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Monday, October 19, 2015

Government of India makes changes in indirect tax rates, effective from today

Government has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015: 

1) In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10% to 25% for a period upto 31 March 2016. Notification No.51/2015-Customs, dated 19 October 2015 may be referred to in this regard. 

2) Specified biodiesel is exempt from central excise duty. However, its inputs namely, RBD Palm Stearin, Methanol and Sodium Methoxide are chargeable to central excise duty leading to CENVAT credit accumulation. Central excise duty has been exempted on RBD Palm Stearin, Methanol and Sodium Methoxide used in the manufacture of such biodiesel subject to actual user condition for a period upto 31 March 2016. Notification No.42/2015-Central Excise, dated 19 October 2015 may be referred to in this regard. 
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