Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: articles on VAT and GST in India :: TDS :: VAT RATES :: cpt :: form 3cd :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Budget Extravaganza »
 Will Budget 2018 cut tax on switch from dividend to growth option in mutual funds?
 Startup eco-system looks forward to the budget for addressing tax dilemma
 High time to prioritise non-tax revenue in the Budget
 Govt may abolish dividend distribution tax in budget
 Budget making in the GST era: paradigm shift
 Budget 2018: Section 80C limit may be increased
 Middle Class Can Hope For A Big Tax Relief In Budget 2018-19, Says Report
 Startup investors seek abolition of angel tax in Budget 2018-19
 Budget 2018 must avoid the temptation to bolster government revenues myopically
 How GST has taken away the wind out of the Union Budget presentation
 Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18.

Pranab announces slew of tax concessions
April, 30th 2010

Finance Minister Pranab Mukherjee on Thursday announced a slew of tax concessions, while rejecting the Opposition demand for rollback of duty hike on petroleum products.

The concessions include reduction in service tax on purchase of flats from builders and duty cut on life saving drugs.

Though any significant tax concessions that could have been of interest to common man were absent, Mukherjee unveiled a fresh debt relief package to provide relief to the debt-ridden small coffee growers. Some of the tax concessions announced by the minister, while replying to a 10-hour long debate on the Finance Bill, 2010, relate to cut in customs duty on drugs; reduction in excise duty on paper made from waste and hand-rolled local cigarettes and a hike in export duty on iron ore lumps.

Disappointed over the announcement, BJP staged a walkout with Leader of the Opposition Sushma Swaraj saying the relief had nothing for the common man.

The only tax concession that could be of interest to the middle income group is the reduction in service tax on purchase of flats from builders. The Budget for 2010-11 while expanding the ambit of service tax extended it to purchase of flats built by builders. This imposition of additional tax burden evoked sharp reaction from the middle income group making their life-long ambition to buy a flat difficult.

The government now proposes to provide some relief to the construction sector by enhancing the Service Tax rate of abatement from 67 per cent to 75 per cent of the gross value where such value includes the value of the land for construction.

The service tax will now be levied on 25 per cent of the gross sale value of property compared to 33 per cent proposed in the budget in February this year. Mukherjee also promised that certain procedural bottlenecks relating to the completion certificate prescribed in the law will also be simplified. With a view to giving thrust to  low cost housing schemes for the urban poor, he proposed to exempt service tax on constructions under JNNURM and  Rajiv Awas Yojna.

In a bid to generate employment he extended Service Tax exemption currently available to the vocational training institutes affiliated to the National Council for Vocational Training to skill development courses provided by the training institutes registered under the Labour Ministry.

In the health sector Mukherjee announced Customs duty relief on 11 drugs, including cancer and AIDS drugs by cutting the duty rate to 5 per cent.  While Mukherjee reduced excise duty on paper made from waste to 4 per cent, he extended excise duty cut on hand-rolled local cigarettes.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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