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Budget 2015-16- Changes in Central Excise-

Central Excise - By: - Deepak Aggarwal - Dated:- 2-3-2015 Last Replied Date:- 20-3-2015 - Changes in Budget 2015-16 in Central Excise Central govt. may specify more than one factor relevant to the production of goods in those cases where excise duty is charged on capacity of production. In Section 11A - Specific provision where extended period of time applies, but the transactions are recorded in the specified record has been removed. Now it is immaterial whether transaction is recorded in boo .....

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ties Now in settlement commission provisions, when any proceeding is referred back, whether in appeal or revision or otherwise, by any court, Appellate Tribunal Authority or any other authority to the adjudicating authority for a fresh adjudication or decision, then such case shall not be entitled for settlement. Penalty under Sec. 37 has been increased to ₹ 5000. Education Cess and Secondary and Higher Education Cess leviable on all excisable goods are being fully exempted. The standa .....

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on condensed milk put up in unit containers and peanut butter. Condensed milk notified under section 4A of the Central Excise Act for the purpose of valuation with reference to the Retail Sale Price, with an abatement of 30%. Condensed milk, other than put up in unit containers will continue to be exempt from excise duty. All goods falling under Chapter sub-heading 2101 20, including iced tea, are being notified under section 4A of the Central Excise Act for the purpose of assessment of Cent .....

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duty with reference to the Retail Sale Price with an abatement of 35%. The Third Schedule to the Central Excise Act, 1944 is also being amended so as to include therein all goods falling under Chapter heading 2202 Excise duty on waters, including mineral waters and aerated waters, containing added sugar or other sweetening matter or flavoured falling under Chapter sub-heading 2202 10 is being increased from 12% to 18%. Simultaneously, the entry in the Seventh Schedule to the Finance Act, 2005 .....

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specified as a factor relevant to production for determining excise duty payable under the Compounded Levy Scheme presently applicable to pan masala, gutkha and chewing tobacco. Accordingly, deemed production and duty payable per machine per month are being notified with reference to the speed range in which the maximum speed of a packing machine for packages of various retail sale prices falls Tariff rate of excise duty on goods falling under Chapter sub-heading 2523 29 is being increased fro .....

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being provided to all goods which are consumed within the factory of their production in the manufacture of Agarbatti. Agarbattis attract NIL excise duty. Basic Excise Duty on leather footwear of Retail Sale Price exceeding ₹ 1000 per pair falling under Central Excise Tariff heading 6403 and 6405 is being reduced from 12% to 6%.The abatement as a percentage of Retail Sale Price is being reduced from 35% to 25% for all footwear. Excise duty is being reduced from 12% to Nil on Pig iron SG .....

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