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Cigarette, tea, coffee up; gold, cement, soft drink cheaper Thursday, March 1, 2001

New Delhi, Feb 28 (PTI) Cigarette, pan masala and commonman's beverages tea and coffee will now cost more while soft drinks and gold will be cheaper thanks to the new tax proposals announced by Federal Finance Minister Yashwant Sinha in his Budget on Wednesday.
Sinha announced wideranging changes in the existing duty rates to fulfill the twin objective of simplifying the tax procedure and increasing revenue both in direct and indirect taxes, including customs and excise.

Guided by the pressures of earthquake in western state of Gujarat and his concern for the health of the economy, Sinha came heavily on tobacco and tobacco-products and levied a 15 per cent surcharge to support the national calamity contingency fund.

Although the Finance Minister increased the excise duty on motor spirit and high speed diesel oil to 16 per cent, Sinha pointed out that the burden of the duty hike would not be passed on to the consumers.

The custom duty on tea, coffee, copra and coconut has been raised from 35 to 70 per cent, while in the refined oil the custom duty has been hiked upto 85 per cent across the board excpet for soyabean oil at 45 per cent.

To allay the fears of surge in imports of second hand cars in the country after abolition of quantitative restrictions in April this year, the government raised the basic import duty to 105 per cent taking the total duty to over 180 per cent.

 

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