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Budget 2012 – STT cut to 0.1% from 0.125%

Finance Minister Sri Pranab Mukherjee proposed the much awaited Union Budget today in the Parliament. The minister described that the budget paves way to move into a transparent system.

pranab mukherjee budget

Click here to see the changes in Income tax slabs.

Budget simplified – Benefits or Burdens for the common man ?

Highlights of the budget

Service Tax raised to 12% from 10%. Common 1 page return for excise and service tax .

STT cut from 0.125% to 0.1%

No change in corporate tax.

No service tax for the film industry

Large cars to attract duty raised from 22% to 24%.

Excise duty raised to 12%.

Coal, LNG exempt from Customs duty.

Thermal power companies exempted from Customs duty

Raises Customs duty on import of large SUVs

Customs duty on gold bars, coins raised to 4%.

LCD and LED Panels exempted from customs duty

New sectors added to investment-linked deduction: bee-keeping, warehousing for sugar.

Excise duty on cigarettes raised; Excise hike on beedi, other tobacco products;

Fiscal deficit seen at 5.1% of FY13 GDP

To provide interest subvention at 7% for women self-help groups

Click here to see the changes in Income tax slabs.

Budget simplified – Benefits or Burdens for the common man ?


 

 

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