Excise Duty Act, Rules Articles News Notification Circulars Instructions. Input Credit, Cenvat, Duty Rate, SSI Exemption, Excise on Jewellery,Excise on Garment
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Excise Duty : CESTAT Mumbai allows Bhor Industries' appeal, addressing unjust enrichment and duty refund issues from 1970-1982. Remanded case fo...
Excise Duty : CESTAT Delhi held that substantive benefit of the appellant cannot be taken away merely because the refund claim is filed under Ru...
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Excise Duty : CESTAT Mumbai upholds refund claim for Goa Golf Club Pvt Ltd, dismissing the appeal by the Customs Department. Learn about the key...
Excise Duty : In a significant decision, CESTAT Chennai quashes excise duty on 'Black Sand', ruling it as waste, not a dutiable product. Explore...
Excise Duty : Notification 19/2024 reduces Special Additional Excise Duty on petroleum crude. Effective from August 1, 2024. Read the full detai...
Excise Duty : Explore the latest changes under Notification No. 18/2024-Central Excise by the Ministry of Finance, affecting excise duties effec...
Excise Duty : CBIC revises monetary limits for adjudicating show cause notices in Central Excise for commodities under Chapter 24 of Schedule IV...
Excise Duty : Explore Notification No. 17/2024-Central Excise by the Ministry of Finance, Government of India. Detailed amendments, effective fr...
Excise Duty : Govt reduces Special Additional Excise Duty (Windfall Tax) on production of petroleum crude from Rs. 5200 per tonne to Rs. 3250 pe...
General excise duty rate (CENVAT rate) is being enhanced from 10% to 12%. Consequently, the merit rate of 5% is being enhanced to 6% while 1 % excise duty applicable on 130 items is also being enhanced to 2%with a few exceptions. The statutory or tariff rate of central excise is being reduced to 12% for non-petroleum goods other than those which are exempt, or at higher duty and for petroleum goods, the statutory ad valorem duty or the ad valorem component on products having composite rate is also being reduced to 14%. The First Schedule to the Central Excise Tariff Act, 1985 is accordingly being amended. Till the Finance Bill, 2012 is enacted, the general excise duty rate of 12% and 6% for some items is being notified [Clause 141 read with the Seventh schedule and Notification no. 18 /2012-CE dated the 17th March, 2012 and Notification no. 16 /2012-CE dated the 17th March, 2012 refers]
As a measure of harmonization between Central Excise and Service Tax, the Government has made a number of alignments. This was announced by the Finance Minister Shri Pranab Mukherjee while presenting the Union Budget 2012-13 in Lok Sabha today.
Budget, 2012 has brought a facility of transferring Cenvat Credit for the manufacturer having more than one registered premises. Notification No. 18/2012-Central Excise(Non-Tariff) dated 16.3.2012 has been issued in this regard which is effective from 1.4.2012. This notification says that Cenvat balance of special additional duty (SAD) lying with any of the premises can be transferred to any other premises of the same manufacturer who have obtained the common Permanent Account Number.
Amendments In Central Excise Act, 1944 And Amendments In Central Excise Tariff Act, 1985 as prescribed by Union Budget 2012-13 Presented by the Finance Minister Pranab Mukherjee
1) The effective rate of excise duty of 10% on non-petroleum products is being increased to 12% with a few exceptions where exemptions/concessions have been given. 2) Concessional rate of excise duty of 5% on non-petroleum products is being increased to 6%.3) The lower rate of 1% on non-petroleum products is being increased to 2%. However, precious metal jewellery, coal and fertilizers would remain at 1%.
Large cars currently attract excise duty depending on their engine capacity and length. While presenting the Union Budget 2012-13 in Lok Sabha today, the Finance Minister Shri Pranab Mukherjee proposed to enhance the duty from 22 per cent to 24 per cent. In the case of cars that attract a mixed rate of duty of 22 per cent + Rs 15,000 per vehicle, he proposed to increase the duty and switch over to an ad valorem rate of 27 per cent.
The Union Finance Minister Shri Pranab Mukherjee, while presenting the Union Budget for 2012-13, has proposed to extend concessional basic customs duty of 5 per cent with full exemption from excise duty/ CVD to six specified life-saving drugs/ vaccines in this year’s budget. He proposed to reduce basic customs duty on soya protein concentrate and isolated soya protein to 10 per cent from the present 30 per cent or 15 per cent respectively.
In order to further garner additional resources, the Finance Minister has proposed to enhance basic customs duties on completely built units of large cars/ Multi-Utility Vehicles/ Sports Utility Vehicles having engine capacity above prescribed threshold from 60 percent to 75 per cent ad valorem.
The Union Budget 2012-13 proposes to increase excise duty on ‘demerit’ goods such as certain cigarettes, hand rolled bidis, pan masala, gutka, chewing tobacco, unmanufactured tobacco and zarda scented tobacco. While presenting the Budget in Parliament today, the Finance Minister Shri Mukherjee proposed to enhance cess on crude petroleum oil produced in India to Rs. 4500/- per metric tonne from Rs. 2500/- per metric tonne under the COIL Industries Development Act.
Excise duty rationalized for packaged cement, whether manufactured by mini-cement plants or others. – Levy of excise duty of 1 per cent on branded precious metal jewellery to be extended to include unbranded jewellery. Operations simplified and measures taken to minimize impact on small artisans and goldsmiths. – Branded Silver jewellery exempted from excise duty.