TaxTMI 
TaxTMI 
Question - What are proposed amendments in the First Schedule to the Central Excise Tariff Act, 1985 ?
AMENDMENTS IN THE FIRST SCHEDULE TO THE CENTRAL EXCISE TARIFF ACT, 1985
01 Mar 2015 
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Education cess subsumed into basic excise duty, basic rate raised and targeted excise changes implemented across sectors.
Education Cess and Secondary and Higher Education Cess on excisable goods are subsumed into Basic Excise Duty, raising the standard ad valorem Basic Excise rate from 12% to 12.5% and exempting the cesses. Immediate provisional increases affect specified beverages, cigarettes, cut tobacco, certain minerals and plastic sacks. Petroleum duties and cess structure are reworked-education cesses exempted, CENVAT and specific cess adjusted while overall incidence on petrol/diesel remains unchanged. Sectoral measures revise section 4A retail valuation for foods, extend concessional regimes, grant targeted input exemptions, and increase Clean Energy Cess. (AI Summary)
Education Cess and Secondary and Higher Education Cess on excisable goods are subsumed into Basic Excise Duty, raising the standard ad valorem Basic Excise rate from 12% to 12.5% and exempting the cesses. Immediate provisional increases affect specified beverages, cigarettes, cut tobacco, certain minerals and plastic sacks. Petroleum duties and cess structure are reworked-education cesses exempted, CENVAT and specific cess adjusted while overall incidence on petrol/diesel remains unchanged. Sectoral measures revise section 4A retail valuation for foods, extend concessional regimes, grant targeted input exemptions, and increase Clean Energy Cess. (AI Summary)