New Delhi, Oct 20 (KNN)  Government of India has made some changes in indirect tax rates by increasing basic customs duty on wheat and exempting specified biodiesel from central excise duty, effective October-19.

“In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10 per cent to 25 per cent for a period upto 31.03.2016. Notification No.51/2015-Customs, dated 19.10.2015 may be referred to in this regard,” an official release said.

In addition, specified biodiesel is exempt from central excise duty. “However, its inputs namely, RBD Palm Stearin, Methanol and Sodium Methoxide are chargeable to central excise duty leading to CENVAT credit accumulation,” it said.

Central excise duty has been exempted on RBD Palm Stearin, Methanol and Sodium Methoxide used in the manufacture of such biodiesel subject to actual user condition for a period upto 31.03.2016. Notification No.42/2015-Central Excise, dated 19.10.2015 may be referred to in this regard.   (KNN Bureau)