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Service Tax to Stay, Cuts in Factory Levies
May, 28th 2009

India's upcoming budget will retain recent cuts in factory levies and service taxes, a senior finance ministry official said Wednesday.

In December, the Indian government reduced factory levies by 6 percentage points and the service tax rate by 2 percentage points to stimulate the economy hurt by the global economic downturn.

The country levies service tax at a rate of 10% and factory duties at between 4% and 8%.

The official, who didn't wish to be named, said also that the budget may bring more services under the tax net to boost government revenue. He didn't elaborate.

More than 100 services are already taxed.

Earlier Wednesday, Finance Minister Pranab Mukherjee said the government will present the federal budget in the first week of July, and that he hopes to get parliamentary approval by July 31.

 
 
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