EXPORT IMPORT DATA

Union Budget 2015-16


 

Go to - Changes in Budget 2015-16

 

 

Changes in Excise Duty in Budget 2014-15

go to budget main page

 

 

  1. The excise duty structure on mobile handsets has been restructured so as to provide that all mobile handsets will attract 1% excise duty if CENVAT benefit is not availed of. The duty will be 6% if CENVAT benefit is availed of. Consequently, all imported mobile handsets shall attract 6% CVD [Sl.No.263A of the Table of notification No.12/2012-Cental Excise, dated 17.03.2012 as amended by notification No.4/2014-Central Excise, dated 17.02.2014 refers].

 

  1. The general excise duty on all machinery & equipment, appliances etc and parts thereof falling under Chapters 84 and 85 of the Central Excise Tariff has been reduced from 12% to 10%. The existing duty concessions, whether by way of tariff entry or notifications, will continue to be available as before [Sl.No.345 and 346 of the Table of notification No.12/2012-Cental Excise, dated 17.03.2012 as amended by notification No.4/2014-Central Excise, dated 17.02.2014 refers].

 

It may be noted that the duty rates notified against Sl.Nos.345 and 346 for the above goods are valid up to 30-06-2014 only. After this date, the rates applicable would be the rates as mentioned elsewhere in the Table of the notification or in the Tariff against the respective items.

 

  1. The excise duty on small cars, motor cycles, scooters, commercial vehicles and trailers has been reduced from 12% to 8% and on SUVs from 30% to 24%. The excise duties on large and mid segment cars have been reduced from 27% and 24% to 24% and 20% respectively. In line with the duty reduction on commercial vehicles, the excise duty on chassis has been reduced appropriately. Duty has also been reduced on hybrid motor vehicles, hydrogen vehicles, etc. The existing duty concessions (e.g. on tractors) by way of notification will continue to be available as before [Sl.No.347 to 369 of the Table of notification No.12/2012-Cental Excise, dated 17.03.2012 as amended by notification No.4/2014-Central Excise, dated 17.02.2014 refers].

 

It may be noted that the duty rates notified against Sl.Nos.347 to 369 for the automobile items are valid up to 30-06-2014 only. After this date, the rates applicable would be the rates as mentioned elsewhere in the Table of the notification or in the Tariff against the respective items.

 

 

--------------------------------------------------------------------------------------------------------------------------------------------------------------


-The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.2014. The rates can be reviewed at the time of regular Budget.

-To give relief to the Automobile Industry, which is registering unprecended negative growth, the excise duty is reduced for the period up to 30.06.2014 as follows:

-Small Cars, Motorcycle, Scooters - from 12 % to 8% and Commercial Vehicles

-SUVs - from 30% to 24%

-Large and Mid-segment Cars - from 27/24% to 24/20%

-It is also proposed to make appropriate reductions in the excise duties on chassis and trailors - The rates can be reviewed at the time of regular Budget.

-To encourage domestic production of mobile handsets, the excise duties for all categories of mobile handsets is restructured. The rates will be 6% with CENVAT credit or 1 percent without CENVAT credit.

-To encourage domestic production of soaps and oleo chemicals, the custom duty structure on non-edible grade industrial oils and its fractions, fatty acids and fatty alcohols is rationalized at 7.5 percent.

-To encourage domestic production of specified road construction machinery, the exemption from CVD on similar imported machinery is withdrawn.

-A concessional custom duty 5 percent on capital goods imported by the Bank Note Paper Mill India Private Limited is provided to encourage domestic production of security paper for printing currency notes.

-The loading and un-loading, packing, storage and warehousing of rice is exempted from Service Tax.

-The services provided by cord blood banks is exempted from Service Tax.

-States to partner in development so as to enable the Centre to focus on Defence, Railways, National Highways and Tele-communication.


Welcome Guest
User Login
Username or Email
Password
» Register Now
» Forgot Password ?

Enquiry Form
Name*
Company Name
Company Address
Phone*
Email*
Products
Information Sought
Image Verification
*Compulsory Fields

EXIM NEWS - EXPORT IMPORT
  • Industry Raises Concern Over Ailing Textile Sector
    Man-Made Industry Was Expecting Reduction Of Excise Duty From 12.36% To 6% But It Was Increased To 12.50% And The Allocation Of Tuff Was Also Not There As Per Recommendation Given By All Textile Industry Associations Including Ficci, Citi, Etc.
  • Raw Cotton Export Falls By 15 Percent In 8Mfy15
    The Country's Raw Cotton Export Fell By 15 Percent During The First Eight Months Of The Current Fiscal Year (Fy15) Mainly Due To Lower Demand And Quality Issue. Traders Said That Despite Lower Cotton Prices Compared To Other Competitors, Pakistan's Raw Cotton Was Unable To Capture The World Market.
  • India Containerized Shredded Scrap Import Prices Up; Aluminium Scrap Prices Remain Flat
    Indian Containerized Shredded Scrap Import Prices Advanced During Last Week, While Indian Aluminium Scrap Prices Remained Flat.
  • India Rejects Bp's Application For Selling Jet Fuel
    The Official Said Bp's $477 Million Investment Since Entering In 2011 Included Both Capital And Operating Expenditure, Mostly In Its Partner Reliance Industries' Offshore Blocks, Including The Flagging Kg-D6 In Krishna Godavari Basin.
  • Lift Ban On Shark Fin Export: Seai
    The Seafood Exporters’ Association Of India Wants The Recently-Imposed Ban On Shark Fin Exports Lifted.
  • Rs 628.2 Million Tax Received In 15 Days On Imports From India
    Pakistan Has Imported Items Worth Rs 1.48 From March 1 To March 15 Of The Current Fiscal Year From India Via Wagha Border, While Total Tax To The Tune Of Rs 628.2 Million Was Collected During The Period.
  • Revival Of Gas-Based Power Capacity May Save $16 Bn Worth Of Investments For India
    The Government’S Latest Plan To Revive The Stranded Gas-Based Power Generation Capacity Through Imports Will Help Save $16 Billion Worth Of Investments And Banks Including Idbi, State Bank Of India (Sbi) And Icici Are Set To Be The Biggest Beneficiaries Of The Plan, Credit Rating Agency Moody’S Said In Its Latest Credit Outlook Report Released On Monday.
  • India Average Wholesale Rice Prices Increase In March 2015
    India Average Wholesale Rice Prices, Which Increased In January 2015 And Declined In February 2015 Due To Increased Supplies And Declining Export Demand, Have Again Increased In March 2015 Due Expected Lower Production From Ongoing Rabi Secondary Rice Crop (November - May), According To Official Sources. Planting For The Current Rabi Crop Is Lagging By About 412,000 Hectares, Or About 9.5% From The Same Time Last Year.
LATEST NOTIFICATIONS