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No relief for tax payers in budget 2013-14

New Delhi, Thu, 28 Feb 2013 NI Wire

Amid the many expectation by the tax payers in the country, Finance Minister P. Chidambaram has provide no much relief to the middle class of the population.

Not only the employee and workers, traders also have not got major relief in CST and other taxes. If we give a look about the various recommendations and clauses in the presented budget, following changes have been appeared in the budget.

Small Tax Payers: The small tax payer, earning between Rs.200,000 to Rs.500,000 per annum, gets a Rs.2,000 rebate, while the affluent will be imposed a super rich tax that amounts to a surcharge of 10 percent on an annual income of over Rs.10 crore.

Average Tax Payers: For average taxpayers, there are other take-aways: Additional rebate on home loans for first-time buyers, two-year extension of the Rajiv Gandhi Equity Scheme for first-time investors with higher limit of Rs.1.2 million, and launch of inflation-indexed bonds.

During his speech, Chidambaram made it clear that in a constrained economy, there is little room to raise tax rates or large amounts of additional tax revenues. Equally, there is little room to give away tax revenues or the tax base. It is time for prudence, restraint and patience. Which directly indicates his intention to provide some relief.

Direct tax: In terms of Indirect Taxes, Finance Minister has proposed no change in the normal rates of 12 percent for excise duty and service tax. Similarly, no change has been made in the peak rate of custom duty of 10 percent for non-agricultural products. Custom duty on free gold limit increased to Rs. 50,000 in case of male passenger and Rs. 1,00,000 in case of a female passenger subject to conditions.

CST: In a major step to rationalize taxation on goods and services, the Budget has earmarked Rs. 9,000 crore towards the first installment of the balance of CST compensation. Chidambaram has said that overwhelming majority States have agreed that there is a need for Constitutional amendment to pass GST law.

(With inputs from IANS)

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