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of <h1>Finance Bill 2005: New Customs and Excise Duties, Expanded Service Tax Scope, and Compliance Amendments Introduced.</h1> The Finance Bill, 2005 introduces significant changes in excise, customs, and service taxes. Key amendments include the imposition of an additional customs duty of up to 4% on certain imports, reduction in peak customs duty on non-agricultural goods from 20% to 15%, and various duty reductions on metals, chemicals, and capital goods. Excise duty changes include increased duties on tobacco products and introduction of duty on branded jewelry. Service tax scope is expanded to include new services and extend existing ones. The bill also proposes procedural amendments to facilitate tax compliance and administration. These changes aim to streamline tax structures and enhance revenue collection.
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