| [Act 16 of 1998] | [7th July, 1998] |
An Act further to amend to the Finance Act, 1979 and the Finance (No. 2) Act, 1996
Be it enacted by Parliament in the Forty-ninth Year of the Republic of India as follows:-
1. Short title and commencement.- (1) This Act may be called the Finance (Amendment) Act, 1998.
(2) It shall be deemed to have come into force on the 16th day of September, 1997.
2. Amendment of Act 21 of 1979.- In sub-section (1) of Section 35 of the Finance Act, 1979, for clause (i), the following clause shall be substituted, namely:-
"(i) for every such journey to any place outside India other than a place in a neighbouring country-
(a) at the rate of seven hundred and fifty rupees on or after the 26th day of September, 1997 but before the 1st day of January, 1998;
(b) at the rate of five hundred rupees on or after the 1st day of January, 1998;".
3. Amendment of Act 33 of 1996.- In Section 68 of the Finance (No. 2) Act, 1996,-
(a) in sub-section (1), for the words "two per cent.", the words "five per cent." shall be substituted.
(b) to sub-section (1) as so amended, the following proviso shall be added, namely:-
‘Provided that in the case of goods falling under Heading Nos. 27.09 to 27.15 and Heading No. 98.01 of the said First Schedule, the provisions of this sub-section shall have effect as if for the words "five per cent.", the words "two per cent." had been substituted’.
4. Repeal and saving.- (1) The Finance (Amendment) Ordinance, 1998 (Ord. 5 of 1998) is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the Finance Act, 1979 (21 of 1979) or the Finance (No. 2) Act, 1996 (33 of 1996) as amended by the Ordinance so repealed, shall be deemed to have been done or taken under the corresponding provisions of the Finance Act, 1979 or, as the case may be, the Finance (No. 2) Act, 1996, as amended by this Act.