Finance Minister Revises Duties: Mobile Handset Component Exemptions, 7% Duty on Computers, Service Tax Exemptions for Agriculture.
The Finance Minister has introduced changes in customs and excise duties and service tax, effective May 2, 2005. Key changes include exemption of 4% CVD on mobile handset components until April 30, 2007, restoration of 10% customs duty on degaussing coils, and a uniform 7% additional customs duty on computers. The customs duty on tuna fishing equipment is reduced to 5%, and excise duty on tyre cord fabrics is increased to 16%. Excise duties on molasses and isolated soya protein are reduced. Exemptions for LPG are extended to propane and butane, and service tax on certain agricultural insurance schemes is exempted.
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