Budget concessions announced on May 3, 2000

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.

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Budget concessions: detailed report

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