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TMI Blog130 items Brought under Tax Net with Nominal one Per Cent Excise Duty - Mandatory 10 Per Cent Levy Replaces Optional Levy for Readymade GarmentsX X X X Extracts X X X X X X X X Extracts X X X X ..... 130 items Brought under Tax Net with Nominal one Per Cent Excise Duty - Mandatory 10 Per Cent Levy Replaces Optional Levy for Readymade Garments - News and Press Release Dated:- 28-2-2011 - News - In the General Budget 2011-12, certain changes in the Central Excise Rate structure has been proposed to prepare the ground transition to GST. The exemption has been withdrawn on 130 items that are ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... empt from Central Excise Duty but chargeable to VAT. A nominal central excise duty of one per cent is being imposed on these 130 items that are mainly in the nature of consumer goods. No Cenvat credit would be available for the manufacture of these items. Presenting the Budget, the Union Finance Minister, Shri Pranab Mukherjee in the Lok Sabha today said that basic food and fuel would continue to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be exempt. This levy would also not apply to precious metals and stones. In case of jewellery and articles of gold, silver and precious metals, the levy would apply only to goods sold under a brand name. The remaining 240 items would be brought into the tax net when GST is introduced. The lower rate of Central Excise Duty has been enhanced from 4 per cent to 5 per cent, in line with the States ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... increased merit rate of VAT. For readymade garments and made-ups of textiles, the optional levy has been converted into a mandatory levy at a unified rate of 10 per cent. The levy would however, apply only to branded garments or made-ups and not to those tailored or made to order for a retail customer. Credit of tax paid on inputs, capital goods and input services would be available to manufactu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rers of these products. Export o these items would continued to be zero-rated. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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