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: cpt :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT RATES :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARD :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
« Budget Extravaganza »
 With demonetisation inducing tax compliance will PM Modi cut tax rates in Budget 2017?
 State plan budget utilisation in Odisha
 Maharashtra wants budget advanced to February
 Coastal economic zones may get 10-year tax exemption in next Budget
 Why advancing the Union Budget date may not make much difference
 Govt keen 2017-18 budget should not clash with polls: Arun Jaitley
 Finance Ministry seeks industry suggestions on taxation for Budget
 Budget should focus on fiscal firm up
 Finance ministry keen to present Budget on February 2 or earlier
 Poor railway performance may mar merged Budget
 Cabinet’s formal nod to be sought for Budget on Feb. 1

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 2016 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