The budget session in India has always been an important event for the Indian economy. And as budget india begins to gather shape, expectations of all the sectors including the common man are on a rise. A lot many reforms such as the new amendment in excise duty and the new customs duty-2011 are on the Indian Finance Minister Mr. Pranab Mukherjee’s budget portfolio for this fiscal.
Accessing budget notifications as they are announced is now even simpler than ever. There are many efficient websites such as Infodrive India which keep a track of budget notifications keeping you updated by the minute as budget india is presented.
The government has proposed some important amendments in the current budget such as the new amendment in excise duty and an entirely new customs duty-2011, details of which are extremely vital for corporates, industrialists and traders. Some of the finer points of the new amendment in the excise duty are:
• The prevailing rate of excise duty has been hiked from 8 percent to 10 percent
• Buying bigger cars, Multi Utility Vehicles and Sports Utility Vehicles will be a costly affair this year as the excise duty rates have been increased from 20 percent to 22 percent.
• The excise duties on petrol and diesel fuels have been increased by Re.1 pet litre.
• Excise duty on all tobacco products have been raised as per the new amendment in excise duty.
budget india will also bring about changes in the new customs duty-2011. Some of the crucial changes made in this duty structure are:
• A new customs duty of 5 percent has been levied on crude petroleum.
• Custom duty rates on petrol and diesel have been hiked from 2.5 percent to 7.5 percent.
• Basic rates of duty on precious metals have also been increased.
Details of the new amendment in excise duty and the new customs duty-2011 is extremely sensitive information for traders and corporate alike. Hence, one should always rely on dependable online websites which provide accurate and correct budget notifications.
Infodrive India has a robust website which does a sensible analysis of the budget trends every year budget india is presented and provides accurate and timely budget notifications.