Presenting the Budget in the LokSabha today, the Union Finance Minister Shri Pranab Mukherjee has proposed concessions and exemptions for encouraging the consumption of energy-saving devices, plant and equipment needed for solar thermal projects. The Finance Minister proposed to fully exempt a coating chemical used for compact fluorescent lamps from basic customs duty. Excise duty on LED lamps is also being reduced to 6 per cent.
The Union Budget 2012-13 proposes to increase excise duty on ‘demerit’ goods such as certain cigarettes, hand rolled bidis, pan masala, gutka, chewing tobacco, unmanufactured tobacco and zarda scented tobacco. While presenting the Budget in Parliament today, the Finance Minister Shri Mukherjee proposed to enhance cess on crude petroleum oil produced in India to Rs. 4500/- per metric tonne from Rs. 2500/- per metric tonne under the COIL Industries Development Act.
Excise duty rationalized for packaged cement, whether manufactured by mini-cement plants or others. – Levy of excise duty of 1 per cent on branded precious metal jewellery to be extended to include unbranded jewellery. Operations simplified and measures taken to minimize impact on small artisans and goldsmiths. – Branded Silver jewellery exempted from excise duty.
Presenting the General Budget 2012-13 in LokSabha here today, ShriPranab Mukherjee, Finance Minister announced various majors for mitigating shortage of housing for low income groups. The Finance Minister proposed allowing External Commercial Borrowings (ECB) for low cost affordable housing projects and setting-up of a Credit Guarantee Trust Fund to ensure improved flow of institutional credit for housing loans.
Section 146(2)(c) of the Customs Act refers to the appearance by a legal practitioner who is entitled to practice as such in accordance with law. Section 129(6) places a restriction, which is reasonable and valid restriction, as held by us above. Thus, the provisions of Section 146A of the Act would have to be read in conjunction with and harmoniously to Section 129(6) of the Customs Act and the person who earns a disqualification under this provision cannot derive any extra benefit -contrary to Section 129(6) of the Customs Act from the reading of Section 146A of the Customs Act.
Consequent upon the revision of Bank Rate from 6 percent to 9.5 percent vide RBI’s notification dated February 13, 2012, the interest rates applicable to RIDF and other similar funds with SIDBI and NHB have been reviewed and it has been decided as under:-
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009, as amended from time to time, Director General of Foreign Trade, in pursuance of Notification No. 106 (RE-2010)/2009-14 dated 12.03.2012, notifies the procedure/guidelines for scrutiny and revalidation of Registration Certificate(RCs) for export of cotton [ITC(HS) code 5201 & 5203].
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2012 for consideration and inclusion of the same in the Post Budget Memorandum, 2012 to be submitted to the Ministry of Finance. Please submit your valuable suggestions latest by 20th March, 2012.
The Government will present its 81st Budget proposals in the history of independent India, when the Finance Minister, Mr Pranab Mukherjee, tomorrow reads out his taxation and other economic policies before the Parliament. Individually, Mr Mukherjee will present the Union Budget for the seventh time, the second-highest by any Finance Minister.
Government Thursday slashed interest rate on deposits in Employees Provident Fund from 9.5 percent to 8.25 percent for 2011-12 affecting over 4.7 crore subscribers. This cut was proposed by the Finance Ministry and a notification was issued by the Labour Ministry, official sources said. The Employees’ Provident Fund Organisation (EPFO) had provided 9.5 percent interest rate to its subscribers for 2010-11 after it found Rs 1,731 crore surplus in its books of account.
