FOR INDIA INC

• Peak customs duty on non-farm goods cut by 5% to 20%

• 4% special additional customs duty abolished

• Customs duty on coal cut by 10% to 15%

• Customs duty on power equipment cut from 25% to 10%

• Telecom projects exempt from basic customs duty for equipment for basic/ cellular/internet, V-sat, radio paging and public mobile radio trunked services

• Cut in customs duty for IT-related items

• Cut in customs duty of components for manufacture of electronic goods

• Power projects exempt from customs duty

FOR THE COMMON MAN

• No need to file IT returns for people with income upto Rs 1.5 lakh annually

• Pensioners out of purview of 1/6 scheme—those who don’t have taxable incomes won’t have to file returns

• Life-saving drugs to be cheaper as also medical equipment

FOR THE CONSUMER

• Computers to be cheaper: excise duty halved to 8%

• Cellphones to be cheaper: customs duty halved to 5%

• Recorded VCDs, DVDs could be cheaper as they are exempted from excise duty

AIR TRAVELLER

Domestic

• 15 % cut in domestic airfare thanks to cut in Inland Air Travel Tax

• Excise duty on aviation fuel ATF halved to 8% could be passed on to passengers

Foreign

•Foreign travel tax of Rs 500 abolished

• Laptops as part of baggage exempted from duty

• Quantity of duty-free liquor doubled to two litres

FOR RETURNING NRIs

• Baggage rules liberalised — six items (VCD/VCR, washing machines, PCs, laptops, refrigerators of capacity upto 300 litres and cooking range) duty free under transfer of residence