Government of India makes changes in Indirect tax which shall be effective from 19th October 2015.
The changes are:
Government has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015:
1) Basic customs duty on wheat has been increased from 10% to 25% for a period upto 31.03.2016.This has been done by keeping view on the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year.(Notification No.51/2015-Customs, dated 19.10.2015 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 31.03.2016. (Notification No.42/2015-Central Excise, dated 19.10.2015 may be referred to in this regard.)
About Indirect Tax:
Indirect Tax is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
Examples of Indirect Tax:
- Service Tax
- VAT
- Custom Duty
- Excise
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