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The Budget proposes to replace the existing excise duty rates with composite rates having an ad valorem and specific component with some rationalisation. The basic customs duty on two critical raw materials of this industry — petcoke and gypsum — is proposed to be reduced to 2.5 per cent.
Although the price slabs are being retained, the rates of duty are being converted to mixed rates — ad valorem plus specific rates — along with some reduction. For the purpose of the ad valorem component, the value would no longer be the retail sale price but the transaction value determined under Section 4 of the Central Excise Act.
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