The construction sector has requested for a review of the changes in the service tax law proposed in this year’s Budget. Several suggestions have been made by the trade associations. Considering all the inputs, I propose to provide tax relief to this sector by enhancing their rate of abatement from 67% to 75% of the gross value where such value includes the value of the land constructed upon. Certain procedural bottlenecks relating to the completion certificate prescribed in the law would also be simplified.

Full exemption from excise duty has been provided to betel nut product commonly known as ‘supari’. This exemption is now being extended to scented supari. Central excise duty on corrugated boxes and cartons was reduced from 8% to 4% when they are manufactured starting from kraft paper. I propose to extend the exemption to cover units that manufacture such cartons from corrugated paper or paperboard also.

The Coffee growers in the country have been facing long standing financial problems ever since the coffee prices fell to very low levels during the period 2000-2004. Relief Packages in the form of Special Coffee Term Loan 2002 and Special Coffee Relief Package 2005 were sanctioned to revive coffee sector, besides other initiatives like PM’s Relief Package for Debt Stressed farmers and Debt Waiver and Debt Relief Scheme 2008. However, a large number of affected growers did not get the required relief.

Considering the pressing need for more hospitals all over the country, it is proposed to include the business of a new hospital anywhere in India, with at least one hundred beds for patients, as a ‘specific business’ for availing the benefit of investment linked deduction.

on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in this behalf in accordance with guidelines as may be prescribed; and”;’

The Lok Sabha on Thursday passed the Finance Bill for 2010-11, with a special relief package for coffee growers, and tax concessions for healthcare, auto and realty sectors, but without any change in the levies on petroleum products. Finance Minister Pranab Mukherjee moved the bill after the fresh amendments after a 50-minute final reply to the debate on the subject in the lower house of parliament, which was then passed by voice vote.

Laws and rules relating to Indirect Taxes have been evolving on account of development in business models, economic growth of the country, global developments, and technological advances and also with reforms in this field of taxation especially, in the area of service tax.

Basic exemption limit remains the same. The slab for 10% tax has been revised to Rs. 5,00,000/- from the existing Rs. 3,00,000/- in case of Individuals, HUFs, AOPs and BOIs. Surcharge of 10% applicable to domestic companies has been reduced to 7.5%. There is no change in the rate of surcharge of 2.5% in case of foreign companies.

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Entire scheme of the eligibility, powers and procedure before the settlement commission was overhauled by Finance Act, 2007, w.e.f. 1.6.2007. In the overhauled scheme, search / requisition cases covered by the provisions of section 153A of the Act were not allowed to take benefit of the settlement commission. It also excluded the cases of related persons whose documents were seized as provided for in Section 153C of the Act.