India Union

Budget 2022-23
Economy of the resurgent India

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February 2022
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India Union Budget 2022-23
Economy of the resurgent India

The Union Budget for 2022-23 was The much awaited tax concessions
presented today by the Finance in respect of COVID relief were
Minister Ms. Nirmala Sitharaman. however provided. Incentive
This was presented in the backdrop regimes applicable to start-ups and
of Gross Domestic Product (GDP) newly set up manufacturing
growth rate of 9.2 per cent for the companies saw extensions and
year coupled with strong exports incentives available to International
and robust increases in both direct Financial Services Centre (IFSC)
and indirect tax revenues. units were expanded. As has been
the case in recent years, the ambit
While the budget speech itself was
of Tax Deducted at Source (TDS)/
brief, there are several changes in
Tax Collected at Source (TCS)
the Finance Bill covering a wide
provisions was once again
issues ranging from taxation of
expanded and also tightened.
crypto assets to extensions for tax
holidays, changes in the customs There were however a few areas
framework as well as procedural in which the budget did not address.
nature. There were several policy For instance, there was no mention
announcements, including those of any roadmap towards
facilitating accelerated corporate implementation in India of the
exits, replacement of the Special Global Base Erosion and Profit
Economic Zone (SEZ) law and Shifting (BEPS) 2.0 proposals.
boosting private equity Similarly, widely expected
investments. clarifications relating to equalisation
levy and a framework for overseas
On the tax rate front, barring
listings by Indian corporates did not
rationalisation of the rates of
materialise.
surcharge applicable to
Associations of Persons (AOP) and The key changes proposed by
to income in the nature of capital Union Budget 2022 are summarised
gains, there were no other changes. in this booklet.

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India Union Budget 2022-23
Economy of the resurgent India

Direct tax
Personal Tax a disabled dependent now
• Income tax slabs, rates, available to the policy holder
surcharge and cess remain (being individual or member of
unchanged HUF) even if annuity/ lump sum to
be received by the disabled
• Surcharge on income-tax relating dependent on attainment of 60
to any LTCG to be capped at 15 years of age by policy holder.
per cent Further, such annuity or lump sum
• Any sum of money received by an amount received by a disabled
individual, as a reimbursement of dependent on the above referred
actual expenses, with effect from policy is not taxable.
FY 2019-20, for medical treatment
of self/ family members on Taxation of virtual digital assets
account of COVID-19 related • A regime to tax Virtual Digital
illness, is not taxable Assets (VDA) introduced and VDA
• Any amount received by the to include crypto-assets, NFTs and
family members of a deceased other digital assets [excludes
individual, with effect from FY currencies as per Foreign
2019-20, within twelve months of Exchange Management Act, 1999
death caused by COVID-19 related (FEMA)]
illness, from the employer of the • Income from transfer of virtual
deceased individual is not taxable. digital asset taxable at 30 percent
Such amount (upto INR 10 lakhs) plus surcharge and cess
received from any other person is
− No deduction for any expenses
also not taxable
or losses allowed except cost of
• Deduction for employer’s acquisition
contribution to NPS increased to
− No set off of loss from transfer
14 per cent from 10 per cent of
of VDA allowed against any
specified salary for State
other income
Government employees with
effect from FY 2019-20 − No, carry forward of such losses
allowed to succeeding year
• Deduction in respect of premium
paid for a policy for the benefit of
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India Union Budget 2022-23
Economy of the resurgent India

• Receipt of VDA without or acceptance of which is in

inadequate consideration taxable violation of any law or rule;
for the recipient − to compound an offence under
• TDS applicable on transfer of any law in India or outside
VDA at the rate of 1 percent w.e.f. India.
1 July 2022. • The cess levied on tax not to be
allowed as business expenditure.
Tax incentives
This amendment is applicable
• The last date for commencement retrospectively from AY 2005-06.
of manufacturing/production for
• The conversion of interest
claiming concessional tax rate of
payable into debenture or any
15 per cent to domestic
other instrument not to be
companies has been extended by
deemed as payment of interest
one year till 31 March 2024.
and shall not be allowed as
Start-ups business expenditure at the time
of conversion.
• The date of incorporation for
• The concessional rate of tax of 15
eligible start-ups for claiming tax
per cent on dividend income
holiday extended by one more
received from specified foreign
year i.e. start-ups incorporated till
companies discontinued
31 March 2023 to be now eligible.
• No deduction eligible of
Business deduction and expenditure incurred in relation to
computation an exempt income, even where no
• No deduction of sum paid to any exempt income has accrued or
research association, university, earned during the year
college etc. allowed unless such • No set-off of losses and
institution/company files unabsorbed depreciation to be not
statement of donations. This allowed against undisclosed
amendment is applicable income identified during a search
retrospectively from AY 2021-22 or survey.
• No deduction to be allowed in
relation to expenditure incurred:
− for any purpose which is an
offence or prohibited by any
law in India or outside India;
− to provide any benefit or
prerequisite to a person

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India Union Budget 2022-23
Economy of the resurgent India

• Surcharge rate capped at 15 per portfolio managed by portfolio

cent on - manager in IFSC to the extent
− All types of LTCGs (individual, accruing or arising outside India
Hindu Undivided Family (HUF), • No valuation required by Indian
AOPs, Body of individuals companies on issue of shares to
(BOIs); and AIF - Cat I and II regulated under
− AOPs with only companies as IFSC Act.
its members
Anti avoidance provisions
• Alternative Minimum Tax (AMT)
• Bonus stripping and dividend
rate applicable to co-operative
stripping provision extended to
societies reduced from 18.5
units of Infrastructure Investment
percent to 15 percent.
Trust (InvIT), Real Estate
Capital gains Investment Trust (REIT) or
Alternative Investment Fund
• Reduction of goodwill from the (AIFs)
block of the asset to be
considered as transfer from AY • Bonus stripping extended to
2021-2022. securities.

IFSC related tax incentives Mergers & Acquisitions

• Income of non-resident from • Assessment/ reassessment or

transfer of offshore derivative other proceedings made on
instruments or over-the-counter predecessor, in the event of a
derivatives with an Offshore business re-organisation
Banking Unit (OBU) in IFSC (amalgamation, merger or
eligible for exemption demerger), deemed to have been
made on successor
• Exemption to non-resident for
royalty or interest income on • Successor in business re-
lease of aircraft extended to ship organisation to file modified
leased to IFSC unit return of income in case of
business re-organisation within
• Exemption of income from 6 months from order of relevant
transfer of aircraft extended to authority.
transfer of ships leased by IFSC
unit
• Exemption of income received in
India by non-resident from

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India Union Budget 2022-23
Economy of the resurgent India

Assessment procedures books, in excess of INR 5 million,

• Faceless Assessment Scheme has escaped assessment
substituted in the legislature • Procedure for reassessment in
− The assessment not to be void search cases aligned with regular
merely because prescribed assessment cases.
procedure not followed
Litigation and dispute management
− Timeline for issuing direction for
• The Tax department would not file
introducing faceless schemes
an appeal to Income Tax Appellate
for TP, International Taxation
Tribunal (ITAT) or High Court
matters and Tribunal appeals
where an appeal has been filed by
extended till 31 March 2024
them on an identical question of
− Role of different units law and is pending before the
(assessment unit, verification jurisdictional High Court or
unit, review unit and technical Supreme Court. This pending
unit) to be coordinated through appeal could be in case of
National Faceless Assessment taxpayer or in case of any other
Centre. assessee. The appeal in such
− Personal hearing shall be cases to be filed when the
allowed through video decision on such question of law
conferencing where variation is becomes final in the other case
proposed. • The procedure is subject to
• Approval for issuance of notice acceptance of taxpayer on the
not required where order under identical question of law
section 148A has been passed • A collegium, of two or more Chief
with due approval Commissioners or Pr.
• Information with the Assessing Commissioner or Commissioner,
Officer (AO) for basis of to decide on adopting this
reassessment to include cases of procedure as stipulated.
audit objection, receipt of
information under treaty
network, etc.
• Time limit to reopen assessment
of 10 years to apply in cases
where expenditure or entry in

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India Union Budget 2022-23
Economy of the resurgent India

Tax compliance • TDS at 10 per cent to be

• An updated return of income can applicable w.e.f 1 July 2022 in
be filed by any person within 2 respect of benefits or perquisite
years from the end of relevant AY arising from business or
even if no return of income was profession subject to prescribed
filed previously to declare income thresholds.
as per the correct particulars
Penalty provisions
• An additional tax of 25 per cent
• Powers given to Commissioner of
(on aggregate of incremental tax
Income-tax (Appeal) [CIT(A)] to
and interest) to be paid if such
initiate penalty proceedings
return is filed within one year from
under certain cases
end of assessment year.
Additional tax is 50 per cent in • Penalty provisions introduced for
other cases passing on any unreasonable
benefits to trustees or specified
• Filing of updated return would not
person by a charitable institution
be allowed, if it results in a
w.e.f AY 2023-24.
returned loss or reduction in total
tax liability or refund or increase in
Charitable trust and institutions
a refund, or where updated return
has already been filed earlier or an • Tax exemption regime for
assessment or reassessment charitable trusts and institutions
proceedings are pending, etc. have now been aligned for
granting exemptions, effective
TDS monitoring and providing clarity
on taxation.
• In case of higher TDS on
payments to non filers of
Others
income-tax return, time limit for
treating a person as non-filer • Losses allowed to be carried
reduced from two years to one forward and set off by public
year. Individuals, HUFs making sector companies even in case of
payments for purchase of change in shareholding on account
property and obliged to do TDS of disinvestment where the
excluded from these obligation ultimate holding company of the
new strategic investor continues to
• TDS on purchase of immovable
hold more than 51 per cent of the
property to be deducted at 1 per
voting power (directly or indirectly)
cent on consideration value or
in the company
stamp duty value

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India Union Budget 2022-23
Economy of the resurgent India

• Any loan or borrowing or any such

sum credited in the books would
be treated as unexplained unless
the nature and source of such
funds of the lenders satisfactorily
explained
• The tax deductor bearing tax on
payments to non- resident and
claiming it to be non-taxable can
now file an appeal to CIT(A) only
after making an application to the
AO as stipulated
• The powers of CIT in respect of
revision of an order prejudicial to
the interest of revenue for
revision of transfer pricing orders
granted to jurisdictional transfer
pricing CIT
• The provision to give effect to
order of Dispute Resolution
Committee by the AO introduced.

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India Union Budget 2022-23
Economy of the resurgent India

Indirect tax
Goods and Service Tax generated new statement to be
• Time limit extended by two introduced
months (i.e. up to 30 November • Filing of GSTR 1 for subsequent
of subsequent financial year) with period allowed only when GSTR 1
respect to following transactions for the previous Tax period has
of previous financial year: been filed and same is also
− Availment of Input Tax Credit mandatory for filing of GSTR 3B.

− Issuance of credit note • In case of non-payment of Tax by

the supplier, the recipient would
− Rectification of details reported
be required to reverse credit
in periodic monthly return; and
along with interest which can be
− Rectification / Omission of TCS re-claimed later on such payment
details. by the supplier
• Powers granted to impose • Late fees introduced for TCS
restrictions on: return
− Utilization of balance in • Transfer of Balance in Cash
Electronic Credit Ledger Ledger (CGST and IGST)
− Setting off maximum permitted between distinct
proportion of output Tax persons

− Block the credit in specified • Transfer of Tax, interest, penalty,

cases, Section 38 of CGST Act fee or any other amount available
introduced; and in electronic cash ledger for
Integrated Tax, Central Tax, State
− Withholding all types of refund
Tax, Union Territory Tax or Cess
against pending demand.
• Concept of two way
communication process in return
filing withdrawn from Input Tax
credit perspective and auto

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India Union Budget 2022-23
Economy of the resurgent India

• Interest on account of Input Tax Customs

Credit wrongly availed and Amendments (effective from
utilised shall be levied enactment of the Bill)
retrospectively with effect from 01
Customs Act, 1962
July 2017. Interest applicable at 18
per cent instead of 24 per cent • Central Board of Indirect Taxes &
with retrospective effect Customs (CBIC) may issue rules
for valuation of any class of
• Claim for refund of any balance in imported goods, wherein it
the electronic cash ledger shall be believes value of such goods is
made in the form and manner as not declared truthfully or
may be prescribed accurately
• Relevant date in regard to filing of • Application of advance ruling can
refund claim, clarified in respect be withdrawn by applicant
of supplies made to SEZ anytime before pronouncement
developer/ unit of ruling

• Grant of alcoholic liquor license • Advance ruling to be valid for

three years or till there is change
has been declared as an activity
in law or facts, whichever is
which shall be treated neither as a
earlier
supply of goods nor as a supply
of service retrospectively from 01 • Existing advance ruling would be
July 2017 nor any refund shall be valid for three years from the date
granted. of enactment of the Bill
• In cases where assessment has
already been made, Audit wing of
Customs and investigation
agencies would send their report
in writing to the jurisdictional
proper officers for adjudication; in
case of multiple jurisdictions, to
the officer assigned by the CBIC

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India Union Budget 2022-23
Economy of the resurgent India

• Definition of Officers of Customs Customs Tariff Act, 1975

and ‘Proper Officer’ elaborated in • Simplification of customs tariff
the Customs Act, 1962 structure by moving
• Publication of import or export unconditional concessional
data or details of any importer or rates from existing exemption
exporter made punishable with notification to the customs tariff
imprisonment of six months or schedule
fine up to INR 50,000 or both • Stipulation of sunset dates for
conditional exemption entries in
Customs (Import of Goods at
respective notifications
Concessional Rate of Duty) Rules,
2022 or IGCR • Omission of entries in
exemption notifications, leading
• Importers would need generate a
to withdrawal of concessions
‘Import of Goods at Concessional
for various goods
Rate Identification Number’ or IIN
from common portal of Customs • Pruning and review of
exemption notifications has
• IIN would need to be mentioned
been done primarily in
on each Bills of Entry
notification of 50/2017. Herein,
• Importer would submit a monthly exemption has been withdrawn
statement on the common portal (with effect from various future
by tenth day of the following dates) on capital goods used in
month textile sector, power sector,
• Requirement of permission petroleum sector, leather sector,
withdrawn for re-export or food packaging sector and a
domestic disposal of unutilised or few others.
defective goods on payment of
duty and interest
• Disposal of goods after utilisation
allowed on payment of duty and
interest on value depreciated as
per schedule given in IGCR

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India Union Budget 2022-23
Economy of the resurgent India

• Rate of duty on project imports

for power projects, coal
projects, gas projects, iron ore
projects, water supply projects
and others has been increased
to 7.5 per cent from various
lower rates applicable earlier
• Certain other items have been
omitted from the exemption
50/2017 leading to increase in
effective duty rates. Indicatively
these items include food
products, common salt, marble,
inputs for Diphtheria, Tetanus &
Pertussis (DTP) vaccines and
Printed Circuit Board Assembly
(PCBA) for automatic data
processing machines.

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India Union Budget 2022-23
Economy of the resurgent India

Customs Tariff Act, 1975

Key changes in Tariff and effective rates (effective from 2 February 2022)
Heading, Tariff Duty rates
S. sub- (per cent)
Commodity
No heading
tariff item From To

Gems and Jewellery Sector

20 or
INR
400/kg,
1. 7117 Imitation Jewellery 20
Whiche
ver is
higher

Electrical and Electronic Sector

Single or multiple loudspeakers,
8518 21 , whether or not mounted in their
2. 8518 22 , enclosures 15 20
8518 29 (effective rate other than hearable
devices remains the same)
Headphones and earphones,
whether or not combined with a
microphone, and sets consisting of
3. 8518 30 a microphone and one or more 15 20
loudspeakers
(effective rate other than hearable
devices remains the same)

Smart Meters (effective from 1 April

4. 9028 30 10 15 25
2022)

Printed Circuit Board Assembly of

5. 9028 90 10 Smart Meters (effective from 1 April 10 20
2022)

Solar Energy Sector

Solar Cells (other than those

6. 8541 42 00 exclusively used with ITA-1 items) 20 25
(effective from 1 April 2022)

Solar Modules (other than those

7. 8541 43 00 exclusively used with ITA-1 items) 20 40
(effective from 1 April 2022)

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India Union Budget 2022-23
Economy of the resurgent India

Key changes in tariff duty rates (applicable from 1 May 2022, unless
otherwise mentioned) and effective duty rates (applicable from 2
February 2022)
Heading, Effective duty rates
S. sub- (per cent)
Commodity
No heading
tariff item From To

Food & Beverages

Cocoa Beans, whole or broken,
1. 1801 00 00 30 15
raw or roasted
Chemicals
Methyl alcohol (methanol)
1. 2905 11 00 10 2.5

Acetic acid
2. 2915 21 00 10 5

Textiles
25 or
Pile fabrics, other than long- INR 100
3. 6001 92 00 pile fabrics or looped pile per kg., 20
fabrics, of man-made fiber whichever
is higher

25 or
Men’s or boys' overcoats, car INR 540
20
4. 6101 20 00 coats, capes etc., of per piece,
cotton whichever
is higher

6103 29 10, Men’s suits of silk or of artificial

5. 25 20
6103 29 20 fiber

25 or
INR 460
Women’s suits of other textile
6. 6104 19 per piece, 20
materials
whichever
is higher

25 or
Women’s trousers, bib and
INR 98 per
6104 62 00, brace overalls, breeches and
7. piece, 20
6104 63 00 shorts, of cotton or of synthetic
whichever
fiber
is higher

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India Union Budget 2022-23
Economy of the resurgent India

Key changes in tariff duty rates (applicable from 1 May 2022, unless
otherwise mentioned) … Contd.

Heading, Effective duty rates

S. sub- (per cent)
Commodity
No heading
tariff item From To

25 or
Men’s or boys’ overcoats, car
INR 320
coats, capes etc., of
8. 6201 40 10 per piece, 20
man-made fibers
whichever
is higher

25 or
Women’s or girls' overcoats, INR 210
9. 6202 30 10 car coats, raincoats per piece, 20
etc., of cotton whichever
is higher

25 or
INR 1100
Men’s Suits of wool or fine
10 6203 11 00 per piece, 20
animal hair
whichever
is higher

25 or
INR 720
20
11. 6203 12 00 Men’s Suits of synthetic fibers per piece,
whichever
is higher

Metals
Ferrous waste and scrap
12. 7204 15 2.5
[Effective from 1 April 2023]

Project Imports
Project Imports

[For project imports registered

13. 9801 till 30 September 2022- 10 7.5
Effective from 1 October 2023
For other project imports –
Effective from 1 October 2022]

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India Union Budget 2022-23
Economy of the resurgent India

Key changes in effective customs duty (To be effective from 2 February

2022)

Heading, Effective duty rates

S. sub- (per cent)
Commodity
No heading
tariff item From To
Fuels, Chemicals and Plastics

1. 2710 19 Fuel Oil 5 2.5

Paper Sector
Recovered (waste and scrap) paper
or paperboard for
2. 4707 use in manufacturing of paper, Nil 2.5
paperboard or
newsprint

Gems & Jewellery Sector

Simply Sawn Natural Diamonds
7102 21 imported under Applicable
3. NIL
7102 31 00 Kimberley Process Certification Rate
Scheme (KPCS)

4. 71 Cut and Polished Diamonds 7.5 5

71
5. (except 7104 Cut and Polished Natural Gemstones 7.5 5
99 00)

Metals sector
Iron and steel scrap, including
stainless steel scrap
6. 7204 [Exemption hitherto available till 31 Nil Nil
March 2022 is being
extended up to 31 March 2023]

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India Union Budget 2022-23
Economy of the resurgent India

Key changes in effective customs duty (To be effective from 2 February

2022) contd.

Heading, Effective duty

S. sub- rates
Commodity (per cent)
No heading
tariff item From To
Electrical and Electronics Sector

Camera lens for use in manufacture of

3920 99 99, 10/
7. Camera 2.5
9002 11 00 15
Module for Cellular Mobile Phone

Copper/Aluminium based Copper clad

8. 74 or 76 laminate for 5/7.5 NIL
use in manufacture of PCB/MCPCB

Specified parts for use in manufacture

Specific tariff
9. of 10/15 5
code
transformers of chargers/adapters

Following items used in manufacture

of X-ray items:
10. 90 a) X-Ray grid 5 10
b) Multi Leaf Collimator/ Iris
c) Static User Interface

11. 90 X-Ray Machines 7.5 10

Toys

Parts of electronic toys for

12. 9503 manufacture of electronic 15 25
Toys

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India Union Budget 2022-23
Economy of the resurgent India

Key changes in effective customs duty (To be effective from 2 February

2022) contd.

Heading, Effective duty

S. sub- rates
Commodity (per cent)
No heading
tariff item From To
Capital goods

S. G. Ingot Castings used in

13. 7325 10 00 manufacturing of Plastic 10 7.5
Processing Machinery

Ball Screw and Linear Motion Guide

8483 40 00, used in
14. 7.5 5
8477 90 00 manufacturing of Plastic Processing
Machinery

Bushing (made up of platinum and

rhodium alloy,
15. 84 imported in exchange of worn-out 10 7.5
bushing exported
for refurbishment)

Coffee roasting, brewing or vending

machineries for
16. 8419 10 7.5
use in the manufacturing or
processing of coffee

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India Union Budget 2022-23
Economy of the resurgent India

Key changes in effective duty rates in respect of Phased Manufacturing

Program with respect to specific electronic goods

Effective Duty rates

(per cent)
Heading,
To
S. sub-
Commodity Fr
No heading 20
o 20 202 202
tariff item 24
m 22- 3- 5-
-
23 24 26
25
Wrist Wearable devices (Smart watches)
Printed Circuit Board
1. 8517 79 10 NIL NIL 10 15 15
Assembly (PCBA)
2. 8544 Charging Cable 10 NIL 5 10 15
8507 60 00/
3. Battery 15 NIL 5 10 15
8507 80 00
4. 8517 79 90 Display Assembly NIL NIL NIL 5 10
5. 8501 Vibrator Motor 10 10 10 10 10

Wrist Wearable
Devices (Commonly
6. 8517 62 90 20 20 20 20 20
known as Smart
Watches)

Hearable devices
PCBA for Hearable
1. 8518 90 00 10 NIL 10 15 15
Device
2. 8544 USB Cable 10 15 15 15 15
8507 60 00/
3. Battery 15 NIL 5 10 15
8507 80 00

Speaker Assembly
(Pre-assembled
speaker driver with
4. 8518 90 00 10 NIL NIL 5 10
protective mesh, but
not including PCBA or
battery)

8518 21,
8518 22, Hearable Devices
5. 15 20 20 20 20
8518 29,
8518 30

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India Union Budget 2022-23
Economy of the resurgent India

Key changes in effective duty rates in respect of Phased Manufacturing

Program with respect to specific electronic goods contd..

Effective Duty rates

(per cent)
Heading,
S. sub- To
Commodity
No heading Fro 20 20
tariff item 2022 202
m 23 24
- 5-
- -
23 26
24 25
Smart Meters
Assembled / Populated
1. 9028 90 10 7.5 20 20 20 20
PCB for Smart Meters

Communication
2. 8517 69 90 10 NIL NIL 5 10
Module

3. 8536 49 00 Relay 10 5 10 10 15

4. 8517 71 00 Antenna NIL NIL NIL 5 10

8524 11 00/ LCD & Backlight for

5. 15 NIL 5 10 10
8524 91 00 LCD

6. 8506 50 00 Battery 10 NIL 5 10 10

7. 9028 30 10 Smart Meters 15 25 25 25 25

Other Key Proposals SEZ reforms leading to replacement

Additional allocation of INR 19,500 of SEZ Act, changes in Customs
Cr. for Production Linked Incentive administration of SEZ, introduction
for manufacture of high efficiency of risk-based intervention and usage
modules, with priority to fully of common EDI platform (w.e.f. 30
integrate manufacturing units from September 2022). Details in respect
polysilicon to solar PV modules to the same are awaited

© 2022 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG glob al organization of independent 20
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
India Union Budget 2022-23
Economy of the resurgent India

Central Excise – Non-Tariff Central Excise – Tariff

List of goods covered under the
Retail Sale Price Valuation pruned to
cover only specified goods viz.
Chewing Tobacco and preparations
containing the same, Jarda Scented
Tobacco and Pan Masala containing
Tobacco that are presently covered
under Central Excise. Moreover,
Circular issued to standardize
implementation of the same.
Heading, sub-
S.
heading tariff
No
item
• Additional Basic Excise Duty of
INR 2 per litre proposed on petrol
and diesel sold to retail
consumers without blending (with
effect from 1st October 2022)
• Two new tariff items inserted
relating to fuel blends to align the
same with Customs .
Tariff Duty rates
Commodity
From To

Central Excise- Tariff

Mineral fuels and oils
Motor spirit commonly known as petrol INR INR
2710 1.40 per 3.40 per
which is intended for retail sale, not so
(Sl. No. litre litre
blended with ethanol or methanol as
2A) - To
conforming to Bureau of Indian
1. be made
Standards specifications from time to
effective INR INR
time for blended motor spirit-
1 Oct 2.60 per 4.60 per
(i) without a brand name;
2022 litre litre
(ii) with a brand name.

High speed diesel (HSD) intended for

2710 19 INR INR
retail sale, not so blended with alkyl
30 (Sl. 1.80 per 3.80 per
esters of long chain fatty acids obtained
No. 3A)- litre litre
from vegetable oils, commonly known
To be
2. as bio-diesels as conforming to Bureau
made
of Indian Standards specifications from
effective INR INR
time to time for blended diesel
1 Oct 4.20 per 6.20 per
(i) without a brand name;
2022 litre litre
(ii) with a brand name.

14 per
2710 12 E 12 Fuel conforming to standard IS New cent +
3.
43 17586 Entry INR 15
per litre

14 per
2710 12 E 15 Fuel conforming to standard IS New cent +
4.
44 17586 Entry INR 15
per litre

© 2022 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG glob al organization of independent 21
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
KPMG in India contact
Rajeev Dimri
National Head of Tax
T: +91 124 307 4077
E: rajeevdimri@kpmg.com

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