Quick Review of Budget effects - Indirect Taxes – Customs and Excise

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....uick Review of Budget effects - Indirect Taxes – Customs and Excise<br>By: - CSSwati Rawat<br>Customs - Import - Export - SEZ<br>Dated:- 28-2-2013<br><br>Quick Review of Budget effects - Indirect Taxes - Customs and Excise Normal rates of 12 percent for excise duty and service tax maintained Peak rate of basic customs duty of 10% for non-agricultural products unchanged. Customs * Specified ....

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....part of electric and hybrid vehicles - Extension of period of concession available for upto 31 March 2015. * Specified machinery for manufacture of leather and leather goods including footwear - Duty reduced from 7.5 to 5 percent. * Pre-forms precious and semi-precious stones - Duty reduced from 10 to 2 perent. * De-oiled rice bran oil cake - Export duty withdrawn. * Export of unprocessed ....

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....ilmenite - Duty of 10 percent and Export on ungraded ilmenite - Duty of 5 percent * Air craft maintenaince, repair and overhaul (MRO) industry - Concessions extented. * Set Top Boxes - Duty increased from 5 to10 percent. * Raw silk - Duty increased from 5 to 15 percent. * Steam Coal and Bituminous Coal - Duty equalized - 2 percent custom duty and 2 percent CVD levied on both kinds coal. ....

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....* Imported luxury goods such as high end motor vehicles, motor cycles,yachts and similar vessels - Duty increased. * Duty free gold limit increased to Rs.50,000 in case of male passenger and Rs.1,00,000 in case of a female passenger subject to conditions. Excise duty * Ready made garment industry - in case of cotton zero excise duty at fibre stage also - in case of spun yarn made of man made ....

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....fibre duty of 12 percent at the fibre stage. * Handmade carpets and textile floor coverings of coir and jute - total exemption from excise duty. * Relief to ship building industry, ships and vessels - No excise duty - No CVD on imported ships and vessels. * Specific excise duty on cigarettes, cigars, cheroots and cigarillos - increased by about 18 percent. * Excise duty on SUVs (except SUV....

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....s registered as taxies) increased from 27 to 30 percent. * Excise duty on marble - increased from Rs. 30 per square meter to Rs. 60 per square meter. * Proposals to levy 4 percent excise duty on silver manufactured from smelting zinc or lead. * Duty on mobile phones of price more than Rs. 2000 raised to 6 percent. * MRP based assessment in respect of branded medicaments of Ayurveda, Unani,....

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.... Siddha, Homeopathy and bio-chemic systems of medicine to reduce valuation Dispute.<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....