NEWS
■Fresh services to be brought under service tax
■Service tax to GDP ratio 1%
■Service tax to result in net revenue gain of Rs 3000 cr
■Customs duty on silver at Rs 1500/kg
■Custom duty on gold to be reduced
■Mobile phones to be cheaper
■No capital gains tax on conversion of a business entity into Limited Liability Partnership
■To encourage manufacture of accessories such as battery chargers and hands-free sets, the concessions will be extended the mobile phone sector
■5% customs duty on crude petroleum back
■Peak customs duty unchanged at 10%
■FM raises central excise duty on all non-petroleum products from 8 to 10 per cent
■Revenue loss of Rs 26,000 crore on direct tax proposals
■Stimulus-led excise duty rollback partially reversed
■FM allows housing projects to complete projects in 5 years instead of 4 years to avail tax break
■One-time interim relief to housing and real estate sector
■Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations of their accounts
■Uproar in Parliament over petrol price rise
■To levy excise duty of Re 1/litre on petrol
■New tax rates would offer relief to 60 per cent of tax-payers
■CET on petroproducts hiked by Re 1
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Still More thoughts are in process and this post will be updated too. I am looking for valuable suggestions from board and will appreciate if they come out with views and suggestions.