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Finance minister reaffirmed the thrust on infrastructure development by announcing new infrastructure projects.
Peak customs duty reduced from 30% to 25%.
Decrease in freight rate by 5.3%. Confessional freight for short distance transportation.
Tax sops maintained for the housing sector.
Surcharge on corporate tax halved from the current 5% to 2.5%.
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Excise duty raised on iron and steel from 8% to 12%.
Customs duty reduced from 15% to 10% on all primary, semi-finished and finished forms of iron and steel like ingots and billets, sponge iron, hot rolled and cold rolled bars/rods/coils of non-alloy steel (other than seconds and defectives).
Customs duty on industry raw materials such as catalysts and refractory raw materials reduced from 15% to 10%.
Excise duty on steel raised to 16%.
Customs duty on ferro-alloys and stainless steel and other alloy steel reduced from 15% to 10
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Duty on coking coal with high ash content reduced from 15% to 5%.
Duty on primary and secondary metals reduced from 15% to 10%.
Customs duty reduced from 20% to 15% on ferro alloys, stainless steel and other alloy steel, excluding seconds and defectives.
The budget is silent on the restoration of the duty entitlement pass book (DEPB) scheme applicable to steel exporters.
A surcharge of 2% on account of education cess will be imposed on corporate tax.
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