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Changes in Excise Duty in Budget 2014-15

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  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.

 

 

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-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.


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