Industry & Economy
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Excise and Customs
CII wants excise duty cut to 14 pc
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In line with task force recommendation
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`Full Cenvat credit must be allowed on capital goods on the date of the receipt'
New Delhi
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Dec. 19
The Confederation of Indian Industry (CII) has urged the Government to reduce the excise duty rate from the present 16 per cent to 14 per cent.
It argued that the country has one of the highest incidences of indirect tax on goods, where most of the manufactured products attract 16 per cent excise duty and 12.5 per cent Value Added Tax (VAT).
It mooted excise duty reduction in line with the recommendation made by the Task Force on Indirect Taxes and the Task Force on Implementation of the FRBM Act to reduce the incidence of tax in the country.
The chamber, in its pre-budget memorandum, also urged for reduction of excise duty on processed foods, pesticides for agriculture, energy efficient triphosphor fluorescent lamps, electric fans and two wheelers from 16 per cent to eight per cent, on all type of cars from 24 per cent to 16 per cent and on cement from Rs 400 to Rs 350 per tonne.
In the on-going process of simplification of excise procedure, the chamber suggested in its pre-budget memorandum that full Cenvat credit be allowed on capital goods on the date of the receipt.
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