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.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018