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 [email protected]]
(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a) Imported Road Construction Machinery – Exemption from CVD withdrawn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%