English
New Delhi, Feb 1: Union Finance Minister Arun Jaitley while presenting the Union Budget 2017 in Parliament on Wednesday announced substantial relief in Customs and Excise Duties for Renewable Energy Sector and manufacturing of Cashless transaction devices.
In an attempt to incentivise domestic value addition under the Make in India initiative of the central Government, the FM proposed to reduce Customs and Excise duties on several items related to the Renewable Energy sector. It also reportedly includes, according to Press Information Bureau, all items of machinery required for fuel based power generating system to be set up in the country for demonstration purposes and sytems which operate on biogas or biomethane or byproduct hydrogen along with LED lights or fixtures etc.
Also to promote domestic manufacturing of products related to cashless transaction devices, the Government has proposed zero customs and excise duties on them. Apart from that there were proposals for reduction in Customs duty on inputs and raw materials for cost reduction and for incentivising domestic value addition under the Make in India scheme have been submitted for certain items. these items include Liquified Natural Gas (LNG), Nickel, vegetable tanning extracts and certain Capital Goods.
As per PIB, there are also proposals to hike excise duties and to levy additional duties under Section 85 of the Finance Act of 2005 on several tobacco and tobacco related products have also been made in the Budget. This is clearly a move to demotivate the tobacco or tobacco product users from using these products.
(With inputs from Press Information Bureau)
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