HOME > SOCIETY > Union Budget 2014-15 – Tax Proposals

Union Budget 2014-15 – Tax Proposals

Following changes in some indirect tax rates are proposed in Union Budget 2014-15.

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 30.06.2014. The rates can be reviewed at the time of regular Budget.

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:
Small Cars, Motorcycle, Scooters – from 12 % to 8%
and Commercial Vehicles
SUVs – from 30% to 24%
Large and Mid-segment Cars – from 27/24% to 24/20%

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

To encourage domestic production of mobile handsets, the excise duties for all categories of mobile handsets is restructured. The rates will be 6% with CNET credit or 1 percent without CENVAT credit.

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.

To encourage domestic production of specified road construction machinery, the exemption from CVD on similar imported machinery is withdrawn.

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 printing currency notes.

The loading and un-loading, packing, storage and warehousing of rice is exempted from Service Tax.

The services provided by cord blood banks is exempted from Service Tax

Follow ULTRA.news
GST complaints coming mainly from tax-evaders – Adi Godrej Adi Godrej, chairman of one of India's largest manufacturing and real estate groups, said most of the complaints about the new Goods and Services Tax is coming from businesses that have been built on a model of tax evasion."The complaints about the GST are mainly coming from ...
HCL Infosystems gets tax notice for Rs 312 cr plus penalties HCL Infosystems, the India-focused IT arm of HCL Group, said it received a tax demand of Rs 312.34 cr plus interest and an amount equal to the interest amount as penalty.The company, which is already struggling with losses, did not specify the amount of interest involved or ...
NRI bank accounts see mega outflows as Gulf crisis hits earnings Net bank deposits by non-resident Indians have fallen by nearly 90% so far this financial year as more and more foreign workers dipped into their bank accounts in the face of a crisis in the Gulf region, industry association ASSOCHAM said.Net bank deposits -- the difference ...
India to announce new industrial policy in October The Indian government is likely to announce a new industrial policy in October, the ministry of commerce and industry said, and sought feedback from the public.Commerce and industry minister Nirmala Seetharaman will hold a final round of consultations with stakeholders soon,...
Modi’s reforms drag, power plants to face low loads, study India’s energy sector is facing low capacity utilisation in power generation as plant load factor is estimated to remain low at around 62 per cent until 2018-19, noted a recent ASSOCHAM-Crisil joint study.The study also expressed concern over the slow pace of reform implement...
Expecting waivers, farmers stop paying back bank loans? The write-off of farm loans in Uttar Pradesh and Maharashtra seems to be encouraging farmers in other states to stop paying back their farm loans to make sure that they will get the benefits of any farm loan waiver program in their state. This has led to a sharp increase in farm ...
IT companies using illegal tactics to force workers to resign: FITE The Forum for IT Employees, arguably the IT workers rights organization with the largest number of well-wishers and supporters, accused IT companies of using illegal and unethical means to force their workers to submit their resignations.In a meeting with Maharashtra Chief Mi...
Demonetization took India forward by 3 years – SBI The demonetization of currency notes late last year has doubled the number of card transactions and helped push India's payment digitisation by three years, State Bank of India said in a note."Even after seven months post demonetization, the transaction value is quite large ...
Indian IT industry facing layoffs as conditions worsen, warns Assocham Trump unveiled his 'Buy American, Hire American' program yesterdayIndian IT companies are bound to see "some laying off" of their work force back home due to various negative forces impacting the industry, Assocham -- an association of various industries -- warned."With ...
Rs 1.7 lakh cr deposited via demonetization may not be withdrawn – SBI Monthly cash withdrawals for all banks | source:SBI ResearchThe Indian banking system is likely to get a permanent liquidity boost of Rs 1.7 lakh cr due to the demonetization of high-denomination bank notes, State Bank of India chief economic adviser said in a note to bank c...
Indian Railways ticket refunds delayed due to demonetization rush Many people who booked railway tickets worth thousands of rupees during demonetization period and cancelled these tickets for refunds are yet to get their money back.According to Indian Railway sources, many of these people could end up waiting for 90 days or more to get thei...
90% of income tax refunds issued in 60 days, 1.5 lakh cr cleared Income Tax Building, DelhiThe government has cleared 98% of income tax refunds below Rs 50,000 in the current financial year, the finance ministry said.67% of the refunds were issued within one month of filing the return, and 90% were issued within 60 days, the ministry ...
After missing twice, India comfortably meets power sector targets for 12th five-year plan After missing its targets by wide margins in the previous two five-year plans, India is all set to comfortably meet or exceed all its power sector targets for the 12th five-year plan that ends this month.Five-year plans, borrowed from the Soviet Union, are a legacy of Nehruvi...
Service Charge in Restaurants: Center says still waiting for industry proposal GST will subsume service tax and VATThe ministry of consumer affairs, food and public distribution is still waiting to hear from the hotel and restaurant industry associations on how they intend to resolve the issue of levying service charges 'unfairly'.The matter had co...
Wholesale price inflation hits 3-year high on high diesel prices High fuel prices, particularly that of diesel, lifted India's wholesale price index to its highest level since the Narendra Modi government took power almost three years ago.On an overall level, wholesale price of various items jumped 6.55% in February when compared with ...
No immediate plans for universal basic income: Indian Government India's welfare budget, 2016-17The Indian government has no immediate plans or proposals to institute a scheme of 'unversal basic income' in place of the myriad social welfare scheme run by the country at present, the finance ministry said in response to a query.The clar...
Gadkari to miss ambitious highway target for 2016-17 Nitin Gadkari, who is slowly building up a reputation as a pragmatic and capable minister, is likely to face major disappointment in the ongoing financial year as his ministry is unlikely to meet the steep road construction target it set for itself.Unlike the term of the ...
DEMONETIZATION: SBI sees GDP growth fall to 6.1%, miss govt projection of 7% The country's largest bank, State Bank of India, said today that it expects the growth in India's gross domestic product to fall to 6.1% or lower in the current year from 7.9% last year due to the impact of demonetization.It said the projection by government of India's Centra...
Demonetization: Modi announces bumper prizes; 15 lakh users to get 1,000 rupees Narendra Modi announced several 'prize schemes' to promote cashless transactions.Under the schemes announced today, there will be two sets of prizes for consumers and another for small merchants.Under the first scheme, any customer who uses any electronic form of payment,...
DEMONETIZATION: Wholesale Price Inflation falls to 3.15% in November The annual rate of inflation, based on monthly WPI, stood at 3.15% for the month of November, 2016 as compared to 3.39% for the previous month and -2.04% during the corresponding month of the previous year.The fall is largely expected due to the impact of the withdrawal of h...