Budget 2011 at a Glance

In his budget speech, Finance Minister Pranab Mukherjee laid down the guidelines for next fiscal.

Here are the key takeaways so far:

• No excise duty on equipment for UMPPs
• Ship-owners allowed duty-free spare parts import
• Export duty on iron ore pellets withdrawn
• To replace excise with ad valorem duties for cement
• 20% ad valorem export duty on iron ore
• Cut customs duty on yarn to 5% from 7.5%
• Stainless steel scrap exempt from basic customs duty
• Propose to raise service tax on air travel
• Peak rate for customs duty unchanged
• 10% excise duty on branded garments
• Basic customs duty on Pet Coke and Gypsum to be reduced to 2.5%
• Base rate on excise duty raised to 5%
• Export duty at 20% for iron ore
• Peak rate for customs duty unchanged
• Base rate on excise duty raised to 5%
• Basic food, fuel exempted from central excise duty
• 1% excise duty on 130 new items
• Reduce customs duty on micro irrigation equipment
• FY12 fiscal deficit at Rs 4.12 lakh cr
• FY12 net market borrow target at Rs 3.43 lakh crore

For entire Budget at a Glance document, Click on the attachment

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