Circular No. ES/294/2016-17 February 03, 2017
To: Members of the Council
Sub : CBEC Notifications on Union Budget 2017- 18
Dear Sir,
We wish to inform you that CBEC has issued following Notifications on the announcement of Union Budget 2017- 18.
CUSTOMS
Tariff
CBEC has issued Notification No. 5 / 2017- Customs (T) dated 02.02.2017 which seeks to reduce Basic Customs Duty from 10/7.5 % to 5% on all items of machinery required for (a) initial setting up of fuel cell based system for generation of power or for demonstration purposes and (b) for balance of systems operating on biogas or bio-methane or by-product hydrogen.
CBEC has issued Notification No. 6 / 2017- Customs (T) dated 02.02.2017 which seeks to further amend Notification No. 12/2012-Customs, dated the 17.3.2012 so as to carry out Budgetary changes. Details are contained in Joint Secretary (TRU – I) DO letter dated 31.1.2017.
CENTRAL EXCISE
Tariff
CBEC has issued Notification No. 5 / 2017- Central Excise (T) dated 02.02.2017 which seeks to prescribe 6% concessional excise/CV duty on all items of machinery required for (a) initial setting up of fuel cell based system for generation of power or for demonstration purposes and (b) for balance of systems operating on biogas or bio-methane or by-product hydrogen.
Non- Tariff
CBEC has issued Notification No. 04/2017- Central Excise (N.T.) dated 02.02.2017 which seeks to further amend CENVAT Credit Rules, 2004
CBEC has issued Notification No. 05/2017- Central Excise (N.T.) dated 02.02.2017 which seeks to further amend Central Excise Rules, 2002
SERVICE TAX
CBEC has issued Notification No. 07/2017- Service Tax dated 02.02.2017 which seeks to amend notification No. 25/2012-Service Tax, dated 20th June 2012, so as to amend certain existing entries granting exemption on specified services and inserting new entries for granting exemption from service tax on specified services.
Members may kindly make note of the same.
Thanking You,
V.ANIL KUMAR
EXECUTIVE DIRECTOR
