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TAX REFORMS
Direct Tax Code (DTC) to be finalised for enactment at the earliest. Draft of Model legislation for the Central and State GST (Goods and Service Tax) is under progress. GST Network (GSTN) is to be set up as a National Information Utility, will be operational by August 2012.
Union Budget 2012 has continued to extend relief to individual tax payers by revising the tax slabs.
Individuals
New Slab Tax Rate Upto Rs. 200000 200001 to 500000 500001 to 1000000 1000001 & above NIL 10% 20% 30%
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Negative list has been introduced under the service tax comprising 17 heads. Standard Excise Duty and Service Tax Rate has been enhanced from 10% to 12 %.Merit rate and lower merit rate of ED has been enhanced to 6% and 2% respectively. Large cars will attract a higher ED of 27% ad valorem instead of 22% +Rs 15000/-.
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Exemption from Import Duty on import of equipment for setting up or substantial expansion of fertilizer projects. Full exemption from basic customs duty and CVD on import of coal by thermal power producers. Full exemption from import duty on specified equipment imported for road construction.
Full exemption of Basic Customs Duty on import of parts of aircraft and testing equipment and tyres for Maintenance, repairs and overhauling of air craft.
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Full exemption from Basic customs duty on import of steam coal and certain fuels for power generation. Baggage allowance for eligible passangers have been marginally increased from Rs 25000/- to 35000/- and from 12000/- to 15000/- . Excise Duty of 1% extended to unbranded jewellery.
THANK YOU
BY RANJEETA SWARNAKAR
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