INDIRECT TAXES: Excise and customs duty proposals to result in net gain of Rs7,300 crore.
- Standard rate of Central Excise duty maintained at 10%
- No change in CENVAT rates
- 130 items, mainly from the consumer goods category, brought into the Central Excise regime. Remaining 240 items to be brought into the tax net when general sales tax (GST) would be introduced. Nominal 1% central excise duty would be charged on these 130 items entering the tax net. No CENVAT credit for manufacturers of these items.
- Basic food and fuel and precious stones, gold and silver jewellery, except branded ones, to be exempted.
- Lower rate of Central Excise duty increased to 5% from 4%.
- A levy of 10% on branded garments. Credit of tax paid on inputs, capital goods and input services would be available to manufacturers of these products. In addition, full SSI exemption is also extended to these products.
- Peak rate of customs duty maintained at 10% in view of the global economic situation.
- Basic customs duty on agricultural machinery reduced to 4.5% from 5%.
- Basic Custom Duty reduced on micro-irrigation equipment from 7.5% to 5%.
- De-oiled rice bran cake to be fully exempted from basic Custom Duty. Export Duty of 10% to be levied on its export.
- Export duty on all types of iron ore unified at 20% ad valorem.
- Basic customs duty on petcoke and gypsum (both used as critical raw material in cement industry) reduced to 2.5%.
- Full exemption from basic Customs Duty and a concessional rate of Central Excise Duty extended to batteries imported by manufacturers of electrical vehicles.
- Concessional Excise Duty of 10% to vehicles based on fuel cell technology.
- The excise duty on LEDs reduced to 5% from 10% and special CVD (4% at present) fully exempted.
- Customs duty on solar lanterns cut to 5% from 10%.
- Crude Palm Stearin, used in the manufacture of laundry soap fully exempted from basic customs duty.
- Full exemption from import duty that is available to spares and capital goods required for ship-repair units extended to imports by ship-owners too.
- Reduction in basic customs duty on raw pistachio to 10% from 30%.
- Reduction in basic customs duty on bamboo for agarbatti to 10% from 30%.
- Reduction in basic customs duty on lactose for the manufacture of homeopathic medicines to 10% from 25%.
- Reduction in central excise duty on sanitary napkins, baby and adult diapers to 1% from 10%.
- Service tax widened to cover hotel accommodation charging above Rs1,000 a day, A/C restaurants serving liquor.
- Tax on all services provided by hospitals with 25 or more beds with facility of central air-conditioning.
- Service tax on air travel increased by Rs50 for domestic travel and Rs250 for international travel in economy class. On higher classes, it will be 10% flat.
- Services provided by life insurance companies in the area of investment and some more legal services proposed to be brought under the tax net.
- All individual and sole proprietor taxpayers with a turnover up to Rs60 lakh freed from the formalities of audit.
- To encourage voluntary compliance, the penal provisions for Service Tax are being rationalised. Similar changes being carried out in Central Excise and Custom laws.
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