Budget 2010-11- Excise and Custom Duty Exemption and Concession
- Tuesday, March 1, 2011, 7:21
- Excise Duty
- Budget 2011-12, News
Excise Duty Concessions to Factory Built Ambulances
Relief for Lactose For Manufacturing of Homoeopathic Medicines
Proposals Relating to Customs and Central Excise Estimated to Result in a Net Revenue Gain of Rs.7300 Crore
Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister has informed that the proposals relating to Customs and Central Excise are estimated to result in a net revenue gain of Rs.7300 crore. He has proposed:
• Exemptions from parallel Excise Duty for domestic suppliers producing capital goods needed for expansion of existing mega or ultra mega power projects.
• Full exemption from basic Customs Duty to bio-asphalt and specified machinery for application in the construction of national highways.
• Scope of exemptions from basic Customs Duty for work of art and antiquities extended to apply for exhibition or display in private art galleries open to the general public.
• Exemption from Import Duty for spares and capital goods required for ship repair units extended to import by ship owners.
• Concessional basic Customs Duty of 5% and CVD of 5% available to newspaper establishments for high speed printing presses extended to mailroom equipment.
• Jumbo rolls of cinematographic film fully exempted from CBD by providing full exemption from Excise Duty.
• Out right concession to factory-built ambulances from Excise Duty.
• Relief measures proposed for raw pistachio, bamboo for agarbatti, lactose for the manufacture of homoeopathic medicines, sanitary napkins, baby and adult diapers.
Related posts:
- Budget 2011 -Service Tax, Excise and Custom Duty Proposals-Preliminary Highlights
- Budget 2010-11: Summary of Major Amendment in Custom duty Laws
- FM should simplify custom tariff and unify the central excise and service tax rates in coming budget
- Custom duty relief for importing digital films: Budget 2010-2011
- Excise Duty exemption not available to SSI for goods carrying brands of other companies
