Industry & Economy
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Excise and Customs
Info for deciding on abatement of excise levy sought
K.R. Srivats
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Information on auto parts, toothbrushes and plant growth regulators has been sought.
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New Delhi
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April 24
The Finance Ministry has asked industry associations dealing with automotive components, toothbrushes and plant growth regulators to furnish manufacturing as well as trade related information to decide the extent of abatement that could be allowed for levy of excise duty.
Official sources said that information on these three items has also been sought from field formations of the Revenue Department.
The nature of information that has been sought include ex-factory price of goods, excise duty paid, sales tax and other taxes paid, wholesale prices inclusive of all taxes, retail price (MRP or printed price), trade practices and sales pattern and details of trade discount.
The Budget 2006-07 had brought parts, assemblies and components for automobiles, plant growth regulators and toothbrushes under the purview of retail sale price (RSP) based assessment.
As per the excise law, the Central Government is required to prescribe abatement from the retail sale price to arrive at the assessable value for levy of excise duty.
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