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of <h1>Finance Bill 2012 Proposes Cess Rate Hike on Crude Oil, Reduces Securities Transaction Tax Effective July 2012</h1> The Finance Bill, 2012 proposes several amendments to existing legislation. Clause 151 aims to increase the cess rate on crude oil under the Oil Industry (Development) Act, 1974. Clause 152 and Clause 154 propose amendments to the Finance Acts of 2001 and 2005, respectively, effective upon presidential assent. Clause 153 intends to reduce the securities transaction tax from 0.125% to 0.1% for certain equity transactions, effective July 1, 2012. Clause 155 proposes a retrospective amendment to the Finance Act, 2010, regarding 'inputs or input services.' Clause 156 introduces a deeming clause and amendments to the Central Excise Tariff under the Finance Act, 2011.
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