duty leviable on the quantity of the said products :
Provided also that in the case of the products mentioned in the Table and manufactured with the aid of electric furnace from and of the following material, namely :-
(i) old iron or steel melting scrap;
(ii) a combination of the material referred at (i) with fresh unused steel melting scrap on which the appropriate duty of excise has been paid; and
(iii) iron in any crude form falling under Item No. 25 of the said First Schedule on which the appropriate duty of excise has been' paid, in combination with the materials referred to at (i) and (ii) : the duty specified against the corresponding entries in column (3) of Table shall be reduced by three hundred and thirty rupees per metric tonne."