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Since 1st March, 1999
 
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Indirect taxes

Service tax

• Vocational courses offered by institutes affiliated to the State Council of Vocational Training and testing activities in agriculture included in the negative list for service tax.

• Exemption of service tax on copyright on cinematography limited to films exhibited in cinema halls.

• Proposal to levy service tax on all air-conditioned restaurants.

• For homes and flats with a carpet area of 2,000sqft or more, or of a value of Rs 1 crore or more, rate of abatement reduced from from 75 to 70 per cent.

Customs

• Period of concession for specified part of electric and hybrid vehicles extended to March 31, 2015.

• Duty on specified machinery for manufacture of leather and leather goods, including footwear, reduced from 7.5 to 5%.

• Duty on pre-forms precious and semi-precious stones cut from 10 to 2%.

• Concessions to aircraft maintenance, repair and overhaul (MRO) industry.

• Duty on set top boxes increased from 5 to 10%.

• Duty on raw silk up from 5 to 15%.

• Duties on steam coal and bituminous coal equalised and 2% custom duty and 2% CVD levied on both kinds of coal.

• Duty on imported luxury goods such as high-end motor vehicles, motorcycles, yachts increased.

• Duty-free gold limit increased to Rs 50,000 for male passenger and Rs 1,00,000 for women.

Excise

• Relief to readymade garment industry. In cotton, zero excise duty at fibre stage also. In case of spun yarn made of manmade fibre, duty of 12%

• Handmade carpets and textile floor coverings of coir and jute totally exempted from excise duty.

• To provide relief to ship building industry, vessels exempted from excise duty. No CVD on imported ships and vessels.

• Specific excise duty on cigarettes increased by about 18%. Similar increase on cigars and cheroots

• Excise duty on SUVs increased from 27 to 30%. Not applicable for SUVs registered as taxies.

• Excise duty on marble increased from Rs 30 per square metre to Rs 60 per square metre.

• Proposal to levy 4 percent excise duty on silver manufactured from smelting zinc or lead.

• Duty on mobile phones priced at more than Rs 2,000 raised to 6%.

• MRP based assessment of branded medicament of Ayurveda, Unani, Siddha, Homeopathy and bio-chemic medicine to reduce valuation disputes.

GST

A sum of Rs 9,000 crore towards the first instalment of the balance of CST compensation provided in the budget.

 
 
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