Union Budget Focuses on Rationalisation Measures in Indirect Taxes

Indirect Taxes Result in Net Revenue Gain of Rs. 45,940 Crore

Presenting the General Budget for 2012-13 in Lok Sabha today, the Union Finance Minister Shri Pranab Mukherjee has announced various rationalization measures like

– 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.

– Chassis for building of commercial vehicle bodies to be charged excise duty at an ad valorem rate instead of mixed rate.

– Import of foreign-going vessels to be exempted from CVD of 5 per cent retrospectively.

– Duty-free allowances increased for eligible passengers and children upto 10 years.

– Proposals relating to Customs and Central excise to result in net revenue gain of Rs.27,280 crore.

– Indirect taxes estimated to result in net revenue gain of Rs.45,940 crore.

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Category : Excise Duty (4169)
Type : News (13979)
Tags : Budget (1957)

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