Budget 2014, Changes in Duty for Ethylene, Propylene and Butadiene, Ortho-xylene, Methyl alcohol, raw materials used in the manufacture of solar backsheet and EVA sheet etc.

Budget

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Budget changes in customs import duty tariff,excise duty and service tax

Indian Union Budget, changes in import customs tax tariff, chapter wise

Indian Budget  Excise duty tariff changes, chapter wise

Changes in Service Tax as per Budget 

 


 


Click below to read latest update: 28th February, 2015.  

Indian Budget 2015-16, Import Customs Duty Changes, chapter wise 

Indian Budget 2015-16, Central Excise Duty Changes, chapter wise

 

Changes in Duty for Ethylene, Propylene and Butadiene, Ortho-xylene, Methyl alcohol, raw materials used in the manufacture of solar backsheet and EVA sheet etc.

 


As you know, new Modi Government declared his first union budget on 10th July,2014 with some changes in excise duty and customs duty with service tax amendments. I would like to explain the details of changes in import customs duty under new Budget 2014 in a couple of articles in this website. The amendments and new notifications under new Budget 2014 will be in to force with effect from midnight of 10th July / 11th July, 2014.

 

The changes of duty under HS code (ITC) Chapter 28 to 29 are given under:

Ethylene, Propylene and Butadiene

Basic Customs duty on ethane and other goods under sub-heading 2901 10 00, ethylene, propylene and butadiene is being reduced from 5% to 2.5%. Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.12/2014-Customs, dated the 11th July 2014 [new S.Nos.173A to 173D] refers.

Ortho-xylene

Basic Customs Duty on ortho-xylene is being reduced from 5% to 2.5%. Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.12/2014-Customs, dated the 11th July 2014 [new S.No.173E] refers.

Methyl alcohol

Basic Customs Duty on methyl alcohol is being reduced from 7.5% to 5%. Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.12/2014-Customs, dated the 11th July 2014 [new S.No.178A] refers.

Raw materials for manufacture of spandex yarn viz. Diphenylmethane 4,4 di-isocyanate (MDI) and Polytetramethylene ether glycol (PT MEG)

Basic Customs Duty on raw materials for manufacture of spandex yarn viz. Diphenylmethane 4,4 di-isocyanate (MDI) and Polytetramethylene ether glycol (PT MEG) is being reduced from 5% to Nil. S.No.185 and S.No.244 of notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.12/2014-Customs, dated the 11th July 2014.

Specified raw materials used in the manufacture of solar backsheet and EVA sheet for use in manufacture of solar PV cells or modules

Full exemption from Basic Customs Duty is being provided on specified raw materials used in the manufacture of solar backsheet and EVA sheet for use in manufacture of solar PV cells or modules. Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.12/2014-Customs, dated 11th July, 2014 [new S.No.211A] refers.

Security fibre, security threads and M-feature

Full exemption of customs duty is being provided on security fibre, security threads and M-feature imported by Bank Note Paper Mill India Private Limited (BNPMIPL), Mysore. S.No.233 of notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.12/2014-Customs, dated the 11th July 2014 refers. Full exemption from BCD and CVD is also being provided for raw materials required for manufacture of security threads and security fibre subject to actual user condition. Notification No.12/2012-Customs, dated 17th March, 2012 as amended by notification No.12/2014-Customs, dated the 11th July 2014 [new S.No.233A] refers.

Polystyrene (other than moulding powder)

S.No.169 of notification No.10/2008-Customs, dated 15th January, 2008 [India-Singapore Comprehensive Economic Co-operation Agreement (CECA)] relating to tariff item 3903 19 90 is being omitted. As a result, Basic Customs Duty on Polystyrene (other than moulding powder) is being increased from 1.15% to 7.5%. Notification No.17/2014-Customs, dated the 11th July 2014 refers.

  

  

 

The above information is a part of Import Export Training course online


Click here to go back to INDIAN BUDGET 2014-2014 highlights


Excise and Customs - Click here to read complete notification under Budget 2014

Service Tax - Click here to read complete notification under Budget 2014

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Comments


sanjay shah: Dear Sir, We are going to supply material for setting up solar project as excise duty on final product is exempt weather we can procure raw material without excise duty from raw material supplier or can I take cenvat credit on such raw material

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