16 Jul 2019
Source: Press Information Bureau (Budget 2019)
Following are the areas under which changes related indirect taxes mentioned in the budget;
Make In India
- Basic Customs Duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera, etc.
- Exemptions from Custom Duty on certain electronic items now manufactured in India withdrawn.
- End-use based exemptions on palm stearin, fatty oils withdrawn.
- Exemptions to various kinds of papers withdrawn.
- 5% Basic Custom Duty imposed on imported books.
- Customs duty reduced on certain raw materials such as:
- Inputs for artificial kidney and disposable sterilized dialyzer and fuels for nuclear power plants etc.
- Capital goods required for the manufacture of specified electronic goods.
- Defence equipment not manufactured in India exempted from basic customs duty
Other Indirect Tax provisions
- Export duty rationalized on raw and semi-finished leather
- Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Rs. 1 per litre on petrol and diesel
- Customs duty on gold and other precious metals increased
- Legacy Dispute Resolution Scheme for quick closure of pending litigations in Central Excise and Service tax from the pre-GST regime