Presenting the interim Budget 2014 in Parliament, the Finance Minister, P Chidambaram on Monday proposed no changes in excise duty on steel products; however slashed the excise duty from 12 % to 10 % on capital goods & consumer durables.
The Finance Minister, P Chidambaram said that GDP growth has improved now and will be 4.9% for the current financial year i.e. FY14. Economic growth had slowed to a decade’s low of 4.5 % in Fy13.
He also said that India’s exports are likely to touch USD 326 billion in FY14. Exports were about USD 304.5 billion in FY13.
The full Budget for FY15 will be presented by the new government in June-July, 2014.
Key Highlights Taxation
– No changes proposed in the tax laws
– Excise duty on consumer durables and capital goods cut from 12% to 10%
– Excise duty reduced for small cars from 12% to 8%
– Excise duty reduced for SUVs from 30% to 24%
– Excise duty on medium cars reduced from 24% to 20%
– Excise duties on bikes/2 wheelers down to 8%
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