Custom duty on seconds and defective (on hot rolled coils) increased to 40 per cent from the earlier 35 per cent.
Custom duty on ship breaking scrap increased to 15 per cent from the current 5 per cent. CVD (counter veiling duty of 16 per cent) and SAD (special additional duty) are exempted.
Custom duty on graphite electrode of size above 24'" reduced to 15 per cent from the earlier 25 per cent. Custom duty on refractory raw material (micro silica/fume silica) reduced to 25 per cent from the earlier 35 per cent. |
|
Finance minister reaffirmed the thrust on infrastructure development by announcing new infrastructure projects.
Peak customs duty reduced from 30 per cent to 25 per cent.
Decrease in freight rate by 5.3 per cent. Confessional freight for short distance transportation.
Tax sops maintained for the housing sector.
Surcharge on corporate tax halved from the current 5 per cent to 2.5 per cent |
|
Excise duty raised on iron and steel from 8 per cent to 12 per cent.
Customs duty reduced from 15 per cent to 10 per cent on all primary, semi-finished and finished forms of iron and steel like ingots and billets, sponge iron, hot rolled and cold rolled bars/rods/coils of non-alloy steel (other than seconds and defectives).
Customs duty reduced from 20 per cent to 15 per cent on ferro alloys, stainless steel and other alloy steel, excluding seconds and defectives.
A surcharge of 2 per cent on account of education cess will be imposed on corporate tax. |