Infrastructure cess of 1% on cars

Expressing concern over pollution and traffic situation in Indian cities, Shri Jaitley proposed an Infrastructure Cess of 1% of small petrol, LPG, CNG cars; 2.5% on Diesel Cars of certain capacity and 4% on other higher engine capacity vehicles and SUVs.

No credit of this Cess will be available nor credit of any other tax or duty be utilized for paying the Cess, he said.

Shri Jaitley also proposed levy of Excise Duty of '1% without input tax credit or 12.5% with input tax credit' on articles of jewellery (excluding silver jewellery, other than studded with diamonds and some other precious stones), with a higher exemption and eligibility limits of Rs.6 Crore and 12 Crore respectively.

Source : Equity Bulls

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