Interim Budget 2014-15 was presented in the Lok Sabha by Union Finance Minister, P Chidambaram on 17 February 2014. This was the 83rd budget of the Union Government and 9th personal budget by Chidambaram as Finance Minister. In the union budget 2014-15, the Finance Minister left untouched the direct taxes.
Following changes in some indirect tax rates are proposed
• States to partner in development so as to enable the Centre to focus on Defence, Railways, National Highways and Tele-communication.
• The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period up to 30 June 2014. The rates can be reviewed at the time of regular Budget.
• To give relief to the Automobile Industry, which is registering unprecended negative growth, the excise duty is reduced for the period up to 30 June 2014 as follows:
| Category | Percent |
| Small Cars, Motorcycle, Scooters and Commercial Vehicles | from 12 to 8 percent |
| SUVs | from 30 to 24 percent |
| Large and Mid-segment Cars | From 27/24 to 24/20 percent |
• It is also proposed to make appropriate reductions in the excise duties on chassis and trailors. The rates can be reviewed at the time of regular Budget
• To encourage domestic production of mobile handsets, the excise duties for all categories of mobile handsets is restructured. The rates will be 6 percent with CENVAT credit or 1 percent without CENVAT credit.
• To encourage domestic production of soaps and oleo chemicals, the custom duty structure on non-edible grade industrial oils and its fractions, fatty acids and fatty alcohols is rationalized at 7.5 percent.
• To encourage domestic production of specified road construction machinery, the exemption from Counter Vailing Duty (CVD) on similar imported machinery is withdrawn.
• A concessional custom duty 5 percent on capital goods imported by the Bank Note Paper Mill India Private Limited is provided to encourage domestic production of security paper for printing currency notes.
• The loading and un-loading, packing, storage and warehousing of rice are exempted from Service Tax.
• The services provided by cord blood banks are exempted from Service Tax.
| Category | Percent |
| Small Cars, Motorcycle, Scooters and Commercial Vehicles | from 12 to 8 percent |
| SUVs | from 30 to 24 percent |
| Large and Mid-segment Cars | From 27/24 to 24/20 percent |
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