Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT Audit :: articles on VAT and GST in India :: cpt
« Customs and Excise »
 IGST on high-seas sale of imports is levied only during customs clearance
 Central Excise Rules, 2017 – Part II
 Central Excise Rules, 2017 – Part I
 Allocate the charges amongst the Members of the Central Board of Excise and Customs
  Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd.
 4 new members appointed in Central Board of Excise and Customs
 Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd.
 Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017
 Central Board of Excise and Customs to soon notify new procedural framework
 CBEC set to be Central Board of Indirect Taxes and Customs
 Govt to give customs, excise duty benefits to boost solar rooftop sector

Select food items to attract less excise duty
March, 30th 2011

Food inflation may have been a key factor behind Finance Minister Pranab Mukherjees decision to give partial tax relief on some of the 130 items that were brought under the tax ambit in the Budget. Tea, coffee, ketchup, soup, food mixes, flavoured milk, coconut water and ready-to-eat packaged food are some of the major items in the list of 35 items to get 35 per cent abatement on the excise levy of one per cent.

In the Budget tabled in Parliament last month, the government had proposed to levy one per cent central excise duty on 130 items to prepare ground for the introduction of the Goods and Services Tax. However, in his reply to the Finance Bill last week, Mukherjee offered an abatement of 35 per cent to many of these items so that disputes with regard to valuation are avoided.

Food inflation, which was expected to moderate after remaining high for several weeks, reversed gears by entering into double digits at 10.05 per cent for the week ended March 12, as fruits and some vegetables turned expensive due to the onset of summers. Headline inflation, measured by the wholesale price index, also rose marginally in February to 8.31 per cent from 8.23 per cent a month ago. This was contrary to the expectations that inflation would fall below eight per cent in the month.

Other than foods items, the relief has been given mostly in the areas of medicine and stationery. The 35 per cent abatement has been given on items health and hygiene items like medicaments (including those used in ayurvedic, unani, siddha, homeopathic or biochemic systems), vaccines, nipples for feeding bottles, surgical rubber gloves, and water filters functioning without electricity and replaceable kits.

The stationery items to get the abatement include ink, mathematical boxes, geometry boxes and colour boxes, pencil, sharpeners. On the technology side, abatement has been extended to mobile handsets including cellular phones and radio trunking terminals, wireless data modem cards, recorded audio compact discs, recorded video compact discs, recorded digital video discs and recorded audio cassettes.

Tooth powder, candles, betel nut (supari), and intravenous fluids used for sugar, electrolyte or fluid replenishment are some other items to get the abatement.

Some items like pens, pencils, crayons, drawing chalks, sports goods, lanterns, some military weapons, mathematical calculating instruments, spectacles and lenses, bicycles, sewing machines and needles, kerosene stoves, roofing and ceramic tiles, sand lime bricks, laminated jute bags, and adhesive tapes, among others, will continue to attract excise duty at one per cent.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions