Budget 2018-19 related changes in ICES

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..... NOTICE NO. 08/2018 Sub: Budget 2018-19 related changes in ICES - reg. Attention of all the importers, exporters, customs brokers and all trade formations is invited towards changes made in ICES after presentation of the Budget 2018-19 in Parliament. Union Budget 2018-19 announced on 1st Feb 2018 has introduced some key changes on the customs front. While some legislative changes lik .....

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..... ble value for SWS shall therefore be the same as that of the Education/Secondary and Higher Education Cess. The rate of SWS has been fixed at 10%. Finance Bill Notifications 11/2018-Cus and 12/2018-Cus, both dated 02.02.2018 exempt SWS on the listed items partially or fully. ICES has been updated with all the rates and notifications. The system shall levy the default surcharge rate of 10% automati .....

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..... o keep the overall duty on these products (both excise as well as customs) unchanged. ICES has been updated to automatically apply the Cess of ₹ 8 per Litre on the scheduled goods. A sample comparative calculation is given below for better understanding of the changes. Item Duty rates applicable prior upto 01.02.2018 [Rs. Per Iitre] Duty rate .....

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..... 6 1 15.33 6.33 8 1 15.33 Diesel (branded) 10.69 6 1 17.69 8.69 8 1 17.99 Thus, total excise duty on motor spirit commonly known as petrol and hig .....

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