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No.14/005/093/2003
Jan 9, 2004
All Members of the Council
Dear Members,
Sub: Union Budget 2004-05
We wish to inform you that the Department of Revenue, Ministry of Finance made certain changes in the Customs & Central Excise duties, which are effective from Jan 9, 2004.
The most significant change pertain to reduction of peak rate of customs duty on non-agricultural products from 25% to 20%, and also exemption of of 4% SAD on all goods. By virtue of such changes, the total import duty has come down from 50.80% to 39.20%, a net reduction of 11.60%.
In this regard, please find enclosed the following:
1.
Letter No.349/1/2004-TRU dated Jan 8, 2004 issued by Shri Gautam Ray, Joint Secretary (TRU), Ministry of Finance, listing out salient features of the changes made in the customs and central excise dusties, which is self explanatory.
2. Notification No.6/2004-Customs dated 8.1.2004 under which levy of SAD of 4% exempted on all goods
3.
Notification No.1/2004-C.Excise dated 8.1.2004 under which semi-finished goods and finished goods are permitted for removing from the factory without payment of Central Excise duty for further processing or testing.
Taking into account the recent changes, a statement showing the import duty structure prior to and effective Jan 9, 2004 applicable on capital goods, raw materials, chemicals, components & consumables used in leather & leather products industry has been prepared, and the same is enclosed for your ready reference.
With best regards,
Yours sincerely,
S Audiseshiah
Executive Director
STATEMENT
SHOWING IMPORT DUTY RATES PRIOR TO AND EFFECTIVE JAN 9, 2004
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