SME Times News Bureau | 16 Mar, 2012
Finance Minister Pranab Mukherjee
Friday announced that imports of equipment for initial setting-up or
substantial expansion of fertilizer projects are being fully exempted
from basic customs duty of 5 per cent for a period of three years up
to March 31, 2015.
Mukherjee announced this while
presenting the Union Budget 2012-13 in LokSabha today.
The basic customs duty was also reduced
on some water soluble fertilizers and liquid fertilizers, other than
urea, from 7.5 per cent to 5 per cent and from 5 per cent to 2.5 per
cent.
Carrying forward the initiatives taken
for agriculture and agro-processing sectors, the government proposed
to reduce basic customs duty from 7.5 per cent to 2.5 per cent on
sugarcane planter, root or tuber crop harvesting machine and rotary
tiller and weeder and parts for the manufacture of these, he said.
Mukherjee also announced to reduce
basic customs duty from 7.5 per cent to 5 per cent on specified
coffee plantation and processing machinery.
