Bring­ing the Cur­tains Down

The Economic Times - - Front Page -

New Delhi: This bud­get marks the exit of cen­tral ex­cise duty--the fac­tory gate tax levie d on man­u­fact u re d goods when they leave the pro­duc­tion site--and ser­vice tax. The coun­try will soon shift to the con­sump­tion­based goods and ser­vices tax.

GST, which seeks to re­place ex­cise, ser­vice tax and cen­tral cesses be­sides states taxes in­clud­ing value-added tax, oc­troi and pur­chase tax with a sin­gle levy, is ex­pected to be rolled out from July 1.

These two cen­tral levies as also coun­ter­vail­ing duty will dis­ap­pear from bud­get pa­pers once GST kicks in. Fi­nance min­is­ter Arun Jait­ley has re­frained from any sig­nif­i­cant tin­ker­ing with the cen­tral ex­cise duty and ser­vice tax struc­ture, in line with the im­pend­ing roll­out of the new tax. Some of the levies pro­posed in this bud­get will end on June 30 like the ex­cise duty on pop­u­lated circuit boards. —Our Bureau

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