Excise Duty Rate in India 2013
Before Budget the Central Excise Duty rate is 10% for financial year 2011-12 and in budget the Finance Minister increased by 2% it means that for financial year 2012-13 takes 12%.Â On the contrary there is little confusion about the central excise duty regarding Produce Products because due to non-clarify by the Government. The excise duty is vary from product to product and in manufacturing line, it is necessary to know the excise duty rate well before the start of production.Â In this annual budget, the rates of excise duty have been increased to 12% from the existing 10%. This rate will be applicable from 01-04-2012. But it is not that all the products have similar excise duty. The excise duty can be different in these points which are as under.
- Â·Totally exempt excise duty such as tea and condensed milk.
- Â·1% excise duty on the products which have the facility of less excise duty like articles of jewellery.
- Â·3% excise like gold
- Â·12% excise on motor vehicles
- Â·Production base excise duty on aluminum circles and trimmed and untrimmed circles of copper.
- Â·High excise duty on large cars, cigarettes and tobacco products.