Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: VAT Audit :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: TDS
Customs and Excise »
 Ensure transparency in excise department working: Bizmen to government
 It is time to review the customs duty on essential food imports
 Migration to GST of existing Central Excise / Service Tax Assessees
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
 Budgetary Changes In Customs
 Customs and excise officials upset with GST administration deal with states
 Higher petro excise props up govt tax kitty
 Seeks to further amend notification No. 02/2011-Central Excise dated 1st March, 2011.
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise

Customs Excise cut: Govt rationalises duty structure
May, 31st 2008

Finance Minister P Chidambaram on Friday announced key cuts in customs and excise duty, bringing cheers to some of the sectors.

The minister reduced the excise duty on all goods produced in the pharmaceutical sector from 16 per cent to 8 per cent. Making some life saving drugs and bulk drugs used for the manufacture of such drugs cheaper with the customs duty on them slashed to 5 per cent from 10 per cent earlier. The same has been totally exempted from excise duty or countervailing duty (CVD).

Excise duty on buses and their chassis was cut from 16 per cent to 12 per cent while the excise duty on small cars was slashed from 16 per cent to 12 per cent and on hybrid cars from 24 per cent to the general revised rate of 14 per cent.

Chidambaram announced a cut in excise duty on two-wheelers and three-wheelers from 16 per cent to 12 per cent.

The minister also reduced the customs duty on Project Imports from 7.5 per cent to 5 per cent. However, he imposed a 4 per cent special CVD on a few specified projects in the power sector.

Steel melting scrap and aluminium scrap will become less costlier, as the customs duty came down from 5 per cent to nil in a move to improve supply of raw material.

He also reduced the excise duty on paper, paper board and articles made there from manufactured out of non-conventional raw materials by units not having an attached bamboo/wood pulp making plant from 12 per cent to 8 per cent with a further reduction on clearances up to 3,500 MT from 8 per cent to nil.

Excise duty on certain varieties of writing, printing and packing paper were also reduced from 12 per cent to 8 per cent.

In order to reduce the cost of manufacture of cattle and poultry feeds, Chidambaram reduced the duty on vitamin premixes and mineral mixtures from 30 per cent to 20 per cent and on phosphoric acid from 7.5 per cent to 5 per cent. The duty on bactofuges will be reduced from 7.5 per cent to nil. This will increase the shelf life of milk and benefit the dairy industry, the minister proposed.

With this year's budget, IT/electronic hardware would become cheaper as the Finance Minister has fully exempted them from duty specified parts of set top boxes and specified raw materials for use.

To establish parity between devices used in the information/ communication sector and the entertainment sector, he also slashed the duty on convergence products from 10 per cent to 5 per cent.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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