Lok Sabha passes Finance Bill 2012-13

New Delhi: Chassis for commercial vehicle, ball point pen ink and goods required for solar power projects would become cheaper under duty concessions announced by India`s Finance Minister Pranab Mukherjee in the Lok Sabha after which Finance Bill, 2012 was passed. Replying to the debate on the Finance Bill, he announced that the central excise duty concession would be extended to chassis for commercial vehicle, ball point pen ink, polyester fibre and yarn made from waste, and certain parts of footwear.

On the customs side, the exemptions cover wood pulp, goods required for the setting up of solar power projects and certain raw materials for the manufacture of the solar cells. "A notification to give effect to these changes would be issued in due course and laid on the Table of the House. Apart from these changes, there will be certain other minor changes, which we will come to know from the notification," he said in his reply. After the reply the House passed the Bill that would give effect to all the tax proposals in the Budget.

With this, the Lok Sabha (Lower House of Indian Parliament) has completed the three-stage budgetary process. The Finance Bill will go to Rajya Sabha (Upper House of Indian Parliament) which will return it for Presidential assent.