Government of India makes changes in indirect tax rates, effective from today
PrintListen to this Article
0:00
0:00
Government has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015:
1) In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10% to 25% for a period upto 31.03.2016. Notification No.51/2015-Customs, dated 19.10.2015 may be referred to in this regard.
2) Specified biodiesel is exempt from central excise duty. However, its inputs namely, RBD Palm Stearin, Methanol and Sodium Methoxide are chargeable to central excise duty leading to CENVAT credit accumulation. Central excise duty has been exempted on RBD Palm Stearin, Methanol and Sodium Methoxide used in the manufacture of such biodiesel subject to actual user condition for a period upto 31.03.2016. Notification No.42/2015-Central Excise, dated 19.10.2015 may be referred to in this regard.
1) In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10% to 25% for a period upto 31.03.2016. Notification No.51/2015-Customs, dated 19.10.2015 may be referred to in this regard.
2) Specified biodiesel is exempt from central excise duty. However, its inputs namely, RBD Palm Stearin, Methanol and Sodium Methoxide are chargeable to central excise duty leading to CENVAT credit accumulation. Central excise duty has been exempted on RBD Palm Stearin, Methanol and Sodium Methoxide used in the manufacture of such biodiesel subject to actual user condition for a period upto 31.03.2016. Notification No.42/2015-Central Excise, dated 19.10.2015 may be referred to in this regard.
Category : Custom | Comments : 1 | Hits : 1883
The Customs Department is proposing to introduce additional disclosures for the export and import of medicinal products from June 1 to fast-track clearances of shipments. These additional disclosures,...
The Finance Ministry has said that gadget manufacturer Xiaomi Technology India Private Limited has evaded customs duty of 653 crore rupees. Xiaomi India sales products under the MI brand. An invest...
The Central Board of Indirect Taxes and Customs (CBIC) has done away with the requirement of periodic renewals of licence or registration issued to customs brokers and authorised carriers, a move whic...
Comments
suresh
20-Oct-2015 , 05:51:54 pmThis indicates that the when the international price of wheat is decreasing, the BJP govt wants that the same should be costlier for the citizens of India who have elected them. When all essential good are costing more and more, the government is adding fuel to the fire.