Presenting the General Budget for 2012-13 in Lok Sabha, Friday, the Union Finance Minister Pranab Mukherjee has announced various rationalization measures, including excise duty rationalization for packaged cement.
Main rationalization measures are given below.
- Levy of excise duty of 1 percent 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 percent 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.