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TMI BlogEXCISE – CUSTOMS RELIEF IN INTERIM BUDGETX X X X Extracts X X X X X X X X Extracts X X X X ..... EXCISE – CUSTOMS RELIEF IN INTERIM BUDGET - By: - Dr. Sanjiv Agarwal - Budget - Dated:- 28-2-2014 - - Excise Duty The interim budget has proposed some relief in tax rates in excise duties to offer temporary boost to some sectors reeling in slow growth, may be on industry demand. This relief is by way of reduction in excise duty rates for a period upto 30 th June, 2014 ,i.e., these will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be reviewed at the time of regular budget. 2 percent rate cut is given to all consumer durable items, 4 percent cut in duties for small cars, motor cycles, scooters etc, 6 percent duty cut for SUVs and 4 percent cut for large and mid-segment cars. Also, mobile handsets would be cheaper now by 5 percent. The duty would be 1 percent (earlier 6 percent) without Cenvat credit. To give effect to af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orementioned tax proposals, Notification No. 4/2014-CE dated 17.02.2014 has been issued to provide that all mobile handsets will attract 1 % Excise duty if Cenvat benefit is not availed of and 6% if Cenvat benefit is availed of; to reduce Excise duty on all machinery equipment, appliances, etc. and parts thereof falling under Chapters 84 and 85 of the Central Excise Tariff from 12% to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10%; to reduce Excise duty on small cars, motor cycles, scooters, commercial vehicles and trailers from 12% to 8%, on SUVs from 30% to 24%, on large and mid-segment cars from 27% and 24% to 24% and 20% respectively; to reduce Excise duty on chassis appropriately; and to reduce Excise duty on hybrid motor vehicles, hydrogen vehicles, etc. It may be noted that the duty rates notified against Sr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nos. 345 to 369 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. Notification No. 6/2014 customs dated 17.02.2014 has been issued to extend full exemption from Customs duty on pulses up to 30-9-2014; to withdraw CVD exemption avai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lable on specified road construction machinery; to rationalize basic customs duty on non edible grade industrial oils and its fractions, palm stearin, fatty acids and fatty alcohols at 7.5%; to exempt LNG consumed in the authorized operations in the ONGC SEZ unit at Dahej and the remnant LNG cleared into the Domestic Tariff Area (DTA) from Basic Customs Duty and CVD; to provide concessional basi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c Customs duty of 5% [CVD (Nil) + SAD (Nil)] to capital goods imported by Bank Note Paper Mill India Private Limited; and to fully exempt human embryo from Customs duty. - - Scholarly articles for knowledge sharing authors experts professionals 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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