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BUDGET SYNOPSIS [2002-2003] IMPACT ON PAPER INDUSTRY

	EXCISE DUTY
	The Excise duty on all grades of paper remain 16% except newsprint.There is no excise duty on newsprint.
	Excise duty exempted upto 3500 MT of first clearness of paper manufactured out of pulp contains less than 75% by weight of pulp made from materials other than bamboo, hardwood, softwood, reeds (other than sarkanda) or rags.
	4% advalorem duty imposed on Registers, account books and all other books other than note books and exercise books which is presently nil rate of duty.
	4% advalorem duty imposed on paper or paper board labels printed or not and paper pulp paper moulding trays.
	Excise duty on petrol will be 32% ad-volarem plus surcharge of Rs. 6 per litre
	Excise duty on High Speed Diesel has been retain from 20% to 16%
	CUSTOM DUTY
	The peak rate of customs duty has been rated on all grades of paper except newsprint which will continue to attract tariff rate of 15% and effective rate of 5%.
	Import duty on waste paper remains 5%
	The customs duty on newsprint and light weight coated paper (LWC) remain same as 5%
	The special additional duty exempted for newsprint and light weight coated paper (LWC)
	DIRECT TAXES
	Personal income tax rates remain unchanged
	5% surcharge imposed on all tax payees except individual earning upto Rs. 60,000 per annum
	2% surcharge imposed due to Gujarat earthquake abolished
	20% rebate under Section 88 only for those with income below Rs. 1,50,000
	Those earning between Rs. 1,50,000 and Rs. 5,00,000 will get rebate only 10% of the amount invested
	The special 3% rebate for people earning less than 100,000 to continue
	Distribution tax of 10% on all dividends of companies and mutual funds abolished; recipients will now have to pay this tax.
	Persons quoting a False Permanent Account Number (PAN) to face a penalty of Rs. 10,000

	BUDGET SYNOPSIS [2001-2002]

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