Full excise exemption for condensed milk, pasta
Govt proposed to fully exempt condensed milk, ice cream, preparations of meat, fish and poultry, pectin, pasta and yeast from excise duty.india Updated: Feb 28, 2006 16:56 IST
With a view to give a fillip to the food processing industry, the government proposed to fully exempt condensed milk, ice cream, preparations of meat, fish and poultry, pectin, pasta and yeast from excise duty.
Presenting the Union Budget 2006/07, Finance Miniter P Chidambaram said that excise duty on ready-to-eat packaged food and instant food mixes like dosa and idli mix, would be reduced from 16 per cent to eight per cent.
He also proposed customs duty reduction on packaging machinery which serve a wide variety of industries, including food processing industry. He proposed to reduce the duty on packaging machines from 15 per cent to five per cent.