Highlights of Union Budget 2014-15
Members of the Council
Sub : Highlights of Union Budget 2014-15
As members are aware, the Union Budget 2014-15 was presented by the Hon’ble Union Finance Minister Shri Arun Jaitley on July 10,2014. As far as the leather sector is concerned, the following specific measures have been announced
Reduction of Central Excise duty on footwear of retail price exceeding Rs.500/- per pair but not exceeding Rs.1,000/- per pair from 12 percent to 6 percent. Footwear of retail price up to Rs.500 per pair will continue to remain exempted from Central Excise duty.
Concessional excise duty of 2% without CENVAT credit and 6% with CENVAT credit is being extended to Gloves specially designed for use in sports falling under HS Code 420321.
Skill India : A national multi-skill programme called Skill India is proposed to be launched. It would skill the youth with an emphasis on employability and entrepreneur skills. It will also provide training and support for traditional professions like welders, carpenters, cobblers, masons, blacksmiths, weavers etc. Convergence of various schemes to attain this objective is also proposed.
Under Duty Free Import Scheme for Leather Garment sector, the description of the entry Fusible embroidery motifs or prints has been changed to Fusible and Non-Fusible embroidery motifs or prints thereby making non-fusible embroidery motifs or prints as an eligible item for import under DFIS scheme.
The detailed highlights and the corresponding notifications are enclosed herewith. Members may kindly note.
Members may kindly note the above.
R. Ramesh Kumar IAS
COUNCIL FOR LEATHER EXPORTS