Union Budget 2012-13-Rationalisation Measures in Indirect Taxes

Union Budget Focuses on Rationalisation Measures in Indirect Taxes 

Indirect Taxes Result in Net Revenue Gain of Rs. 45,940 Crore 

Presenting the General Budget for 2012-13 in LokSabha today, the Union Finance Minister ShriPranab Mukherjee has announced various rationalization measures like 

- Excise duty rationalized for packaged cement, whether manufactured by mini-cement plants or others. 

- Levy of excise duty of 1 per cent 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 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. 

- 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.