Budget provides full exemption from basic customs duty to infrastructure sectors

   Mar 16, 2:08 pm

New Delhi, Mar 16 (ANI): Finance Minister Pranab Mukherjee on Friday announced full exemption from basic customs duty and a concessional CVD of one per cent to Steam coal for a period of two years till March 31, 2014.

While presenting the Union Budget 2012-13 in Lok Sabha, Mukherjee also proposed full exemption from basic duty to Natural Gas and Liquified Natural Gas and Uranium concentrate, Sintered Uranium Dioxide in natural and pellet form.

Full exemption from import duty on specified equipment imported for road construction by contractors of Ministry of Road Transport and Highways, NHAI and State Governments is being extended to contracts awarded by Metropolitan Development Authorities.

Tunnel boring machines and parts for their assembly are covered by this exemption. Mukherjee also proposed to allow their import free of duty without end-use condition.

Meanwhile, carrying forward the initiatives taken for agriculture and agro-processing sectors, Mukherjee proposed to reduce basic customs duty from 7.5 per cent to 2.5 per cent on sugarcane planter, root or tuber crop harvesting machine and rotary tiller and weeder and parts for the manufacture of these.

He also announced to reduce basic customs duty from 7.5 per cent to 5 per cent on specified coffee plantation and processing machinery.

" The basic customs duty was also reduced on some water soluble fertilizers and liquid fertilizers, other than urea, from 7.5 per cent to 5 per cent and from 5 per cent to 2.5 per cent," he added.

Giving substantial relief to the fertilizer sector, Mukherjee announced that imports of equipment for initial setting-up or substantial expansion of fertilizer projects are being fully exempted from basic customs duty of five per cent for a period of three years up to March 31, 2015. (ANI)

Maximise use of non-intrusive method of investigation: FM tells tax officials Jul 24, 11:18 am
New Delhi, July 24 (ANI): Finance Minister Arun Jaitley has exhorted income tax officers to maximize the use of innovative and non-intrusive methods of investigation.
Full Story
DMRC slashes 40% fares on Airport Express Line Jul 24, 9:38 am
New Delhi, July 24 (ANI): Delhi Metro Rail Corporation (DMRC) has slashed fares on Airport Express Line by 40 per cent. The rates were revised earlier this month and will take effect from today.
Full Story
CII-GEC, US launches environmental rating systems for electronics Jul 23, 9:41 pm
New Delhi, July 23 (ANI): CII-ITC Centre of Excellence for Sustainable Development today celebrated the Indian debut of the Electronic Product Environmental Assessment Tool (EPEAT) environmental-rating system for electronics with an event in Delhi co-hosted with the Green Electronics Council.
Full Story
NEEPCO signs MoU with TSECL to upgrade three power projects Jul 23, 4:25 pm
Agartala (Tripura), July 23 (ANI): North East Power Corporation (NEEPCO) has signed a Memorandum of Understanding (MoU) with Tripura State Electricity Corporation Limited (TSECL) to upgrade three power projects in Tripura.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY