(Notification No. 4 /2011-CE dated the 1st.March 2011)
- Corrugated boxes increased to – 5%
- Corrugated board increased to – 5%
- Corrugated boxes with duplex – 5%
- Paper and board increased from - 0 to 5%
- Paper and board increased From - 4 to 5%
- Waste and scrap increased From – 4 to 5%
- The central excise duty exemption available to clearances of paper manufactured from non-conventional material up to 3500 MT is being withdrawn.
- The increase in excise duty from four to five per cent is expected to result in an increase of Rs 450-500 a tonne in writing and printing paper prices.
- The domestic newsprint industry and waste paper-based producers together import around 3 million tonnes of waste paper annually.
- Newsprint producers require 1.35 tonne waste paper to produce every tonne of newsprint.
Customs Duty
- Basic customs duty on waste paper is being reduced from 5% to 2.5%
- Basic customs duty on Rayon grade wood pulp is being reduced from 5% to 2.5%
- Peak rate of Custom Duty held at its current level
Direct Tax
- Personal Income Tax exemption limit hiked from Rs 1,60,000 to Rs 180,000.
- For senior citizens, tax exemption limit increased to Rs 2,50,000.
- For senior citizens above 80, the tax exemption limit has been raised to Rs 500,000.
- Eligibility age for senior citizens is now 60 years against 65 years earlier
- Exemption limit for women remains the same at Rs 2,40,000.
- Current surcharge of 7.5 per cent on domestic companies proposed to be reduced to 5 per cent.
- Rate of Minimum Alternative Tax proposed to be increased from 18 per cent to 18.5 per cent of book profits.
- Additional deduction of ` 20,000 for investment in long-term infrastructure bonds proposed to be extended for one more year.
Additional Info
- Reduction of duty for mailroom systems for newspapers
- Some talk about special duty cuts for inkjet printers. I've to get the details.
- Rs 21,000 cr outlay for Sarva Sikhsha Abhiyaan
