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of <h1>Finance Bill 2004: New 2% Education Cess, Customs Duties Cut, Service Tax Hike, and Excise Amendments.</h1> The Finance Bill, 2004 introduces various changes in excise, customs, and service tax. A 2% education cess is imposed on customs, excise, and service taxes. Customs duties are reduced on metals, minerals, and textiles, while exemptions are extended to specific health and IT-related imports. Central excise duties see increases on certain goods, with exemptions for items like computers and tractors. Service tax is raised to 10%, with new services added and cross-credit for goods and services introduced. Amendments in customs and excise laws include compounding of offenses and restrictions on adjournments. The changes aim to broaden the tax base and streamline tax processes.
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