New Customs and Central Excise Proposals to bring Rs.7300 Crore

Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister has informed that the proposals relating to Customs and Central Excise are estimated to result in a net revenue gain of Rs.7300 crore.

- Exemptions from parallel Excise Duty for domestic suppliers producing capital goods needed for expansion of existing mega or ultra mega power projects.

- Full exemption from basic Customs Duty to bio-asphalt and specified machinery for application in the construction of national highways.

- Scope of exemptions from basic Customs Duty for work of art and antiquities extended to apply for exhibition or display in private art galleries open to the general public.

- Exemption from Import Duty for spares and capital goods required for ship repair units extended to import by ship owners.

- Concessional basic Customs Duty of 5% and CVD of 5% available to newspaper establishments for high speed printing presses extended to mailroom equipment.

- Jumbo rolls of cinematographic film fully exempted from CBD by providing full exemption from Excise Duty.

- Out right concession to factory-built ambulances from Excise Duty.

- Relief measures proposed for raw pistachio, bamboo for agarbatti, lactose for the manufacture of homoeopathic medicines, sanitary napkins, baby and adult diapers.

Source : Equity Bulls

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