Biscuits, biris, packaged foods to be cheaper, sops in direct taxes

New Delhi, May 3 (UNI) The Lok Sabha today passed the Finance Bill, 2007, with Finance Minister P Chidambaram announcing a slew of changes in direct and indirect taxes, including doing away with the dual excise duty regime in cement, relief to employees relating to concessional accomodation and concessions regarding taxing ESOPS as a fringe benefit.

In his reply to the discussion on the Bill in the House, Mr Chidambaram also exempted soya bari and all ready to eat packaged foods from excise duty, gave complete excise exemption to biscuits whose retail price does not exceed Rs 100 per kg, cut by half to Rs two per thousand excise on non-machine made biris and reduced custom duty on nickel from five per cent to two per cent.

In deference to the demand of the gems and jewellery sector, Mr Chidambaram brought to zero level custom duty on cut and polished diamonds from three per cent announced in the Budget. ''However, if we find that the decision adversely affects the import of uncut diamonds or adversly affects employment in the cutting and polishing industry, we shall immediately review the decision. It is our intention to preserve, nurture and expand the cutting and polishing industry in India,'' he said.

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