Indian Custom Duty, Indian Custom Duty 20011,Custom Tariff rate,

By: Kate Broad | Posted: 11th May 2011

Finance Minister Mr. Pranab Mukherjee has announced certain changes in Central Excise and Customs duty rates in his discussions on the finance Bill 2011 on 22nd March 2011 in Lok Sabha. In this regard Notification No. 20/2011 to 31/2011 for Central Excise, Notification No. 31/2011 to 32/2011 for Customs and Notification Nos. 8/2011 to 12/2011 for Central Excise has been issued.


The Major changes in Indian Custom Duty announced in the Union Budget of India 2011-2012 are enunciated below:


• Basic customs duty on raw silk (not thrown) has been reduced from 30 to 5%;

• Basic customs duty rate on certain textile intermediates and inputs for chemicals, Ferro-alloys and paper has been reduced from 5% to 2.5% ;

• Basic Indian customs duty has been reduced from 7.5% to 5% on certain specified inputs for manufacture of certain technical fibre and yarn ;

• Stainless steel scrap is fully exempted from basic customs duty;

• Import duties on specified raw material for the manufacture of syringes and needles has been reduced to 5% basic and 4% CVD;

• Concession available to parts, components and accessories for manufacture of mobile handsets has been extended till March 31, 2012 and a few more items have been included in its range;

• Raw material list for manufacture of specified electronic components that are fully exempt from basic customs duty has been further extended to include more items;

• Reduction in excise duty (and hence CVD) on parts of ink-jet and laser –jet printers from 10% to 5%. This rate is being extended to parts of all printers which can be attached with computers, subject to actual user condition

• Basic customs duty on two critical raw materials for Cement industry i.e., pet coke and gypsum has been reduced to 2.5%.

• Enhanced rate of export duty for all types of iron ore at a unified 20% ad-valorem. Full exemption from export duty has been provided to iron ore pellets to encourage the value addition process for fines.
• Full exemption of Special Additional Duty (SAD) has been provided to Ships & Aircrafts imported by non-scheduled operators and also applicable for specified parts of personal computers i.e., Microprocessor for computer, other than motherboards, Floppy disc drive, hard disc drive, CD-ROM drive, DVD Drive/DVD Writers, Flash memory and Combo drive subject to actual user condition.

The custom duty rate has been reduced from 60% to 30% on vehicles imported in the form of completely knocked down kits having all the necessary components, parts and sub-assembly including the gearbox ,transmission mechanism and pre-assembled engine of Motor cars and other motor vehicles principally designed for the transport of persons (excluding the ones falling in Customs tariff heading 87.02) including motor cycles .The imports in form of CKD kits where all the parts and components including transmission assembly ,engine and gearbox are present in completely knocked down condition will attract 10% BCD.


www.cybex.in is leading online web portal serving the Exim community for a long time now. You can check the most updated Indian Custom Duty, DGFT Notifications, Custom Notifications, Indian Custom Duty 20011, Custom Tariff rate etc on www.cybex.in absolutely free of cost.
This article is free for republishing
Printed From: http://www.a1articles.com/indian-custom-duty-indian-custom-duty-20011custom-tariff-rate-2222049.html

Back to the original article

Tags: mobile handsets, cement industry, raw silk