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Excise duty cut for Auto, Capital goods, Consumer durables extended till Dec 31, 2014

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Excise duty cut for Auto, Capital goods, Consumer durables extended till Dec 31, 2014
By: Bimal jain
June 26, 2014
All Articles by: Bimal jain       View Profile
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Excise duty cut for Auto, Capital goods, Consumer durables extended till Dec 31, 2014

In the Interim Union Budget 2014 on 17th February, 2014, the Government had reduced the Excise duty on:

•        Small cars, motorcycles, scooters, three wheelers and commercial vehicles from 12 percent to 8 percent ;

•        Mid-segment cars from 24 percent to 20 percent ;

•        Large cars from 27 percent to 24 percent ; and

•        SUVs from 30 percent to 24 percent .

Further, to stimulate growth in the Capital goods and Consumer durable sectors, Excise duty was reduced from 12 percent to 10 percent on all goods falling within the Chapters 84 & 85 of the Central Excise Tariff Act, 1985.

Now, the Government has extended by six months the validity of concessional Excise duty regime provided for the Capital goods, Automobiles and Consumer durables sectors in interim budget in February 2014.

(Please refer the Notification No. 12/2012-CE dated March 17, 2012, duly amended by Notification No. 4/2014-CE dated February 17, 2014 and now, Notification No. 06/2014-CE dated June 25, 2014).

Hence, the concessional Excise duty cut for above mentioned goods was set to expire on June 30, 2014, will now be available till December 31, 2014.

While addressing the media persons, the Finance Minister said that the duty benefits are being extended for six months up to December, 2014 and the Government expects the industry to show positive results in the coming months. He said that the Government also expects that the benefit of these duty concessions will be passed on to the consumers at large.

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Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the authors nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this document nor for any actions taken in reliance thereon.

Readers are advised to consult the professional for understanding applicability of this newsletter in the respective scenarios. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. No part of this document should be distributed or copied (except for personal, non-commercial use) without our written permission.

 

By: Bimal jain - June 26, 2014

 

Discussions to this article

 

Bimal ji thanks

for the updates

By: CA.Tarun Agarwalla
Dated: 27/06/2014

 

 
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