Finance minister Mr. Pranab Mukherjee on 28-02-2011 presented India's budget for the coming financial year 2011-2012 beginning in April.
Following are the highlights of the budget:
- Cut in excise duty of hybrid fuel, yarn, steel
- Nominal 1% central excise duty on 130 items entering the tax net. Precious stones, gold and silver jewelery will be exempted
- Basic food, fuel exempted from central excise duty: FM
- Export duty at 20% for iron ore: FM
- Basic customs duty on Pet Coke and Gypsum to be reduced to 2.5%: FM
- Base rate on excise duty raised to 5%: FM
- Peak rate for customs duty unchanged: FM
- 1% excise duty on 130 new items: FM
- No change in CENVAT rates: FM
- No change in Service Tax rates: FM
- Reduce customs duty on micro irrigation equipment: FM
- FM: to impose mandatory levy of 10 pct on branded garments
- No excise duty on UMPP equipment
- Duty reduction on LEDs to promote adoption by more automakers
- To tax life insurance service providers
- Legal representation for businesses under service tax
- Service tax on hotel accommodation above Rs 1500 per day
- Domestic travel to pay Rs 50 service tax, Rs 250 on international travel
- AC hospitals with more than 25 beds under service tax
- AC restaurants serving liquor under service tax net
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