Hospital Services and Diagnostics Tests Exempted from New Levy in its Entirety; Abatement Enhanced From 40% to 55% of Retail Sale Price for SSI Garment Manufactures; Basic Custom Duty Reduced from 30 Per Cent to 5 Per Cent on Raw Silk AD Valorem; Constitution Amendment Bill to Facilitate GST Introduced – Dated:- 22-3-2011 – The Union Finance Minister Shri Pranab Mukherjee has proposed to enhance the abatement from 40% to 55% of the Retail Sale Price for the Small Scale Industries (SSI) Garment Manufacturers. With this relief, a unit would continue to be eligible for SSI exemption in 2011-12, even if it had a turnover based on Retail Sale Price of Rs 8.9 crore in the current year. The necessary notification in this regard will be issued in d
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impact on the domestic sericulture sector. The Union Finance Minister Shri Mukherjee said that it has been decided to exempt the new levy in its entirety both in respect of services provided by hospitals, as well as by way of diagnostic tests until GST comes into force. This has been done in view of considerable anxiety raised in this regard in the Parliament and outside, the Finance Minister added. He said that the purpose of the new levy was not mobilise revenues but to pave the way for the introduction of the GST. Beside above, outlining a significant legislative agenda for reforms in the financial sector, the Union Finance Minister Shri Mukherjee introduced the Constitution Amendment Bill to facilitate the GST in Lok Sabha today. Besid
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