The government today announced fresh relief package for coffee, hospitals, urban housing for poor, local tobacco industry and cancer drugs. <br/><br/>Replying the debate on Finance Bill, 2010-11, which was later passed by the House through voice vote, the Finance Minister Mr. Pranab Mukherjee announced a special debt relief package for coffee growers estimated to cost over 241 crore rupees with a benefit of about 363 crore rupees to the coffee growers. <br/><br/>With a view to giving impetus to health care, the Minister announced tax breaks for construction of hospitals with at least 100-bed anywhere in the country including land cost.<br/><br/>Reiterating UPA's commitment of a slum free India, Mr Mukherjee extended both direct and service tax benefits for the housing projects meant for rehabilitation and redevelopment of slums including the JNNURM and Rajiv Awaas Yojana. <br/><br/>Lower excise duty on hand-made cheroots priced up to three rupees following demands from members and the industry. They include reduction of ad valorem to 10 per cent, an additional excise duty of 1.6 per cent. <br/><br/>Full exemption on excise duty on supari has also been announced. Central excise duty on corrugated boxes and cartoons have been reduced from 8 to 4 per cent. <br/><br/>The Minister also announced reduction in custom duties on eleven specified drugs including two anti-cancer and one for the treatment of AIDS to five per cent. Flax Fibre and Yarn have been fully exempted from customs duty. <br/><br/>Mr. Mukherjee said that export duty on statutory rate of raw cotton is being enhanced from 2500 per metric tonne to 10 thousand rupees per metric tonnes. <br/><br/>Export duty on Iron ore lamps has been increased to 15 per cent. Tunnel boring machines used for hydro-electric projects have been fully exempted from customs duty.<br/><br/>Defending the hike in excise on petroleum products, Mr Mukherjee said that the government has to look at ways of meeting the 85,000 crore rupees revenue loss on fuel sale expected this fiscal.<br/><br/>The opposition NDA and the Left parties staged a walkout in protest against the government's decision not to roll back increase in petroleum products.
News On AIR | April 29, 2010 8:58 PM
Lok Sabha passes finance bill 2010-11