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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>2001-2002 Budget: Streamlined Excise Duties, Expanded Service Tax, and Customs Reforms for Simplicity and Transparency.</h1> The 2001-2002 budget proposals introduce significant changes in excise, customs, and service tax. Excise duties are streamlined to a single rate of 16% for most items, with a new National Calamity Contingent Duty on tobacco products. Service tax is expanded to 14 new services, including banking, effective July 1, 2001. Customs changes include the removal of a 10% surcharge and adjustments to duty rates on gold and baggage. Legislative reforms in excise and customs laws aim to simplify procedures, introduce self-assessment, and set time limits for adjudication. New Central Excise Rules are proposed, effective July 1, 2001, emphasizing simplicity and transparency.
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