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FAITMA pre-budget memo to FM - withdraw NCC Duty on POY
18 Nov '06
2 min read
Federation of All India Textile Manufacturers' Associations (FAITMA) announces Supplementary Pre-Budget Memorandum and Pre-Budget Memorandum – 2007-08:
With reference to Pre-Budget Memorandum dated 12th October 2006. We would also like to raise the following point for your kind consideration.
Withdrawal of Natural Calamity Contingency Duty (NCCD) on POY. The Natural Calamity Contingency Duty (NCCD) was introduced as a surcharge in terms of Section 129 of the Finance Act 2001.
The Hon'ble Finance Minister, in his Budget Speech, stated that it was decided to establish National Calamity Contingency Fund on regular basis through a special surcharge on central excise duty on a range of products, the use of which should be discouraged on health grounds.
At that time, the items covered for levy of NCCD were pan masala, filtered cigarettes, smoking mixtures, chewing tobacco, snuffs etc.
In the Budget for the year 2003-2004, NCCD was imposed on some other products. The Hon'ble Finance Minister, in his Budget Speech in 2003, stated that it was decided to impose 1 percent NCCD on polyester filament yarn, motor car, multi-utility vehicles and two-wheelers.
He assured that the new levies would be limited to one year. Items selected were such as attracted Special Excise Duty (SED) under Second Schedule to Central Excise Tariff Act, which was then considered as luxury items.
On 17th May 2003, Notification No.46/2003-CE wasissued to exempt texturised yarn falling under Heading No.54.02, provided, it was manufactured from goods falling under the same Heading i.e. 54.02.
With reference to Pre-Budget Memorandum dated 12th October 2006. We would also like to raise the following point for your kind consideration.
Withdrawal of Natural Calamity Contingency Duty (NCCD) on POY. The Natural Calamity Contingency Duty (NCCD) was introduced as a surcharge in terms of Section 129 of the Finance Act 2001.
The Hon'ble Finance Minister, in his Budget Speech, stated that it was decided to establish National Calamity Contingency Fund on regular basis through a special surcharge on central excise duty on a range of products, the use of which should be discouraged on health grounds.
At that time, the items covered for levy of NCCD were pan masala, filtered cigarettes, smoking mixtures, chewing tobacco, snuffs etc.
In the Budget for the year 2003-2004, NCCD was imposed on some other products. The Hon'ble Finance Minister, in his Budget Speech in 2003, stated that it was decided to impose 1 percent NCCD on polyester filament yarn, motor car, multi-utility vehicles and two-wheelers.
He assured that the new levies would be limited to one year. Items selected were such as attracted Special Excise Duty (SED) under Second Schedule to Central Excise Tariff Act, which was then considered as luxury items.
On 17th May 2003, Notification No.46/2003-CE wasissued to exempt texturised yarn falling under Heading No.54.02, provided, it was manufactured from goods falling under the same Heading i.e. 54.02.
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