budget 2011

Budget 2011- Summary of Chapter wise Changes in Custom Duty

Service Tax - As a measure of rationalization of duty structure the rates of 2% and 3% are being unified with the median rate of 2.5%. Accordingly basic customs duty on all goods currently attracting 2% has been increased to 2.5% and basic customs duty on those goods attracting 3% has been decreased to 2.5%.(S. No. 1 & 2 of Notification No. 21/2011-Cus...

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Budget 2011- What's costlier, cheaper?

Service Tax - Finance Minister Pranab Mukherjee presented the Union Budget 2011-12 in Parliament on Monday. While the finance minister made the tax payers slightly happy by raising the exemption limit to Rs 180,000, he made many others unhappy. So what has been the impact of this Budget on your daily life? Find out how what's cheaper and what's costlie...

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Budget 2010 simplified Export of Service Rules (Export Rules)

Service Tax - The primary reason is the simplification of the Export of Service Rules (Export Rules). The Export Rules prescribe the conditions to determine when a service qualifies as exports. When the Export Rules were initially introduced in March 2005, they provided for two conditions to determine whether a service qualifies as exports....

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Need Cautious Real Estate

Service Tax - Recessions have affected mostly the real estate business. Slowing demand and sudden evaporation of liquidity position made the situation become so tough for the real estate sector that companies who were engaged in massive long term projects have to abandon the projects. In many cases they have to forgo SEZ projects too due to financial c...

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Budget 2010-11: Tax proposals to hit Indian Companies in Financial Year 2010-11

Service Tax - Manufacturing companies will have to shell out an additional Rs 25,500 crore on 2 per cent increase excise duty for the financial year 2010-11. The rise in excise duty accounts for 21 per cent of profit before tax of manufacturing companies studied here....

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Govt to come out with negative list of service tax soon

Service Tax - The government will come out with a draft 'negative list' for service tax in two weeks, meaning services which are not mentioned in it would be taxed under the proposed GST regime. The draft paper (on negative list of services) is nearly ready and you should see this paper in two weeks, Joint Secretary in the Ministry of Finance, V K Garg...

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Govt committed to achieve 2011-12 fiscal targets – FM

Service Tax - Buoyed by better-than-expected performance on government finances' front in 2010-11, the Centre on Thursday said it will keep a tab on public expenditure to ensure that Budget targets for this fiscal too are achieved. Efforts to get the economy on the path of fiscal prudence are on track... The government is committed to achieve the fisca...

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Budget 2011 -Service tax on Healthcare and Excise Duty on Readymade Garments

Service Tax - Breaking News Budget 2011 Related to Service tax on Healthcare and Excise Duty on Readymade Garments. 1) Abatement on readymade garments increased from 40% to 55%. 2) Service tax on Health care services withdrawn...

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Budget 2011-12- How govt earns and spends its rupee

Service Tax - In a good sign, the government will depend less on borrowing to finance budgetary proposals in 2011-12 than in the ongoing 2010-11 financial year.Borrowings will comprise 27 paise out every rupee that the government plans to spend in 2011-12, compared to 29 paise in the current financial year, as per the proposals presented by Finance Min...

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Union Budget 2011-12 Summary as Provided by Finance Ministry

Service Tax - The Union Budget 2011-12 aims to sustain economic growth, strengthen infrastructure, moderate the price rise, particularly of agricultural produce and reduce social imbalances through inclusive development. Presenting the budget 2011-12 in the Lok Sabha today, the Finance Minister Shri Pranab Mukherjee said that the budget is a transition...

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Mistakes in Budget Bulletins, 2011 related to Custom Duty, Central Excise and Service Tax

F.No. DP/TARIFF/1/10/ - (10/03/2011) - Consequent upon the printing and publishing of the Budget Bulletins, 2011 (both Customs and Central Excise & Service Tax), the Directorate of Publicity and Public Relations has subsequently been informed that the following corrections are required to be incorporated in the above said Budget Bulletin...

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Recent Posts in "budget 2011"

Govt to come out with negative list of service tax soon

The government will come out with a draft 'negative list' for service tax in two weeks, meaning services which are not mentioned in it would be taxed under the proposed GST regime. The draft paper (on negative list of services) is nearly ready and you should see this paper in two weeks, Joint Secretary in the Ministry of Finance, V K Garg...

Read More
Posted Under: Custom Duty |

Govt committed to achieve 2011-12 fiscal targets – FM

Buoyed by better-than-expected performance on government finances' front in 2010-11, the Centre on Thursday said it will keep a tab on public expenditure to ensure that Budget targets for this fiscal too are achieved. Efforts to get the economy on the path of fiscal prudence are on track... The government is committed to achieve the fisca...

Read More
Posted Under: Custom Duty |

Budget 2011 -Service tax on Healthcare and Excise Duty on Readymade Garments

Breaking News Budget 2011 Related to Service tax on Healthcare and Excise Duty on Readymade Garments. 1) Abatement on readymade garments increased from 40% to 55%. 2) Service tax on Health care services withdrawn...

Read More
Posted Under: Custom Duty |

Mistakes in Budget Bulletins, 2011 related to Custom Duty, Central Excise and Service Tax

F.No. DP/TARIFF/1/10/ (10/03/2011)

Consequent upon the printing and publishing of the Budget Bulletins, 2011 (both Customs and Central Excise & Service Tax), the Directorate of Publicity and Public Relations has subsequently been informed that the following corrections are required to be incorporated in the above said Budget Bulletins, 2011....

Read More

Budget 2011- Summary of Chapter wise Changes in Custom Duty

As a measure of rationalization of duty structure the rates of 2% and 3% are being unified with the median rate of 2.5%. Accordingly basic customs duty on all goods currently attracting 2% has been increased to 2.5% and basic customs duty on those goods attracting 3% has been decreased to 2.5%.(S. No. 1 & 2 of Notification No. 21/2011-Cus...

Read More
Posted Under: Custom Duty |

Budget 2011-12- How govt earns and spends its rupee

In a good sign, the government will depend less on borrowing to finance budgetary proposals in 2011-12 than in the ongoing 2010-11 financial year.Borrowings will comprise 27 paise out every rupee that the government plans to spend in 2011-12, compared to 29 paise in the current financial year, as per the proposals presented by Finance Min...

Read More
Posted Under: Custom Duty |

Union Budget 2011-12 Summary as Provided by Finance Ministry

The Union Budget 2011-12 aims to sustain economic growth, strengthen infrastructure, moderate the price rise, particularly of agricultural produce and reduce social imbalances through inclusive development. Presenting the budget 2011-12 in the Lok Sabha today, the Finance Minister Shri Pranab Mukherjee said that the budget is a transition...

Read More
Posted Under: Custom Duty |

Budget 2011-12- Service Tax Provisions to be Rationalised

Union Budget 2011-12 estimates to make net revenue gain of Rs. 4000 crore for the year by way of new Service Tax proposals. In keeping with thrust to encourage voluntary compliance, the penal provisions of Service Tax are under the process of rationalization. This will ensure less harsh treatment to those who have maintained truthful reco...

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Posted Under: Custom Duty |

Budget 2011-12 Provides higher incentives for Micro, Small and Medium Enterprises

Union Finance Minister Sh. Pranab Mukherjee has announced various incentives for micro, small and medium enterprises while presenting this year’s union budget. The allotment to SIDBI for refinancing incremental lending by banks to these enterprises has been raised from Rs. 4000 Crore to Rs. 5000 Crore....

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Posted Under: Custom Duty |

Budget 2011-12 – Relief from audit to Service tax Payers

Union Finance Minister Sh. Pranab Mukherjee has proposed to free all individual and sole proprietor service tax payers with a turn over to Rs. 60 lakh from the formalities of the audit. It has been observed that the number of assesses in service tax has grown manifold and a large number of them comprise individuals or sole proprietors wit...

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Posted Under: Custom Duty |
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