Finance Minister P Chidambaram on Wednesday announced a number of excise duty cuts. Check out what will be more cheaper, expensive for you.
What will be cheaper
Pharma, biotech machinery duty has been cut to 5%
Cut in the general custom rate on medical equipment by 5%
Abolished the excise duty on biscuits costing less than Rs 50/kg
Custom duty on cut and polished gems to 3%.
Water purification devices, small and big, fully exempted from excise
Bio-diesel to be fully exempted from excise duty
Food mixes to be fully exempted from excise duty
Duty on pet food reduced to 20%
Duty on sunflower oil to be reduced by 15%
Customs duty on polyster to be reduced to 7.5%
Excise duty for plywood reduced to 8%
Excise duty on pan masala without tobacco reduced
Customs duty on plastics to be cut to 7%
Excise duty on cement reduced from Rs.400 per tonne to Rs.350 per tonne for cement bags sold at Rs.190 per bag at retail market. Those sold above Rs.190 will attract excise duty of Rs.600 per tonne
Duty reduced on watch dials and movements and umbrella parts from 12.5 to five per cent.
Import duty of 15 specified machinery to be reduced from 7.5 per cent to five per cent.
What will cost more
Specific rates of excise duty on cigarettes increased.
