Budget 2016-17 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
As per Indian Budget 2016-17, the extract of notification on changes of import customs duty tariff for this chapter is given under:
1) Basic Customs duty on tools and tool kits for maintenance, repair, and overhauling of aircraft are being exempted. Further, the procedure for availment of the customs duties exemption under S.No.448 of notification No.12/2012-Customs, dated 17.03.2012 is being simplified. Moreover, the restriction of one year for utilization of duty free parts [as also the testing equipment, tools and tool kits] for maintenance, repair and overhaul of aircraft is being done away with. S.No.448 and Condition No.73 of notification No.12/2012-Customs, dated 17.03.2012 as amended by notification No. 12/2016-Customs, dated 1st March, 2016 refers.
2) S.No.448 of notification No.12/2012-Customs, dated 17.03.2012 prescribes Nil CVD. There is a corresponding excise duty exemption under S.No. 305 of notification No.12/2012-Central Excise, dated 17.03.2012. S.No.448 of notification No.12/2012-Customs is amended so as to remove CVD exemption prescribed therein. CVD exemption, however, will flow from the excise duty exemption under S.No. 305 of notification No.12/2012-Central Excise, dated 17.03.2012. S.No.448 of notification No.12/2012-Customs, dated 17.03.2012 as amended by notification No. 12/2016-Customs, dated 1st March, 2016 refers.
3) The existing condition of stay of foreign aircraft, for maintenance repair and overhaul, upto 60 days is being relaxed, so as to provide for stay up to 6 months of the foreign aircraft for maintenance, repair or overhaul, which can be further extended by DGCA?s as deemed fit. Such aircrafts are also being allowed to carry passengers in the flights at the beginning and end of the stay period in India, but not during the stay period for maintenance, repair or overhaul, servicing. New S.No.448A and Condition No.73A of notification No.12/2012-Customs, dated 17.03.2012 as inserted by notification No. 12/2016-Customs, dated 1st March, 2016 refers.
4) Notification No. 72/94-Customs dated 01.03.1994 provides for import of repaired or overhauled parts of aircraft under exchange / advance exchange as per Standard Exchange Scheme. This notification is being superceded by notification No. 23/2016 – Customs dated 1st March, 2016 so as to provide also for import of air craft parts for repair or overhaul and for export of repaired or overhauled parts of aircraft under said scheme. Click here for full notification changes in Import Customs duty and excise duty under India Budget 2016-17 Import customs duty,Excise duty changes Budget 2016.pdf
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