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of <h1>Union Budget 2015: Excise Duty Raised to 12.5%, Education Cess Exempted, Customs Duty Reduced for Select Goods.</h1> The Union Budget 2015 introduces changes to Customs and Central Excise laws and duty rates, effective from March 1, 2015. Key amendments include the exemption of Education Cess and Secondary & Higher Education Cess on excisable goods, with the standard ad valorem excise duty rate increasing from 12% to 12.5%. Changes affect various goods, including reductions in Basic Customs Duty for certain chemicals, metals, and electronics components. The Finance Bill, 2015, proposes legislative amendments and clarifications on duty exemptions. The document emphasizes smooth implementation and encourages stakeholder engagement to address any uncertainties.
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