AndhraNews.net
Home » Business News » 2012 » March » March 16, 2012

Excise duty on 'demerit' goods hiked as a measure for additional resource mobilization


March 16, 2012 - New Delhi

The Union Budget 2012-13 proposes to increase excise duty on 'demerit' goods such as certain cigarettes, hand rolled bidis, pan masala, gutka, chewing tobacco, unmanufactured tobacco and zarda scented tobacco.

While presenting the Budget in Parliament today, Finance Minister Mukherjee proposed to enhance cess on crude petroleum oil produced in India to Rs. 4500/- per metric tonne from Rs. 2500/- per metric tonne under the COIL Industries Development Act.

In order to further garner additional resources, Mukherjee has proposed to enhance basic customs duties on completely built units of large cars or multi-utility vehicles or sports utility vehicles having engine capacity above prescribed threshold from 60 percent to 75 per cent ad valorem.

ANI

Comment on this story

Share