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)

Japanese firms expand their base in Asia Jul 29, 2:29 pm
Tokyo, July 29 (ANI): Three students from Vietnam, who are undergoing an internship at JFE Engineering Corporation in Tokyo, collect garbage and deliver it to the biomass power station.
Full Story
Women's club holds candlelight vigil demanding justice for Bangalore sexual assault victim Jul 26, 2:31 pm
Bangalore, July 26 (ANI): A women's club held a candlelight march in Bangalore demanding justice for the six-year-old girl student who was sexually assaulted within a school's premises.
Full Story
Biocon reports marginal revenue for first quarter of fiscal 2014-15 Jul 26, 2:31 pm
Bangalore, July 26 (ANI): Biotechnology major Biocon Ltd has reported revenue of nearly 3.5 percent and a net profit of only 10 percent for the fiscal 2014-2015.
Full Story
India refuses to ratify trade facilitation pact at WTO until its food security concerns are addressed Jul 26, 11:01 am
Geneva, July 26 (ANI): India's Ambassador to the World Trade Organisation (WTO), Anjali Prasad, has said that New Delhi will not be pressured into accepting easier customs rules from developed countries till its food subsidy concerns are addressed.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY