in the budget 2013-2014 the government proposed to raise the excise duty on cement. it also proposed to raise the income tax on

Question

lara31 [8.8K]

3 years ago

13

in the budget 2013-2014 the government proposed to raise the excise duty on cement. it also proposed to raise the income tax on

individuals earnings more than 1 rupee crore annum.identify and explain the type of taxes proposed by the government

Business

1 answer:

nordsb [41] · Answer 1 · 2021-11-15T02:59:16+03:00

With cement manufacturers in the country adopting a confronting attitude and deciding not to cut price, government finally on Thursday conceded some ground and unveiled a new excise regime. The new system would lead to a price reduction of around Rs 6 per bag of 50 Kg. In his reply in Lok Sabha to the debate on the Finance Bill 2007-08, FM P Chidambaram announced an ad-valorem rate of excise duty at 12% of the retail sale price, if it is more than Rs 190 per bag instead of the flat rate of Rs 600 per tonne. Under the new system, however, the concessional duty of Rs 350 per tonne on cement sold below Rs 190 per bag of 50 kg would continue.