To augment irrigation facilities and processing of agricultural products, the Finance Minister has proposed to reduce the Customs Duty on drip irrigation systems, agricultural sprinklers and food processing machinery from 7.5 percent to 5 percent.
Presenting the General Budget 2007-08 in Lok Sabha today, Shri P. Chidambaram also proposed to bring down the general rate of import duty on medical equipment to 7.5 percent. Currently the specified medical equipment attract a concessional duty of 5 percent and other equipment are taxed at 12.5 percent.
To make edible oils more affordable the Minister has proposed to exempt crude as well as refined edible oils from additional CV duty of 4 percent. He also proposed to reduce duty on sunflower oil, both crude and refine by 15 percentage points.
Good news for cat and dog lovers. The Finance Minister has reduced the duty on pet foods from 30 percent to 20 percent. He also reduced the duty on watch dials and movements as well as umbrella parts from 12.5 percent to 5 percent.