The Union Minister for
Finance and Corporate Affairs, Shri Arun Jaitley while presenting the
General Budget 2017-18 in Parliament today announced substantial relief
in Customs and Excise Duties for Renewable Energy Sector and for
manufacture of Cashless Transaction Devices.
In a bid to incentivize domestic value addition under Make in India
initiative of the Government, the Finance Minister has proposed to
reduce Customs and Excise duties on several items related to the
Renewable Energy Sector. This includes all items of machinery required
for - fuel based power generating system to be set up in the country for
demonstration purposes; systems operating on biogas/ biomethane/
byproduct Hydrogen; LED lights or fixtures etc.
The Finance Minister has proposed zero Customs and Excise duties on
certain items related to cashless transaction devices to promote
domestic manufacturing of these products.
Proposals for reduction in Customs duty on inputs and raw materials to
reduce costs and for incentivizing domestic value addition under Make in
India have been submitted for certain items like Liquefied Natural Gas,
Nickel, Vegetable Tanning Extracts and certain Capital Goods.
Proposal to hike Excise duties and to levy additional duties under Sec
85 of the Finance Act, 2005 on several tobacco and tobacco related
products have also been made in the Budget.