Chassis for commercial vehicle, ball point pen ink and goods required for solar power projects would become cheaper under duty concessions announced by Finance Minister Pranab Mukherjee in the Lok Sabha after which Finance Bill, 2012 was passed.
Replying to the debate on the Finance Bill, he announced that the central excise duty concession would be extended to chassis for commercial vehicle, ball point pen ink, polyester fibre and yarn made from waste, and certain parts of footwear.
On the customs side, the exemptions cover wood pulp, goods required for the setting up of solar power projects and certain raw materials for the manufacture of the solar cells.
"A notification to give effect to these changes would be issued in due course and laid on the Table of the House. Apart from these changes, there will be certain other minor changes, which we will come to know from the notification," he said in his reply.
After the reply the House passed the Bill that would give effect to all the tax proposals in the Budget.
With this, the Lok Sabha has completed the three-stage budgetary process. The Finance Bill will go to Rajya Sabha which will return it for Presidential assent.
As the House was taking up clause by clause consideration of the bill, BJP's Yashwant Sinha rose to say that his party would support an amendment in the bill regarding General Anti- Avoidance Rules saying as Mukherjee had yesterday deferred the implementation of the much-debated measure to check tax evasion by a year.
Rajendra Agarwal and Murli Manohar Joshi (both BJP) did not press for their amendments related to one per cent excise duty on both branded and unbranded jewellery after government announced its rollback.
As lobbies were being cleared for division pressed by Basudeb Acharya (CPI-M), Mukherjee joined Parliamentary Affairs Minister Pawan Kumar Bansal who was apparently discussing the issue with BSP leader in Lok Sabha Dara Singh Chauhan.
As soon as the house adjourned, one of those who congratulated Mukherjee for the passage of the crucial bill was Congress general secretary Rahul Gandhi.
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