Highlights of Budget 2019- Indirect Tax

Highlights of Budget 2019- Indirect Tax

Customs

Customs Duty Increased/Imposed

1.) Increase in custom duty on Gold and other precious metals - from 10% to 12.5%.

2.) Basic Customs Duty increased on

a.) Cashew kernels
b.) PVC, tiles
c.) Auto parts
d.) marble slabs
e.) Optical fibre cable
f.) CCTV camera etc.
g.) 5% Basic Custom Duty -imposed on imported books.

Exemption from Customs Duty/Reduction in Customs Duty

1.) Exemptions from Custom Duty on

a.) Electronic vehicles
b.) Some other electronic products

2.) End use based exemptions on

a.) Fatty oils withdrawn.
b.) Palm stearin

3.) Customs duty reduced on certain raw materials -

a.) Inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants etc.
b.) Capital goods required for manufacture of specified electronic goods.

4.) Defence equipment not manufactured in India exempted from basic customs duty-

Legacy Dispute Resolution Scheme

For quick closure of pending litigations in Central Excise and Service tax (pre-GST regime) , Legacy Dispute Resolution Scheme has been introduced.

Source: The Institute of cost accountant of India