Excise On Cosmetics

The finance ministry has notified that excise duties on cosmetics and toilet preparations will be levied on the basis of the maximum retail price (MRP) with effect from July 1. These commodities,which fall under heading 33.03, 33.04, 33.05 and 33.07 of the Central Excise Tariff, will be chargeable to excise duty on the value calculated at 50 per cent of the declared MRP.