Supplementary of IDT for ICWAI Final June & December 2015

By | March 10, 2015
Amendments as per Finance (No.2) Act, 2014 – applicable for June
2015 and December 2015 terms of Examinations
Compiled by – Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1


AMENDMENTS MADE IN INDIRECT TAX ACT
A. CENTRAL EXCISE
1. Rate of Excise Duty
[Effective from 11-07- 2014, unless otherwise stated]
1.1 General
– Standard & concessional Rate of Duty maintained at 12% & 6% respectively.
1.2 Changes in Duty of Certain Goods

– National Technical Research Organisation [Notification No. 10/2014- C.E. dated 11/07/2014] –
Full exemption from Excise Duty is being provided to goods supplied to National Technical
Research Organisation (NTRO).

– Plant & Equipment supplied to projects financed by the UN or an international organization
[Notification No. 11/2014 – C.E. dated 11/07/2014]- Plants & Equipment supplied prior to 2008
for use in projects financed by the UN or an international organization, which hitherto could
not be transferred / sold out of the project site, are now being allowed to be transferred /
sold from the project site subject to the conditions specified therein.

– LPG [Notification No. 12/2014- C.E. dated 11/07/2014] – Earlier Liquefied propane and Butane
Mixture, Liquefied Propane, Liquefied Butane and Liquefied Petroleum Gases (LPG) were
exempted for supply to household domestic consumers only. With this budget, the exemption
would also apply to such goods supplied to Non-Domestic Exempted Category (NDEC)
customers from specified suppliers namely Indian oil Corporation Ltd., Hindustan Petroleum
Corporation Ltd. or Bharat Petroleum Corporation Ltd.

– EVA Sheets [Notification No. 12/2014 ‐ C.E. dated 11/07/2014]- Full exemption from excise
duty is being provided to specified raw materials used in the manufacture of back – sheet
and EVA sheet for manufacture of solar photovoltaic cells or modules.

– Dichloro Diphenyl Trichloroethane [Notification No.12/2014-C.E. dated 11/07/2014]‐ Full
exemption from excise duty is being provided to DDT (Dichloro Diphenyl Trichloroethane)
manufactured by Hindustan Insecticides Limited for supply to the National Vector Borne
Diseases Control Programme (NVBDCP) of the Ministry of Health & Family Welfare.

– Plastic Materials manufactured by EOU out of Waste & Scrap [Notification No. 12/2014- C.E.
dated 11/07/2014] – Full exemption from excise duty is being provided on plastic materials
reprocessed out of the scrap or waste and cleared into the DTA by an EOU. This would bring
EOU at par with domestic and SEZ Units.

– Polyester Staple Fibre and Polyester Filament Yarn [Notification No. 8/2014 – C.E. dated
11/07/2014 and Notification No. 12/2014 -C.E. dated 11/07/2014] – Excise duty at the rate of
2% (without CENVAT) or 6% (with CENVAT) has been provided n Polyester Staple Fibre and
Polyester Filament Yarn manufactured from plastic waste or scrap or plastic waste including
waste polyethylene terephthalate (PET) bottles.

– Footwear [Notification No. 12/2014 – C.E. dated 11/07/2014] – Excise duty is being reduced
from 12% to 6% on footwear of retail price exceeding ` 500per pair but not exceeding ` 1,000
per pair. Footwear of retail price up to ` 500 per pair will continue to remain exempted.

– Solar Tempered Glass [Notification No. 12/2014 ‐ C.E. dated 11/07/2014]- Full exemption from
excise duty is being provided on solar tempered glass used in the manufacture of solar
photovoltaic cells or modules, solar power generating equipment or systems and flat plate
solar collectors.
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