INDIA BUSINESS WORLD - FEBRUARY 16th - FEBRUARY 29th - 2008
CUSTOMS HIGHLIGHTS IN BUDGET 2008
Peak customs duty rate on non-agricultural items remains unchanged. Customs duty on project imports has been reduced from 7.50 per cent to 5 percent. However, a special CVD has been imposed on specified power projects at 4 per cent.
Customs Duty on steel melting and aluminum scrap has been reduced from 5per cent to nil Customs duty on specified life saving drugs and bulk drugs reduced from 10 per cent to 5 per cent. In addition these items will also get a full CVD exemption.
Customs duty on Phosphoric acid reduced to 5 per cent.
Customs duty on bactofagus reduced from 7.5 per cent to nil.
Full Customs duty exemption on specified parts of set top boxes and raw material used in IT / Electronic Hardware industry.
Customs Duty on convergence products reduced from 10 per cent to 5 per cent
Full Customs duty exemption on helicopter simulators.
Customs duty on sulphur reduced from 5 per cent to 2 per cent Customs duty exemption on Naptha for manufacturing polymers has been withdrawn. However, Customs Duty on Naptha used for manufacture of fertilized would continue to be exempt.
Customs duty on polished cubic zirconia and rough coral reduced from 10 per cent to 5 per cent and full customs duty exemption on rough cubic zirconia Customs duty on vitamin pre-mixes and mineral mixtures used in manufacture of cattle and poultry feeds reduced from 30 per cent to 20 per cent.
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