130 items brought under Tax Net with Nominal one Per Cent Excise Duty. Mandatory 10 Per Cent Levy Replaces Optional Levy for Readymade Garments
In the General Budget 2011-12, certain changes in the Central Excise Rate structure has been proposed to prepare the ground transition to GST. The exemption has been withdrawn on 130 items that are exempt from Central Excise Duty but chargeable to VAT. A nominal central excise duty of one per cent is being imposed on these 130 items that are mainly in the nature of consumer goods. No Cenvat credit would be available for the manufacture of these items. Presenting the Budget, the Union Finance Minister, Shri Pranab Mukherjee in the Lok Sabha today said that basic food and fuel would continue to be exempt. This levy would also not apply to precious metals and stones. In case of jewellery and articles of gold, silver and precious metals, the levy would apply only to goods sold under a brand name. The remaining 240 items would be brought into the tax net when GST is introduced.
The lower rate of Central Excise Duty has been enhanced from 4 per cent to 5 per cent, in line with the States’ increased merit rate of VAT.
For readymade garments and made-ups of textiles, the optional levy has been converted into a mandatory levy at a unified rate of 10 per cent. The levy would however, apply only to branded garments or made-ups and not to those tailored or made to order for a retail customer. Credit of tax paid on inputs, capital goods and input services would be available to manufacturers of these products. Export o these items would continued to be zero-rated.
Please send me the list of items which are taxable under the Excise duty.
thanks
change in exicse duties on paper mean examption of ED has been taken back
send me the list of 130 items come under 1% excise duty
send me the list of 130 items come under 1% excise duty
i want to know whater AIR is in the excise duty , if not tell FM to add it.
SIR…..MY TOTAL TORNOVER IS BELOW ONE CRORE………AM A APPLICABLE FOR CHARGE OF EXCISE DUTY……..I AM COPY MANUFACTURES…..AND STATIONERY SUPPLIERS
please tell me about the reafymade garments
WHAT EXCISE RATE IS APPLICABLE TO OFFICE FILES AND STATIONRY
Is there any variety of paper which falls under the catagory of 10% Excise duty
please send me the list of 130 items which are added in excise duty
Let me know the list of that 130 items which is levied at 1% excise duty.
please send me the list of 130 items which are added in excise duty
Plz. provide me list of 130 items which are added in excise duty.
kindly let us know whether Hard Coke and Coal has come under the preview of Central excise duty.
please send me current budget points on cbec specialy on readymade garments