LOOPHOLE IN EXCISE FOR CTVs PLUGGED

Article Abstract:

The 1999-2000 budget has raised the specific rates of excise duty chargeable on colour televisions (CTVs) to plug the major loophole in the excise duty. The specific rates have been increased on CTVs where the maximum retail price (MRP) is not clear. Certain CTV producers were finding it cheaper to pay a disincentive specific rates rather than paying the 18 percent duty on the MRP after the reductions. This was because their high- end CTVs bore very high MRPs. They, therefore, stopped announcing their MRPs on some of their products while clearing the products from their factories. They were paying just the specific rates which were quite low compared to what they were expected to pay on the basis of MRP. (ag)(psr)

Comment:

The 1999-2000 budget has raised the specific rates of excise duty chargeable on colour televisions (CTVs) to plug the major loophole in the excise duty.

Market information - general, Household audio and video equipment, Audio and Video Equipment Manufacturing, Television Sets, Televisions

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NUMBER OF EXCISE RATES TO BE CUT TO 3

Article Abstract:

The finance ministry has indicated that the number of excise rates would be reduced to three in the Budget for 1999. Reduction in the number of Customs rates, doing away with anomalies in Customs duty and reducing classification disputes are also likely to be addressed in the next Budget. The excise duty rates would be based on consumption patterns, with the lowest duty for food items, a mean duty rate for goods close to necessities and a demerit rate for non-essential goods. (khr)

Comment:

India: Finance ministry indicates that number of excise rates would be reduced to 3 in Budget for 1999

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GOVT MAKES EXCISE RULES SIMPLER

Article Abstract:

The government has introduced a package of changes aimed at simplifying excise rules. Units will now be inspected every month from every week before while audit of small scale industry (SSI) units will be undertaken once in two years while it was at discretion before. The Central Board of Excise and Customs has directed that excise refund claims must be disposed off within three months. Filing a declaration of the goods produced has been exempted up to Rs40 lakh for SSIs. (khr)

Comment:

India: Government introduces package of changes aimed at simplifying excise rules in country

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