New Delhi, Mar 16 (ANI): Finance Minister Pranab Mukherjee on Friday presented the Union Budget 2012-13 in Lok Sabha.
The highlights of the Budget are as follows:
Negative list to include pre-school and high school education, entertainment services.ale of residential property exempted from capital gains if invested in equity or equipment of an SME.
All services to be taxed except those in negative list
Interest income from banks tax-free upto Rs 10,000.
No advanced tax requirement for senior citizens.
Remove cascading effect of dividend distribution tax
Withholding tax on external commercial borrowings reduced from 20 percent to five percent for power, airlines, roads, bridges, affordable houses and fertiliser sectors.
Propose common tax code for service tax and excise
Government services, public transport exempted from service tax
Common 1-page return for excise and service tax
Rs 18,660 crore additional revenue expected from service tax hike
No change in peak custom duty
Withholding tax on power, airlines, road and brides, ports and shipyard, fertilisers, dams and affordable houses lowered to five percent from 20 percent for 3 years.
Service tax rates hiked from 10 per cent to 12 percentntroduction of compulsory reporting of assets held abroad
Large cars duty raised from 22 percent to 27 percent
Securities Transaction Tax (STT) reduced from 0.125 percent to 0.1 percent.
Most luxury items, eating out, air travel, leisure activities to cost more
Exemption of customs duty of five percent on equipment for fertiliser plants
Excise duty on large cars raised from 22 percent to 24 percent
Service tax to yield additional revenue of Rs 18,650 crore. (ANI)
Read More: Delhi | Greater Kailash Part Ii | Union Public Service Commissio | O.h.road | Public Service Commission | Bagalkot B.h.school | Ac.school | Defence Service Staff College | Kochi M.g.road | Union Christian College | R.n. Mukherjee Road | T.g.road | T.c.road | D.g.road | A.road(bamungachi) | M.b.road | Bhagni Part I | Lalbazar Part-ii | Patsoi Part Ii Edbo | Heirok Part 2 Edbo | Herok Part 1 Edbo | Fri