Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TDS :: cpt
 
 
Indirect Tax »
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target
 GST in last lap: What's in it for businesses, firms and most importantly, you?
 Indirect tax collection: All you want to know about stuck cases and rejected appeals
 Government achieves revised tax collection target
 Keep indirect taxes 'low, affordable' under GST
 Keep indirect taxes 'low, affordable' under GST
 Education, healthcare will continue to remain out of service tax under GST

Indirect Tax Flash by Grant Thornton India
February, 26th 2009

The Interim Budget announced by the acting Finance Minister Pranab Mukherjee received a lukewarm response from the industries and the general public at large

The Interim Budget announced by the acting Finance Minister Pranab Mukherjee received a lukewarm response from the industries and the general public at large. The stimulus package announced on February 24, the third in a row, after the ones announced on December 2 and January 7, comes as a booster to the economy, reducing cost and spurring demand.

Notifications have been issued on February 24 reducing the rates as given hereunder:

Central Excise Duty on manufacture:
There are broadly 3 slabs of central excise duty viz. 10%, 8% and 4%. The 10% rate of excise duty has been reduced to 8%. Further, excise duty on bulk cement has come down from 10% or Rs. 290 PMT (whichever is higher) to 8% or Rs. 230 PMT (whichever is higher).

Countervailing duty (CVD) on imports:
The CVD on imports stands reduced to the same extent from 10% to 8%. This leads to a reduction of the effective customs duty by over 2%.

The reduced rate of excise duty/ CVD would be applicable to goods cleared on or after 24 February 2009.

Service Tax on rendering taxable services:
There has been an across the board reduction of the service tax rate by 2% i.e. from 12% to 10%. This would restore the confidence in the services sector and rationalize the rates of CENVAT and service tax.

The reduced rate of service tax would be applicable to taxable services provided on or after 24 February 2009.

The above reduction in taxes (especially excise duty) combined with the proposed correction in the formula for computing direct tax exemption in respect of export profit of a unit located in Special Economic Zone (SEZ), could trigger renewed interest in SEZ projects under development. As recently as two days ago, the Central Government has approved 10 SEZ projects in the face of the current downturn being witnessed in the real estate sector.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions