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TMI BlogBudget Summary 2012X X X X Extracts X X X X X X X X Extracts X X X X ..... Budget Summary 2012 X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Tax structure left unchanged * Withholding tax on certain overseas borrowings reduced to 5% from 20% * Securities Transaction Tax cut by 20% for stock market orders Service Tax * Service Tax rate up from 10% to 12% * Higher Service Tax to add Rs 186.6 bn in revenue * Duty-free baggage allowance for Indians increased to Rs 35,000 * Duty-free baggage allowance for children increased to Rs 15,000 Proposal to tax all services except negative list Exempted services include: * Government services * Pre-school, school education, recognised education at higher levels and approved vocational education * Renting of residential dwellings, entertainment and amusement services to be exempt * Public transportation to be exe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpt from service tax * Agricultural activities and animal husbandry to be exempt from service tax * Health care * Charities, religious persons * Sportspersons * Performing artists in folk and classical arts * Individual advocates providing services to non-business entities * Independent journalists * Services related with animal care and car parking * Services of business facilitators and correspondents to banks and insurance companies * Construction services relating to specified infrastructure, canals, irrigation works, post-harvest infrastructure, residential dwelling, and low-cost mass housing up to an area of 60 sq. mtr. * Exemption for the monthly charges payable by a member to a housing society up from Rs 3,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Rs 5,000 * Industry related with cinematographic films * To set up a Study Team to examine the possibility of a common tax code for service tax and central excise * New scheme to simplify refunds Indirect Taxes Other Indirect Taxes * Standard Excise duty raised from 10% to 12 % * Merit Excise duty raised from 5% to 6 % * Lower merit rate raised from 1% to 2 % * Lower merit rate for coal, fertilisers, mobile phones and precious metal jewellery retained at 1% * Excise duty on large cars up from 22% to 24% * Customs duty cut to 2.5% on sugarcane planter, root or tuber crop harvesting machine and rotary tiller and weeder * Customs duty cut to 5% on specified coffee plantation and processing machinery * To extend proje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct import benefit to green house and protected cultivation for horticulture and floriculture * Customs duty cut to 5 % on some water soluble fertilisers and liquid fertilisers * Customs duty cut to 2.5 % on urea * To extend concessional import duty for Mechanised Handling Systems and Pallet Racking Systems in mandis or warehouses for horticultural produce * Imports of equipment for initial setting up or expansion of fertiliser projects fully exempt for three years * Steam coal fully exempt, concessional CVD of 1% for two years * Natural Gas and Liquified Natural Gas exempt * Uranium concentrate, Sintered Uranium Dioxide in natural and pellet form exempt * Customs Duty on Mining machinery cut to 2.5% * Customs Duty on R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ailways safety equipment cut to 7.5% * Import Duty on road, tunnel boring equipment fully exempt * Parts of aircraft, testing equipment and tyres exempt * Customs Duty on coating material for manufacture of electrical steel cut to 5 % * Nickel ore and concentrate and nickel oxide/ hydroxide fully exempt * Customs Duty on non-alloy, flat-rolled up at 7.5% * Automatic shuttle-less looms fully exempt * Automatic silk reeling and processing machinery fully exempt * Second-hand textile machinery to attract basic duty of 7.5 % * Duty on wool waste and wool tops cut to 5% * Duty on Titanium dioxide cut to 7.5% * Aramid yarn and fabric used for the manufacture of bullet proof helmets fully exempt * Duty on branded ready ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -made garments with up at 12 % * Waste Paper fully exempt * LCD and LED TV panels fully exempt * Memory card for mobile phones fully exempt * Duty on Adult diapers cut to 5% * Duty on bicycles increased to 30% * Duty on bicycle parts increased to 20% * Excise Duty on hand-made matches cut to 6% * Six specified life-saving drugs/ vaccines for HIV-AIDS, renal cancer etc fully exempt * Customs Duty on Soya protein concentrate and isolated soya protein cut to 15% and 10% respectively * Iodised salt to have concessional basic customs duty of 2.5% * Customs Duty on Probiotics cut to 5% * Solar energy equipment to be fully exempt * Excise duty on LED lamps cut to 6 % * Hybrid vehicle batteries to be fully exempt * ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Customs duty on gold bars, gold coins increased to 4% * Customs duty on non-standard gold increased to 10% * Customs duty on platinum increased to 4% * Basic duty on gold ore, concentrate and dore bars increased to 2% * Excise duty on refined gold increased to 3 % * Polished, coloured gem stones to attract 2% duty * Excise duty on cigarettes to attract ad valorem component of 10% on existing rates * Excise duty on hand-rolled bidis increased to 10 per thousand * Excise duty on machine-rolled bidis increased to `21 per thousand * Duty increased on pan masala, gutkha, chewing tobacco, unmanufactured tobacco and zarda scented tobacco in pouches * Cess on Crude petroleum oil increased to `4,500 per metric tonne * Custo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ms Duty on large cars/ MUVs/ SUVs with value exceeding USD 40,000 enhanced from 60 per cent to 75 per cent ad valorem
* Packaged cement to have unified rate of 12 % + `120 PMT for non-mini cement plants and 6 % + `120 PMT for mini-cement plants
* Non-branded jewellery to attract excise duty of 1%
* Branded silver jewellery fully exempt
* Building of commercial vehicle bodies to attract an ad valorem rate of 3%
Regards
Vivek Harsh
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