Union Budget Focuses on Rationalisation Measures in Indirect Taxes.

Press Information Bureau

Government of India

Ministry of Finance

16-March-2012 14:12 IST

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 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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