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of <h1>Finance Bill 2007: New Education Cess, Export Duties on Ores, and Reduced Customs Duties on Non-Agricultural Goods.</h1> The Finance Bill, 2007 introduced changes in excise and customs duties effective from March 1, 2007. A new 1% Secondary and Higher Education Cess was imposed on customs, excise, and service taxes to fund education. Export duties were introduced on iron and chromium ores. The peak customs duty on non-agricultural goods was reduced to 10%, with specific reductions on various goods like chemicals, textiles, and metals. Excise duty exemptions were granted for certain goods, while dual rates for cement were introduced. Amendments in the Customs and Central Excise Acts were made to streamline procedures and ensure compliance.
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