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of <h1>Finance Bill 2007: New Education Cess, Export Duties on Ores, Reduced Customs Duty, Excise Adjustments for Key Sectors.</h1> The Finance Bill 2007 introduces significant changes in customs and central excise duties. A 1% Secondary and Higher Education Cess is added to existing duties to fund education. Export duties on iron and chromium ores are imposed, while the peak customs duty on non-agricultural goods is reduced to 10%. Various exemptions and reductions apply to specific sectors like agriculture, textiles, and research. Excise duty adjustments include full exemptions on certain goods and dual rates for cement. Amendments to the Customs and Central Excise Acts streamline processes, settlement applications, and valuation methods. The changes aim to enhance revenue, streamline processes, and support specific industries.
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