Union Budget 2014-15 proposals pertaining to Petrochemicals and Plastics

15-Jul-14

Union Budget 2014-15 proposals pertaining to Petrochemicals / Plastics: Reduction of the basic Customs Duty on ethane, propane, ethylene, propylene, butadiene and ortho-xylene from 5% to 2.5%. Exempt 4% SAD on PVC sheet and ribbon used for the manufacture of smartcards. Exemption from basic customs duty on specified inputs for use in the manufacture of EVA sheets and back sheets. Exemption from Excise duty for EVA sheets and solar back sheets and specified inputs used in their manufacture. Exemption of Polyester stretch fiber and Polyester filament yarn manufactured from Plastic Waste and scrap including PET bottles from Excise duty w.e.f. from 29th June 2010 to 7th May 2012. Levy prospectively a nominal duty of 2% without Cenvat benefit and 6% with Cenvat benefit on such PSF and PFY. (Source: Organization of Plastics Processors of India)