• Peak rate of customs duty @ 7.5% remains unchanged. Basic customs duty rates of 2%, 2.5% and 3% unified at median rate of 2.5%
• Full exemption in respect of BCD for import of aircraft by non scheduled operators has been withdrawn and a duty of 2.5% introduced. Exemption in respect of education cesses also withdrawn.
• Full exemption for payment of CVD granted on portion of value representing consideration paid or payable for transfer of right to use such goods to those packaged or canned software which does not required affixation of RSP under the Legal Metrology Act, 2009 subject to importer being registered under service tax.
• Export duty on Iron ores lumps and fines has been increased to 20%. Full exemption from Export duty has been given to Iron ore pellets.
• Fresh Export duty on de-oiled rice bran cake has been introduced which will attract 10% duty.
• Rate of duty on following commodities has been reduced - mineral gypsum, ore and concentrates, carbon black feed stock, bio based asphalt, specified life saving drugs, raw silk, cotton waste nylon yarn, stainless steel scrap (fully exempted), specified agricultural machinery, tunnel boring machinery and parts ad components thereof used for highway development projects, parts and components of high voltage transmission equipments, micro irrigation equipments, solar lantern or lamps Amendments to Notification 21/02-Cus...Click here for Notification 21/2011- Cus
• Definition of ‘Completely knocked down unit for vehicles of CTH 8703 and 8711 inserted to exclude such units containing pre assembled engine or gear box or transmission mechanism or chassis where such part or sub assemblies are installed ....
Full exemption from basic customs duty and SAD and CVD at 5% extended to specified parts of hybrid vehicles. Exemption is subject to actual user condition and is available till 31.03.2013.
• Water pumping station and water reservoir included in scope of projects eligible for water supply projects ...Click for Notification 13/2011-Cus and 16/2011-Cus
• All clearance from SEZ to DTA exempted from SAD if they are not exempt from VAT/Sales tax.
• Full exemption from BCD and CVD on parts/components used for manufacture of PC connectivity cable and parts and components of battery charger, hands free head phones etc....Click here for Notification 19/2011 dated 01-03-2011
• Full exemption from SAD on parts, components, accessories for manufacture of mobile handsets including cellular phones.....Click here for notification 22/2011 dated 01-03-2011
• Clause 58 of Finance Bill 2011 proposes for imposing definitive safeguard duty retrospectively on imports of caustic soda lye during the period 4/12/2009 to 31/3/2010.
• It is clarified that Cement and Steel which goes into the construction of Power Projects are not entitled for the benefit of exemption.
• Security amount to tendered at the time of registering of contracts under project imports has been reduced to 2% of the Contract Value with a ceiling of Rs.1 Crore which shall be provided in the form of Bank Guarantee and the same need not be renewed if the finalisation of assessment does not take place within 6 months from the date of submission all relevant documents by the importer.