- Turnover limit for compulsory tax audit for SMEs raised from Rs. 60 lakh to Rs. 1 crore
- Relief in indirect taxes to sectors under stress; agriculture, infrastructure, mining, railways, roads, civil aviation, manufacturing, health and nutrition, and environment get duty relief
- Union Budget 2012-13 Highlights
- No capital gain tax if investment is made in manufacturing SMEs
- Cascading effect in Dividend Distribution Tax removed
- Peak customs duty rates remains unchanged.
- Propose to set up a common tax code for service tax & excise
- Rate of duty of excise increased from 10% to 12% and 1% to 2%
- Rate of service tax increased from 10% to 12%
- Negative list in service tax introduced.
- Income tax slabs - Upto 2 lacs = nil, from 2 lacs to 5 lacs = 10%, from 5 lacs to 10 lacs = 20%, above 10 lacs = 30%
- New equity savings scheme
- India will become self-sufficient in urea production in five years
- PDS to be computerized to enable better monitoring
- Doubles allocation for tax-free bonds to Rs 60,000 crore for financing infrastructure projects in 2012/13
- Foreign investment in low cost affordable housing projects
- FDI in aviation is under active consideration
- Rs 10000 crore of tax fee bonds for power sector
- Government to include advance pricing in Finance Bill 2012
- To implement Direct Tax Code at the earliest
- Efforts continue to arrive at consensus for 51% in retail FDI
- GST to be operational by August 2012
- Fiscal balance has deteriorated
- Amendment in the Notification No. 36/2001-Customs (N.T.) - Palm oil, Palmolein, Soyabean Oil (Crude) and Brass Scrap (all grades) - Traiff Values. - Ntf. No. 19/2012-CUSTOMS (N. T.) Dated: March 15, 2012
Thursday, March 22, 2012
Budget 2012-2013 - Highlights
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