Excise cut on footwear, food processing machinery
Updated: Jul 10, 2014 03:34:26pm
New Delhi, Jul 10 (KNN) Empowering the SMEs to put their best foot forward the Union Budget proposes halving excise duty on the footwear industry from 10 per cent to 6 per cent on the pairs exceeding Rs 500 but below Rs 1,000.
As a measure of relief to the footwear industry, most of which are in SME sector, the Budget has proposed to reduce the excise duty from 12 per cent to 6 per cent on footwear of retail price exceeding Rs 500 per pair but not exceeding Rs 1,000 per pair.
Footwear of retail price up to Rs 500 per pair will continue to remain exempted.
Meanwhile, the excise duty on specified food processing and packaging machinery will also be reduced from 10 per cent to 6 per cent.
The losses in fruits and vegetables are mainly due to lack of adequate processing capacity, the Budget highlighted.
To incentivize expansion of processing capacity, the budget proposed to reduce the excise duty on specified food processing and packaging machinery from 10 per cent to 6 per cent. (KNN/SD)
As a measure of relief to the footwear industry, most of which are in SME sector, the Budget has proposed to reduce the excise duty from 12 per cent to 6 per cent on footwear of retail price exceeding Rs 500 per pair but not exceeding Rs 1,000 per pair.
Footwear of retail price up to Rs 500 per pair will continue to remain exempted.
Meanwhile, the excise duty on specified food processing and packaging machinery will also be reduced from 10 per cent to 6 per cent.
The losses in fruits and vegetables are mainly due to lack of adequate processing capacity, the Budget highlighted.
To incentivize expansion of processing capacity, the budget proposed to reduce the excise duty on specified food processing and packaging machinery from 10 per cent to 6 per cent. (KNN/SD)
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