Changes in Excise, Customs Duty – In Union Budget 2023 - Finance Ppl

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Changes in Excise, Customs Duty – In Union Budget 2023

Union Budget 2023 introduced several changes in indirect taxation, particularly in excise and customs duties. This post captures key updates and their potential implications. It is to be noted that these changes take effect from 02.02.2023.

Following are the changes with respect to Excise Duty:
  1. NCCD on cigarettes has been increased. Consequently, 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. In order to promote green fuel, central excise duty exemption is provided to blended CNG. exemption amount is equal to GST paid on the compressed biogas contained in the blended CNG.
Following are the changes with respect to Customs Duty:

Item wise changes in customs duty, announced in budget 2023 are summarized for reader’s reference

  1. These are the items for which, an increase in customs duty is applicable:

    2. Note:

    Note 1 In addition to the duty mentioned here, agriculture infrastructure development cess (AIDC) and social welfare surcharge, shall be applicable.

    Note 2 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.

    Note 3 Applicable for Electrically operated vehicle in CBU form, with value of more than 40000 USD.

  2. These are the items for which, an increase in customs duty is applicable:

    3. Note: In addition to the duty mentioned here, agriculture infrastructure development cess (AIDC) and social welfare surcharge, shall be applicable.