Excise on luxury vehicles hiked, Export duty on Iron Ore hiked, pipes & tubes exempted

CBI raids 15 MLAs in Jharkhand for taking bribe in Rajya Sabha elections Rajya Sabha passes Finance Bill 2012 Petrol & Diesel prices to be hiked FM says Government to take hard measures after Rupee hits all time low of 54.52 against US Dollar Yeddy applies for bail after CBI raids on his residence Income Tax Officer SK Saini sentenced to 3 years RI + fine of Rs 35 Lakh by CBI Court in Bhopal IRS Officer Brahmananda Reddy arrested by CBI Founder of Matrix Laboratories Nimmagadda Prasad also arrested by CBI Tariff Value for import of Brass scrap is 4362 & for poppy seeds 3680-for gold 507 per 10 gram & for silver 920 per kg-Customs Non-Tariff Notification No.42 Customs duty exempted on import of 191 Products from Singapore-Customs Tariff Notification No.33 Import of 485 Products from Singapore exempted from Customs duty-Customs Tariff Notification No.34 Import of 496 Products from Singapore exempted from 50 per cent of applied rate of duty-Customs Tariff Notification No.35 Saurabh Chandra gets additional charge of Commerce Secretary ITAT Member N Vasudevan transferred from Mumbai to Bangalore-J Sudhakar Reddy moves from Mumbai to Delhi-IP Bansal from Delhi to Mumbai-IC Sudhir from Pune to Delhi CVD on imported electronics lowered due to higher rates of abatement from RSP notified-Abatement from MRP for excise payment on all electronic products prescribed at uniform rate of 35 per cent-Abatement revised for several products-Central Excise Non-Tariff Notification No.26 Suppliers to Mega Power Projects face silly excise demands-Click on the link below for full details Excise demand of Rs 32 Crore confirmed against Exide for not paying excise on MRP basis on lead acid storage battery RBI says Exporters required to convert 50 per cent of their foreign exchange holdings into Rupee within 15 days-Exporters will be allowed to buy foreign currency only after utilizing all their foreign currency holdings Articles of jewellery exempted from excise duty-Specified Railway Goods manufactured by Government exempted from excise -Central Excise Tariff Notification No.23 Excise on specified Petroleum Oils lowered Eye makeup preparations exempted from excise The excise exemption hitherto admissible on all Hawai Chappals will now be admissible to only Hawai Chappals of RSP up to Rs 500-Polyester staple fibre or polyester filament yarn, manufactured from plastic scrap or plastic waste including waste polyethylene terephthalate bottles exempted from excise-Excise on Motor chassis for vehicles lowered to 14 per cent excise-Excise on LED Lights of Chapter 85 lowered to 6 per cent-Inks for ball point pens exempted from excise-Central Excise Tariff Notification No.24-Parts of Footwear and hawai chappals of RSP not exceeding Rs. 500 per pair exempted from excise if consumed in factory-Central Excise Tariff Notification No.25-Excise exemption to goods required for initial setting up of solar power generation project or facility-Central Excise Tariff Notification No.26 CENVAT Credit (Fifth Amendment) Rules, 2012-No reversal of credit required for supplies made for setting up of solar power generation projects or facilities-Central Excise Non-Tariff Notification No.25 exemption from wholeof the additional duty leviable shall not apply to Hand held Metal/Mine/Bomb detectors etc.-Customs Tariff Notification No.30 Import of specified goods allowed at concessional rate of duty-Customs Notification No.31 Lok Sabha passes Finance Bill 2012 FM defers the applicability of GAAR provisions by one year- GAAR provisions will now apply to income of Financial Year 2013-14 and subsequent years-The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized-long term capital gain arising from sale of unlisted securities in case of non-resident investors, including PE investors lowered to 10 per cent-FM extends benefit of tax exemption on long term capital gains to sale of unlisted securities in IPO-lower rate of withholding tax of 5% for funding all businesses-FM withdraws the provision for levy of TDS on transfer of immovable property-FM raises the threshold limit for TCS on cash purchases of jewellery to Rs.5 lakh-only serious offences under the customs law involving prohibited goods or duty evasion exceeding Rs.50 lakh, shall be cognizable- all these offences shall be bailable-changes in the definition of “service” which will exclude the activities specified in the Constitution as “deemed sale of goods”-The definition of “works contract” also enlarged to include movable properties- Exemption for specified services relating to agriculture in the Negative List extended to agricultural produce enlarging the scope of the entry Anti-dumping duty on imports of Partially Oriented Yarn, originating in, or exported from China-Customs Notification No.22 Customs duty on import of 806 Products from Japan lowered Anti-dumping duty imposed on import of Phosphoric Acid of all grades and all concentrations (excluding Agriculture/FertilizerGrade) , falling under tariff item 28092010, originating in, or exported from,Israel and Taiwan-Customs Tariff Notification No.19 Customs duty on import of composite fertiliser lowered to 1 per cent-Customs Tariff Notification No. 24

JUDGMENTS

CENTRAL EXCISE

CUSTOMS

exchange rate

SERVICE TAX

INCOME TAX

VAT

FINANCE ACTS

FINANCE BILLS

EOU STPI

SEZ

DGFT

RBI

NTT

RESOURCES

Email | Print

Excise on luxury vehicles hiked, Export duty on Iron Ore hiked, pipes & tubes exempted

AIT News Network

NEW DELHI. Government has hiked Central Excise duty on large cars, multi utility vehicles (MUVs) and sports utility vehicles (SUVs), of engine capacity exceeding 1500 cc. These vehicles would now be chargeable to a specific rate of duty in addition to the existing ad valorem rate of 24%. For cars, MUVs and SUVs of engine capacity ranging from 1500 cc to 1999 cc, a specific duty of Rs.15,000 per vehicle has been imposed vide Central Excise Tariff Notification No.40/2008 while for vehicles having an engine capacity of 2000 cc and above, the specific duty of Rs.20,000 per vehicle has been imposed vide Central Excise Tariff Notification No.39/2008. There is no change in the duty applicable to cars of engine capacity upto 1500 cc.

Export duty on iron ore has also been enhanced to a uniform rate of 15% ad valorem, irrespective of iron content vide Customs Tariff Notification No.79/2008. Till now export duty was being levied at specific rates.

Flat-rolled products of iron and steel, including galvanized products, and pipes and tubes have been fully exempted from export duty vide Customs Tariff Notification No. 77/2008. The rate of export duty on long products such as bars and rods; angles, shapes and sections and wire has also been hiked from 10% to 15% vide Customs Tariff Notification No. 77/2008.

Customs Tariff Notification Nos. 77 to 80/2008-Cus and Central Excise Notification Nos. 39 and 40/2008-CE all dated 13th June, 2008 have been issued to implement these changes which have come into force with immediate effect.

Related Story: