Changes wrt Excise & Customs duty in Budget 2023-24 - Finance Ppl

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Changes in Excise duty:

1. Increase in Excise duty with effect from 02.02.2023

National calamity contingency duty rate on cigarettes has been increased with effect from 02.02.23. Excise duty rates which were previously around Rs 200 to 735 per 1000 sticks has been increased to Rs.230 to 850 per thousand sticks.

2. Reduction in Excise duty with effect from 02.02.2023

In order to promote green fuel, central excise duty exemption is provided to blended CNG. The exemption amount is equal to the GST paid on the compressed biogas contained in the blended CNG. (Wef 02.02.23).

Changes in Customs duty:

1. Increase in customs duty with effect from 02.02.2023 for the following items@

S.No

Category

Item

Old rate (%

New rate (%)

1

Chemicals

Styrene and vinyl chloride monomer

2

2.5

2

Petrochemical

Naphtha

1

2.5

3

Precious metals

a) Silver plated with that other metals;

b) Silver in semi manufactured forms; or

c) Powdered forms

7.5

10

Silver dore 

6.1

10

4

Gems and jewellery sector

Articles made of precious metal such as gold silver platinum

20

25

Imitation jewellery

20% or 400 per kg, whichever is higher

25% or 600 per kg, whichever is higher.

5

automobiles

Vehicle in skd form

30

35

Vehicle in completely built unit form (CBU)#

60

70

Electrically operated vehicle in CBU form##

60

70

   #    Exclusions: other than vehicles with CIF value more than 40000 USD or with engine capacity more than 3000cc for petrol run vehicle and with engine capacity more than 2500 CC for Diesel run vehicles or with both

 ## Exclusions : vehicles with value of more than 40000 USD

6

Others

Bicycles

30

35

For toys and parts of toys (other than parts of electronic toys)

60

70

Compounded rubber

10

25% or ₹30/kg, whichever is lower

Electrical kitchen chimney

7.5

15

@ Footnote: in addition to the duty mentioned here, agriculture infrastructure development cess (AIDC) and social welfare surcharge, shall be applicable.

2. Reduction in customs duty with effect from 02.02.2023 for the following items@


S.No

Category

Item

Old rate (%

New rate (%)

1

Agriculture products

Pecan nuts

100

30

Fish meal, krill meal for manufacture of Aquatic feed

15

5

fish lipid oil, Algal Prime flour for mfr of Aquatic feed

30

15

Mineral and vitamin premixes for mfr of Aquatic feed

15

5

Crude glycerine for used in manufacture of Epichlorohydrin

7.5

2.5

Denatured alcohol for used in mfr of industrial chemicals

 

5

 

2.5

2

Minerals

Acid grade fluorspar(defined composition)

5

2.5

3

Gems and Jewellery Sector

Seeds meant for use in mfg of rough lab-grown diamonds

5

Nil

4

Capital Goods

Specified capital goods for mfr of lithium ion cell to be used in e-vehicles

Applicable 

Rates for respective items

Nil

(till 31.03.2024)

5

Electronic appliance

Heat coil for manufacture of electric kitchen chimneys

20

15

6

IT & Electronics

Specified Parts for manufacture of 

Open cell of TV panel

5

2.5

Camera lens & its parts for use in cellular mobile phone

5

2.5

(till 31.03.2024)

Specified chemicals for manufacture of 

pre-calcined ferrite powder

7.5

Nil

Palladium tetra amine sulphate for manufacture of  parts of connectors

7.5

Nil

7

Others

Vehicles, specified parts &components imported by testing agencies, for  

Purpose of testing/certification subject to T&C

Applicable 

Rates for respective items

Nil

(till 31.03.2024)

@ Footnote: in addition to the duty mentioned here, agriculture infrastructure development cess (AIDC) and social welfare surcharge, shall be applicable.