English
Ravi Kaushal
Author believes life has its own set of surprises and it could turn to be your biggest teacher. So, learning remains the driving force of this life. Prem Chand and Mulk Raj Anand's stories are always ... Read More
New Delhi, Feb 1: The Union Minister for Finance Arun Jaitley today announced substantial relief in Customs and Excise Duties for Renewable Energy Sector and for manufacturing of Cashless Transaction Devices.
In a bid to incentivize domestic value addition under Make in India initiative of the Government, the Finance Minister has proposed to reduce Customs and Excise duties on several items related to the Renewable Energy Sector. This includes all items of machinery required for – fuel based power generating system to be set up in the country for demonstration purposes; systems operating on biogas/ biomethane/ byproduct Hydrogen; LED lights or fixtures etc.
The Finance Minister has proposed zero Customs and Excise duties on certain items related to cashless transaction devices to promote domestic manufacturing of these products.
In his Budget Speech, the Finance Minister informed that increased digital transactions will enable small and micro enterprises to access formal credit. He said that the Government will encourage SIDBI to refinance credit institutions which provide unsecured loans, at reasonable interest rates, to borrowers based on their transaction history.
The Finance Minister assured the House that the Government will consider and work with various stakeholders for the early implementation of the interim recommendations of the Committee of Chief Ministers on digital transactions.
Proposals for the reduction in Customs duty on inputs and raw materials to reduce costs and for incentivizing domestic value addition under Make in India have been submitted for certain items like Liquefied Natural Gas, Nickel, Vegetable Tanning Extracts and certain Capital Goods.
Proposal to hike Excise duties and to levy additional duties under Sec 85 of the Finance Act, 2005 on several tobacco and tobacco related products have also been made in the Budget.
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest India News on India.com.