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of <h1>Finance Bill 2005: New 4% Customs Duty on Imports, Excise Duty Hikes on Tobacco, Expanded Service Tax Coverage.</h1> The Finance Bill, 2005 introduces significant changes in excise, customs, and service tax. Key modifications include the imposition of an additional 4% customs duty on certain imports, reduction of peak customs duty on non-agricultural goods from 20% to 15%, and various reductions in customs duties on metals, chemicals, and capital goods. Excise duty adjustments include increased duties on tobacco products, molasses, and cement clinkers, while introducing new duties on branded jewelry and road tractors. Service tax is expanded to cover additional services, with a new exemption for small service providers with turnover up to Rs. 4 lakhs. Amendments in the Central Excise and Customs Acts facilitate procedural changes and broaden the scope of taxable services.
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