The Finance Minister Pranab Mukherjee presented the Union Budget 2011 today. 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- Export duty on iron ore pellets withdrawn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
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
