The CBR has amended SRO 333(I)/2002 through SRO (I)/2004 issued here on Monday.
Sources told Business Recorder that paint industry was pressing for withdrawal of CED levy on thinner, as it would not have any visible revenue impact.
The CBR has already withdrawn CED on the paint and varnishes and now their basic raw material is also exempted from excise duty.
Following is the text of the notification issued on Monday:
In exercise of the powers conferred by sub-section (I) of section 12A of the Central Excises Act, 1944 (I of 1944), the Federal Government is pleased to direct that the following further amendments shall be made in its Notification No SRO. 333(I)/2002, dated the 15th June, 2002, namely:-
In the aforesaid Notification, in Table-I, against Heading Number 3814,0000, in column (I), -
(a) the existing clause (iii), in column (2), shall be re-numbered as "(iv)"; and
(b) after clause (ii), in column (2) and the entries relating thereto in columns (3) and (4), the following new clause and the entries relating thereto shall be inserted, namely:-
"(iii) Thinners Nil. Nil."