Basic custom duties reduced on some items to boost investment & domestic prod
Updated: Jul 10, 2014 05:11:17pm
New Delhi, Jul 10 (KNN) To encourage new investment and capacity addition in the chemicals and petrochemicals sector, basic customs duty has been reduced.
This was announced by the Union Finance Minister Arun Jaitley while presenting the Budget here today.
Jaitley said that steps have been taken to boost domestic production of electronic items and reduce dependence on imports. These include imposition of basic customs duty on certain items outside the purview of IT Agreement, exemption for inputs/components in PC manufacturing from SAD, imposition of education cess on imported electronic products for parity etc.
Colour picture tubes have been exempted from basic customs duty to make cathode ray TVs cheaper and more affordable to weaker sections. To encourage production of LCD and LED TVs below 19 inches in India, basic customs duty on LCD and LED TV panels of below 19 inches has been reduced from 10 per cent to nil, Jaitley announced.
The basic customs duty on imported flat-rolled products of stainless steel has been increased from 5 per cent to 7.5 per cent, concessional basic customs duty of 5 per cent has been extended to machinery and equipment required for setting up of a project for solar energy production.
The budget proposed reduction in the basic customs duty from 10 per cent to 5 per cent on forged steel rings, used in the manufacture of bearings of wind operated electricity generators. Concessional basic customs duty of 5 per cent has been proposed on machinery and equipment required for setting up of compressed biogas plants (Bio-CNG).
Basic customs duty on metallurgical coke has been increased from nil to 2.5 per cent in line with the duty on coking coal.
The budget also proposed increase in duty free entitlement for import of trimmings, embellishments and other specified items from 3 per cent to 5 per cent of the value of their export for readymade garments.
Export duty on bauxite has been increased from 10 per cent to 20 per cent. For passenger facilitation, free baggage allowance has been increased from Rs 35,000 to Rs 45,000.
To incentivize expansion of processing capacity, excise duty on specified food processing and packaging machinery has been reduced from 10 per cent to 6 per cent.
Concessional excise duty of 2 per cent without Cenvat benefit and 6 per cent with Cenvat benefit on sports gloves and the excise duty has been increased from 12 per cent to 16 per cent on pan masala, from 50 per cent to 55 per cent on unmanufactured tobacco and from 60 per cent to 70 per cent on gutkha and chewing tobacco and additional duty of excise at 5 per cent on aerated waters containing added sugar has been levied.
To finance Clean Environment initiatives, the Clean Energy Cess has been increased from Rs 50 per tonne to Rs 100 per tonne. (KNN/SD)
This was announced by the Union Finance Minister Arun Jaitley while presenting the Budget here today.
Jaitley said that steps have been taken to boost domestic production of electronic items and reduce dependence on imports. These include imposition of basic customs duty on certain items outside the purview of IT Agreement, exemption for inputs/components in PC manufacturing from SAD, imposition of education cess on imported electronic products for parity etc.
Colour picture tubes have been exempted from basic customs duty to make cathode ray TVs cheaper and more affordable to weaker sections. To encourage production of LCD and LED TVs below 19 inches in India, basic customs duty on LCD and LED TV panels of below 19 inches has been reduced from 10 per cent to nil, Jaitley announced.
The basic customs duty on imported flat-rolled products of stainless steel has been increased from 5 per cent to 7.5 per cent, concessional basic customs duty of 5 per cent has been extended to machinery and equipment required for setting up of a project for solar energy production.
The budget proposed reduction in the basic customs duty from 10 per cent to 5 per cent on forged steel rings, used in the manufacture of bearings of wind operated electricity generators. Concessional basic customs duty of 5 per cent has been proposed on machinery and equipment required for setting up of compressed biogas plants (Bio-CNG).
Basic customs duty on metallurgical coke has been increased from nil to 2.5 per cent in line with the duty on coking coal.
The budget also proposed increase in duty free entitlement for import of trimmings, embellishments and other specified items from 3 per cent to 5 per cent of the value of their export for readymade garments.
Export duty on bauxite has been increased from 10 per cent to 20 per cent. For passenger facilitation, free baggage allowance has been increased from Rs 35,000 to Rs 45,000.
To incentivize expansion of processing capacity, excise duty on specified food processing and packaging machinery has been reduced from 10 per cent to 6 per cent.
Concessional excise duty of 2 per cent without Cenvat benefit and 6 per cent with Cenvat benefit on sports gloves and the excise duty has been increased from 12 per cent to 16 per cent on pan masala, from 50 per cent to 55 per cent on unmanufactured tobacco and from 60 per cent to 70 per cent on gutkha and chewing tobacco and additional duty of excise at 5 per cent on aerated waters containing added sugar has been levied.
To finance Clean Environment initiatives, the Clean Energy Cess has been increased from Rs 50 per tonne to Rs 100 per tonne. (KNN/SD)
Loading...
