Latest News
-
SEBI Investigates Adani Offshore Funds For Shareholding Disclosure Violations -
American Express Revamps Platinum Travel Credit Card Design -
Ensure Children Up to 12 Years Are Allocated Seats With Their Parents In Flight: DGCA Tells Airlines -
Vodafone Idea Approves Offer Price Of Rs 11 Per Equity Share For Rs 18,000 Crore-FPO -
Reliance Industries Sets Record: First Indian Company Tops Rs 1L Cr Profit -
1:1 Bonus Issue: Engineering Stock Turned Ex-Bonus On April 23, Hits New 52-Week High; Gives 268% Returns -
Vodafone Idea Shares Soar 7% Following Strong FPO Subscription; GMP Hints Premium Shares; Details -
Karnataka, Gujarat Lead India's Clean Energy Transition Race, Report Shows -
Gold Price India: 24K Of 100 Grams Gold Falls By Rs 15,300 Today, Biggest Dip In April -
JNK India IPO: Public Issue Opens Today; GMP Hints Premium Listing; Check Subscription Status
FM leaves taxes unchanged
Presenting the Interim Budget for 2014-15, he also provided service tax exemption for storage and warehousing of rice like it was done in case of paddy last year. Also, blood banks have been exempted from its purview.
The 10% surcharge on 'super-rich' having income above Rs 1 crore in a year, and the up to 5% surcharge on corporates imposed last year, will continue.
"In keeping with the conventions I do not propose to make any announcements regarding changes to the tax laws," he said.
The Budget document does not give figures of the indirect tax concessions, which are valid up to June 30, 2014 and could be reviewed later. They will be notified later in the day.
He justified the excise duty reliefs saying, "However, the current economic situation demands some interventions that cannot wait for the regular Budget. In particular, the manufacturing sector needs an immediate boost."
To encourage domestic production of mobile handsets, he restructured the excise duty for all categories fixing it at 6% with CENVAT credit or 1% without CENVAT credit.
Customs duty structure on non-edible grade industrial oils and its fractions, fatty acids and fatty alcohols has been pegged at 7.5% to encourage to domestic production of soaps and oleo chemicals.
Similarly, a concessional customs duty of 5% on capital goods imported by Bank Note Paper Mill India Pvt Ltd has been provided to encourage to indigenous production of security paper for printing currency notes.
Giving Budget estimates, the Minister said the current financial year will end on a satisfactory note with the fiscal deficit at 4.6%, below the redline of 4.8%, and the revenue deficit at 3.3%.
The fiscal deficit for 2014-15 has been pegged at 4.1%, which will be below the target of 4.2% set by the new fiscal consolidation path. Revenue deficit is estimated at 3%.
Plan expenditure for the coming fiscal has been fixed at Rs 555,322 crore, unchanged from current year, and non-Plan expenditure at Rs 12,07,892 crore, marginally higher than 2013-2014.
PTI
