Excise on luxury vehicles hiked, Export duty on Iron Ore hiked, pipes & tubes exempted

NEW DELHI. Government has hiked Central Excise duty on large cars, multi utility vehicles (MUVs) and sports utility vehicles (SUVs), of engine capacity exceeding 1500 cc. These vehicles would now be chargeable to a specific rate of duty in addition to the existing ad valorem rate of 24%. For cars, MUVs and SUVs of engine capacity ranging from 1500 cc to 1999 cc, a specific duty of Rs.15,000 per vehicle has been imposed while for those having an engine capacity of 2000 cc and above, the specific duty of Rs.20,000 per vehicle has been imposed. There is no change in the duty applicable to cars of engine capacity upto 1500 cc.

Export duty on iron ore has also been enhanced to a uniform rate of 15% ad valorem, irrespective of iron content. Till now export duty was being levied at specific rates. Flat-rolled products of iron and steel, including galvanized products, and pipes and tubes have been fully exempted from export duty. The rate of export duty on long products such as bars and rods; angles, shapes and sections and wire has also been hiked from 10% to 15%.

Customs Tariff Notification Nos. 77 to 80/2008-Cus and Central Excise Notification Nos. 39 and 40/2008-CE all dated 13th June, 2008 have been issued to implement these changes which have come into force with immediate effect.

(Source: Allindiantaxes)

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: