TMI BlogQuick Review of Budget effects - Indirect Taxes – Customs and ExciseX X X X Extracts X X X X X X X X Extracts X X X X ..... Quick Review of Budget effects - Indirect Taxes – Customs and Excise - By: - CS Swati Dodhi - Customs - Import - Export - SEZ - Dated:- 28-2-2013 - - Quick Review of Budget effects - Indirect Taxes Customs and Excise Normal rates of 12 percent for excise duty and service tax maintained Peak rate of basic customs duty of 10% for non-agricultural products unchanged. Customs Specif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied part of electric and hybrid vehicles - Extension of period of concession available for upto 31 March 2015. Specified machinery for manufacture of leather and leather goods including footwear - Duty reduced from 7.5 to 5 percent. Pre-forms precious and semi-precious stones Duty reduced from 10 to 2 perent. De-oiled rice bran oil cake - Export duty withdrawn. Export of unprocessed il ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... menite - Duty of 10 percent and Export on ungraded ilmenite - Duty of 5 percent Air craft maintenaince, repair and overhaul (MRO) industry - Concessions extented. Set Top Boxes - Duty increased from 5 to10 percent. Raw silk - Duty increased from 5 to 15 percent. Steam Coal and Bituminous Coal - Duty equalized - 2 percent custom duty and 2 percent CVD levied on both kinds coal. Imported ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luxury goods such as high end motor vehicles, motor cycles,yachts and similar vessels - Duty increased. Duty free gold limit increased to Rs.50,000 in case of male passenger and Rs.1,00,000 in case of a female passenger subject to conditions. Excise duty Ready made garment industry - in case of cotton zero excise duty at fibre stage also - in case of spun yarn made of man made fibr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e duty of 12 percent at the fibre stage. Handmade carpets and textile floor coverings of coir and jute - total exemption from excise duty. Relief to ship building industry, ships and vessels No excise duty - No CVD on imported ships and vessels. Specific excise duty on cigarettes, cigars, cheroots and cigarillos - increased by about 18 percent. Excise duty on SUVs (except SUVs register ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as taxies) increased from 27 to 30 percent. Excise duty on marble - increased from Rs. 30 per square meter to Rs. 60 per square meter. Proposals to levy 4 percent excise duty on silver manufactured from smelting zinc or lead. Duty on mobile phones of price more than Rs. 2000 raised to 6 percent. MRP based assessment in respect of branded medicaments of Ayurveda, Unani, Siddha, Homeopat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hy and bio-chemic systems of medicine to reduce valuation Dispute. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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