New Delhi: Finance Minister Pranab Mukherjee has aimed for rationalisation of indirect taxes in Union Budget 2012-13, presented in Lok Sabha on Friday.
The government hopes to earn Rs 45,940 crore in net revenue from indirect tax collection.
As part of the measures announced, excise duty has been rationalised for packaged cement.
Also, unbranded jewellery would now attract excise duty of 1 percent like branded precious metal jewellery. While announcing the move, Mukherjee said that operations have been simplified and measures taken to minimize impact on small artisans and goldsmiths.
Branded silver jewellery has been exempted from excise duty. Other Measures:
- 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.
- Net gain of Rs 41,440 crore in the Budget due to various taxation proposals.
First Published: Friday, March 16, 2012, 15:00