Excise On Paints To Be Levied On Mrp From Sept 1

An official release issued by the ministry states that excise duty on paints and varnishes would be chargeable on 60 per cent of the maximum retail price in the case of footwear on 50 per cent of the price declared on the package.

The notification has been issued under the newly inserted section 4A of the Central Excise Act, 1944. The provision introduced in this years budget was first invoked in the case of cosmetics and toiletries with effect from July 1.