Presenting the General Budget for 2012-13 in LokSabha today, the Union Finance Minister ShriPranab 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. 

- Net gain of Rs.41,440 crore in the Budget due to various taxation proposals.