Get
quick highlights of Changes in Customs & Central Excise Rates on all
products, announced in India Union Budget 2016-17…
è -> 11 new benches of Customs, Excise and Service Tax Appellate Tribunal
(CESTAT)
Government
of India has proposed to create 11 new benches of Customs, Excise and Service
Tax Appellate Tribunal (CESTAT) in this union budget 2016-17. This move would
remove backlog of cases.
è -> Amendment in Customs Act
Customs
Act would be amended for deferred payment of customs duties for exporters and
importers with proven track record.
è -> Implementation of Indian Customs Single Window Project
In
2014-15, implementation of Indian Customs Single Window Project was announced.
It would be implemented at major ports and airports from the starting of next
financial year.
The
Table below summarizes the changes in Customs and Central Excise rate
structures and law and procedure –
Serial Number
|
Changes
|
Existing
|
Proposed
|
I
|
Promoting Agriculture and Food Processing
|
||
1.
|
Excise Duty
on
electric
motor, shafts,
sleeve, chamber, impeller,
washer required
for the manufacture of centrifugal
pump being reduced.
# More than 50% of
such pumps is used in agriculture.
|
12.5%
|
6%
|
2.
|
Concessional 5% Basic Customs
Duty as presently available under project imports for cold storage, cold room.
|
10%
|
5%
|
3.
|
BCD on refrigerated
containers being reduced.
|
10%
|
5%
|
4.
|
Excise
Duty on refrigerated containers
being reduced.
|
12.5%
|
6%
|
5.
|
Excise Duty
on micronutrients being reduced.
|
12.5%
|
6%
|
8.
|
Excise Duty
on physical mixture of fertilizers, made out of
chemical fertilizers on
which duty
of
excise has been paid, by
Co-operative Societies, holding
certificate of
manufacture for
mixture of
fertilizers, for supply
to the members of such Co- operative Societies, being exempted.
|
1%
(without ITC) or 6% (with ITC)
|
Nil
|
II
|
Measures to Boost Construction Sector & Promote Affordable
Housing
|
||
1.
|
Excise
Duty exemption, presently available to Concrete
Mix manufactured at site for use in construction work at such
site being extended
to
Ready
Mix Concrete manufactured at the
site of construction for use in construction work
at such site.
|
12.5%
|
Nil
|
Note* - Information vary on government sites
