Current Affairs-Indian Government's Union Budget 2013-14: Many Concessions in Customs Duty Announced

Many Concessions in Customs Duty Announced 
Duty on Certain Machinery for Manufacture of Leather and Leather Goods Reduced 
Duty on Pre-Forms of Precious and Semi-Precious Stones Drastically cut 
However, to Encourage Domestic Production Duty on set Top Boxes Doubled; Duty on Raw Silk Tripled

Considering leather and leather goods as a thrust sector for exports, the Finance Minister has proposed to reduce the duty on specified machinery for manufacture of leather and leather goods, including footwear, by 2.5%. Now the duty on such machinery will be 5% instead of 7.5%. 

To encourage exports, Shri P. Chidambaram also announced in the Budget 2013-14, a drastic reduction in the duty on pre-forms of precious and semi-precious stones from 10% to a mere 2%. He also announced a total withdrawal of export duty on de-oiled rice bran oil cake, as such a duty had made our exports uncompetitive. 

In order to encourage domestic production of Set Top Boxes, as well as for value addition, the Finance Minister announced the doubling of customs duty on them. Now the duty will be increased from 5% to 10%. The duty on raw silk has also been increased from 5% to 15% so as to give a measure of protection to domestic sericulture. 

Considering the fact that the prices of unprocessed ilmenite have gone up several fold in the export market and the need to conserve our natural resources, the Finance Minister has proposed a duty of 10% on export of unprocessed ilmenite and 5% on export of upgraded ilmenite. 

Duties on steam coal and bituminous coal, both of which are used in thermal power stations, have been equalized and now a 2% customs duty and 2% CVD is to be levied on both kinds of coal.