Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister has informed that the proposals relating to Customs and Central Excise are estimated to result in a net revenue gain of Rs.7300 crore. He has proposed:
• Exemptions from parallel Excise Duty for domestic suppliers producing capital goods needed for expansion of existing mega or ultra mega power projects.
• Full exemption from basic Customs Duty to bio-asphalt and specified machinery for application in the construction of national highways.
• Scope of exemptions from basic Customs Duty for work of art and antiquities extended to apply for exhibition or display in private art galleries open to the general public.
• Exemption from Import Duty for spares and capital goods required for ship repair units extended to import by ship owners.
• Concessional basic Customs Duty of 5% and CVD of 5% available to newspaper establishments for high speed printing presses extended to mailroom equipment.
• Jumbo rolls of cinematographic film fully exempted from CBD by providing full exemption from Excise Duty.
• Out right concession to factory-built ambulances from Excise Duty.
• Relief measures proposed for raw pistachio, bamboo for agarbatti, lactose for the manufacture of homoeopathic medicines, sanitary napkins, baby and adult diapers.
