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May 3, 2000

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Budget concessions announced on May 3, 2000

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BUDGET
2000
Following are the concessions announced by Finance Minister Yashwant Sinha in the Lok Sabha while moving the Finance Bill, 2000.

  • Exempted silicon, e-mal and intravenous fluids, tapioca, starch and asafoetida (heeng) from CENVAT.
  • Exempted biscuits from 50 per cent of CENVAT, provided maximum retail price does not exceed Rs 5 per packet which is less than 100 gms in weight.
  • Increase in duty free clearance limit of paper made from non-conventional raw materials from 2,500 tonnes to 3,500 tonnes.
  • Exempted artemisinin from basic customs duty.
  • Custom duty on DBM, fused magnesia and seawater magnesia of certain specification reduced by ten per cent to 25 per cent.
  • Customs duty on tea and coffee increase to 35 per cent.
  • Custom duty on poultry meat increased to 100 per cent.
  • Custom duty on marble slabs, tiles and non-coking coal increased.
  • Limit of investment in infrastructure bonds under Section 88 increased to Rs 20,000 from Rs 10,000.
  • Setting up a fund of Rs 1.50 billion to be utilised for promoting research and development.
  • Limit of deduction of interest payable in acquiring self-occupied properties from Rs 75,000 to Rs 100,000.
  • Benefit of 100 per cent deduction has been extended to all national sport associations.
  • Exempted charitable companies from the operation of Minimum Alternate Tax.
  • Discontinuation of tax deducted at source on compulsory acquisition of farmers land in view of hardships faced by them.
  • Lock-in period for investment in capital gains bonds of National Highway Authoirity of India and NABARD reduced to three years from five years.

UNI

Budget concessions: detailed report

UNI

Budget on Rediff | Dun & Bradstreet Budget Special | The Run-up
Budget Process | Budget Hotlinks | NDA Government & Economy
Ministry of Finance: Economic Survey 1999-2000 | Budget 2000 Speech


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