INTERIM BUDGET 2014 : TAX HIGHLIGHTS

Posted By on February 17, 2014

The Interim Budget for the year 2014 has been presented by the H’ble FM in the Loksabha today.

Tax Highlights of the budget are presented below:-

(I) Income Tax – No Change [For Income Tax Ready Reckoner please send a request mail to info@ritulpatwa.com]

(II) Service Tax – No change in Tax Rate i.e. 12%

Following 2 services have been exempted from Service Tax:-

a) Warehousing & Storage of Rice under ‘agriculture produce’

b) Service provided by Cord Blood Bank under ‘healthcare services’

(III) Central Excise – No change in the basic rate of excise.

Reduction in the Rate of Central Excise on following items:-

a) Capital Goods & Consumer Non-Durables – Reduced from 12% to 8%

b) Small Cars, Two Wheelers & Commercial Vehical – Reduced from 12% to 8%

c) SUVs – Reduced from 30% to 24%

d) Large & Mid Segment Cars – Reduced from 27/24% to 24/20%

e) Mobile Handsets – Reduced to 6% (with CENVAT) or 1% without CENVAT

f) Non Edible grade Industrial Oils – Reduced to 7.5%

(IV) Customs – No change except In following 2 cases:-

a) Imported Road Construction Machinery – Exemption from CVD withdrawn

b) Capital Goods imported by Bank Note Paper Mill India Private Limited – 5%

 

 

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