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.
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