Excise Duty Concession to Vehicles Based on Fuel Cell Technology and Reduction in Basic Customs Duty on Solar Lantern

10% Excise Duty Concession to Vehicles Based on Fuel Cell Technology Basic Customs Duty on Solar Lantern Reduced to 5% Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister announced that:

• Full exemption from basic Customs Duty and a concessional rate of Central Excise Duty is proposed to be extended to batteries imported by manufacturers of electric vehicles.

• A concessional Excise Duty of 10% has also been proposed to vehicles based on fuel cell technology.

• The Excise Duty on kits used for conversion of fossil fuel vehicles into hybrid vehicles has also been reduced.

• The Excise Duty on LEDs is proposed to be reduced to 5% and special CVD being fully exempted.

• The basic Customs Duty on solar lantern is proposed to be reduced from 10 to 5%.

• Full exemption from basic Customs Duty has been proposed to crude palm stearin used in manufacturing of laundry soap.

• Full exemption from basic Excise Duty granted to enzyme based preparation for pre-tanning has also been proposed.

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2. Government proposed excise waiver and income-tax holiday benefit to power projects based on supercritical technology
3. Rate reduction in Central Excise duties partially rolled back: Budget 2010-11
4. Revision of Excise and Customs Duty Rates and Service Tax Refund to Exporters
5. Govt. Rejects Tobacco Institute of India’s Demand for Reduction in Excise Duty on Filter and Non Filter Cigarettes