Union Budget Focuses on Rationalisation Measures in Indirect Taxes
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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.
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