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Reduce excise duty on textile machinery from 14% to 8% : ASSOCHAM
07 Feb '09
4 min read
If the capital goods are imported by the EPCG licence holders, they have to pay only the basic customs duty at 3% which was 5% earlier. This reduction in import duty has reduced the competitive edge of the domestic manufacturer. No additional duty of customs leviable under Section 3 of Customs Act or Countervailing Duty. Therefore, exemption from payment of excise duty on supplies sourced through indigenous machinery manufacturers by EPCG licnece holders should be given on furnishing CT-3 form.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
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