From 35-55% to 75% for crude edible oil
From 45-65% to 85% for refined edible oil
From 35% to 70% for copra, coconut, tea and coffee
From 25% to 55% for crude palm oil
Development allowance of tea industry raised to 40% from 20%
All food preparations based on fruits and vegetables (pickles, sauces, ketchup, juices, jams etc.) made completely exempt from excise duty
Excise on cosmetics and toiletries halved to 16% |
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Increased focus on agricultural reforms with an aim to integrate the countrywide food market
Deregulation of the milk processing capacity
Excise duty structure largely untouched. Only for tea, the duty was reduced from Rs 2 per Kg to Re 1
Customs duty on tea and coffee doubled to 100%
Duty on imported pulses upped to 80%
Import duty on wine and liquor slashed from 210% to 180% |
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Excise on biscuits reduced to 8% from 16%. Excise on soft drinks and sugar boiled confectionery also reduced
All states to switch to VAT in FY04 (deadline now has been extended till end FY05)
Loans to agriculture and to small-scale sector will now be available at maximum 2% above prime lending rate (PLR)
Development plans for roads, ports, railways and airports
Customs duty on alcoholic beverages reduced |