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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>2001-2002 Budget: Excise Duty Set at 16%, New Duties on Tobacco, 14 Services Taxed, Customs Surcharge Abolished.</h1> The circular outlines the budget proposals for 2001-2002 concerning excise, customs, and service tax. Key changes include the consolidation of special excise duty rates to a single 16% rate, the introduction of a National Calamity Contingent Duty on tobacco products, and an increase in excise duty on certain goods like HSD and branded garments. Service tax is extended to 14 new service categories, including banking services, effective from July 2001. Customs changes involve the abolition of a 10% surcharge and adjustments in duty rates on gold and baggage. Legislative amendments aim to streamline procedures and enhance transparency, with new excise rules effective from July 2001.
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