Print
PDF
TAX PROPOSALS
Excise Duty
o The Excise Duty on all goods
falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff
Act is reduced from 12 percent to 10 percent for the period upto 30.06.20 14.
The rates can be reviewed at the time ofregular Budget.
o To give relief to the Automobile
Industry, which is registering unprecended negative growth, the excise duty is
reduced for the period up to 30.06.2014 as follows:
o Small Cars, Motorcycle, Scooters
and Commercial Vehicles - from 12 % to 8%
o SUVs - from 30% to
24%
o Large and Mid-segment Cars
– from 27/24% to 24/20%
o It is also proposed to make
appropriate reductions in the excise duties on chassis and trailors – The rates
can
be reviewed at the time of regular Budget
o To encourage domestic production
of mobile handsets, the excise duties for all categories of mobile handset
is
restructured. The rates will be 6% with CENVAT credit or 1 percent without
CENVAT credit.
Service Tax
o The loading and un-loading,
packing, storage and warehousing of rice is exempted from Service Tax.
o The services provided by cord
blood banks is exempted from Service Tax.
Custom Duty
o To encourage domestic production
of soaps and oleo chemicals, the custom duty structure on non-edible grade
industrial oils and its fractions, fatty acids and fatty alcohols is
rationalized at 7.5 percent.
o To encourage domestic production
of specified road construction machinery, the exemption from CVD on similar
imported machinery is withdrawn.
o A concessional custom duty 5
percent on capital goods imported by the Bank Note Paper Mill India Private
Limited is provided to encourage domestic production of security paper
for printingcurrency notes.
Income Tax
No changes in Direct tax laws in
interim budget
No comments:
Post a Comment