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.