Excise Duty Concessions to Factory Built Ambulances. Relief for Lactose For Manufacturing of Homoeopathic Medicines. Proposals Relating to Customs and Central Excise Estimated to Result in a Net Revenue Gain of Rs.7300 Crore .
IT Initiatives: E-Filing and E-Payment of Taxes, Web-based facility for tax Payers to track Resolution of Refunds. CBDT to Set up Eight more Aaykar Seva Kendras in 2011-12 Various tax initiatives have been taken in the Union Budget 2011-12 for efficient tax administration. Presenting the Budget in the Lok Sabha, Finance Minister Pranab Mukherjee highlighted the initiatives including e-filing and e-payment of taxes, adoption of ‘Sevottam’ concept by CBEC and CBDT, web based facility for tax payers track the resolution of refunds and credit for pre-paid taxes and augmentation of processing capacity.
Presenting the Budget 2011-12 in the Parliament today, the Finance Minister Shri Pranab Mukherjee stressed that introduction of Direct Taxes Code (DTC) and Goods & Services Tax (GST) will result in moderation of rates, simplification of laws and better compliance. He said DTC will be finalized for enactment during next financial year. The DTC Bill that was introduced in the Parliament in August 2010 is before the Standing Committee.
Items used in the manufacture of capital goods and parts thereof and are eligible for CENVAT credit under Rule 2 of the CENVAT Credit Rules, 2002.
IT Initiatives: Mission mode Projects to help States to align with the Roll out of GST; funds Released for 31 Such Projects. Finance Minister Shri Pranab Mukherjee has stressed on the importance of computerization of Commercial Taxes. While presenting the Union Budget 2011-12 in Lok Sabha he said that Mission Mode Projects for computerization of Commercial Taxes in States will allow States to align with the roll out of GST.
The Union Budget 2011-12 proposes to amend the Indian Stamp Act. Presenting the Budget in Lok Sabha Finance Minister Pranab Mukherjee said that a bill will be introduced shortly to amend Indian StampAct, 1899.
IT Initiatives: New Simplified form ‘Sugam’ to be introduced for small tax Payers . Steps initiated to Reduce tax Related Litigation. The Union Budget 2011-12 has laid a special emphasis on reducing the compliance burden of small tax payers by introducing simplified return form called ‘Sugam’. The Finance Minister Shri Pranab Mukherjee while presenting the Budget said that the small tax payers who fall within the scope of presumptive taxation can utilize the new simplified form Sugam.
Recommendations of Technology advisory Group for Unique Projects (TAGUP) Accepted in Principle -New Series of Coins with the Rupee Symbol to be issued
This budget meets all the challenges that our economy and our polity faces in the next fiscal year. We need to sustain a high rate of growth and therefore this budget builds upon the good performance of the current fiscal year’s 8.6 % growth rate to a projected 9% growth rate for which adequate provisions have been made particularly in the area of infrastructure and in social sector plus agricultural development.
Marginal hike in threshold limit for taxation. Age limit for senior citizens lowered. No tax returns, Removal of deduction for employer contribution to new pension system,New simplified return form “sugam” to be introduced for small tax payers covered by presumptive taxation
