Consumer durables: Cut excise duty from 16% to 8%

Cut in excise duty from 16% to 8%

Removal of inverted duty structure, particularly so due to the free trade agreement (FTA) with Thailand

Recognition of convergence in usage of technology products from a taxation perspective

Excise duty on clocks, watches of retail sales prices upto Rs 500 per piece is being raised from 8% and 16%. Parts of clocks, watches of retail price upto Rs 500 per piece will now be liable to tariff with an effective tax rate of 16%.

Excise duty on monochrome television has been raised from 8% to 16%. CTV will attract a uniform excise duty of 16%.

Excise duty on imitation jewellery has been raised from 8% to 16%.

Increased spending on infrastructure and maintaining economic growth momentum from a long-term perspective.

Excise duty has been imposed @ 2% on articles of jewellery on which a brand name or trade name is indelibly affixed or embossed on the articles of jewellery itself. Unbranded articles of jewellery and other articles of precious metals will continue to be exempt from duty. Imitation jewellery to attract lower excise duty of 8% as compared to 16% earlier.

Excise duty on air conditioners is being reduced from 24% to 16%. Consequently, abatement from retail sale price is also being reduced from 35% to 30%.

Peak customs duty reduced from 20% to 15%.

The new income tax brackets, the change in exemption and deductions available to individuals and the increase in exemption for women.