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March 16, 2012 6:53 PM
Mr. Pranab Mukherjee said it was the earnest desire of the government to give effect to Direct Tax Code from April 2012. However, the report of the Parliamentary Standing Committee was received only on the 9th of this month. He said the government will examine the report speedily an d take steps for...
March 16, 2012 6:52 PM
1. Scheduled Caste sub plans to get over 30 thousand crore rupees an increase of 18 per cent and the tribal sub plan to get over 21 thousand 700 crore rupees an increase of 17.6 per cent.2. Midday meal scheme to get over 11 thousand 900 crore rupees against 10 thousand 380.3. Rural Drinking water an...
March 16, 2012 6:51 PM
Emphasizing the need to take hard decisions, Mukherjee said that his endeavour will be to restrict the subsidies to under 2 per cent of GDP in 2012-13. He however said the government will fully meet the subsidies for food security. The recommendations of the task force for direct transfer subsidies ...
March 16, 2012 6:51 PM
Probiotics will also attract a reduced basic customs duty of 5 per cent from 10 per cent. 200 crore rupees have been set aside for research and scientific break through in achieving food security and agriculture development.To promote clean environment, the budget proposes full exemption from counte...
March 16, 2012 6:50 PM
The basic customs duty on wool waste and wool tops to come down from 15 per cent to 5 per cent. Excise duty on branded ready made garments to go up from 10 to 12 per cent. Full exemption from customs duty is proposed to be given to LCD, LED TV panels, parts of memory card for mobile phones, waster p...
March 16, 2012 6:50 PM
To help thermal power industries facing high coal prices, the budget proposes full exemption of basic customs duty and concessional countervailing duty of one percent to steam coal for two years. Full exemption is also provided to fuels for power generation in the cases of plants using natural gas, ...
March 16, 2012 6:50 PM
To boost agricultural processing industry, the customs duty is reduced from 7.5 percent to 2.5 percent on sugarcane planter, rotary tiller and weeder. It is also reduced from 7.5 percent to 5 percent on specified coffee plantation and processing machinery. Water soluble fertilizers other than urea w...
March 16, 2012 6:49 PM
Pre-school and school education, vocational education, renting of residential dwelling, amusement services, public transportation, health care, charities, religious and sportspersons, performing artists, advocates providing services to non-business entities, independent journalists and services by w...
March 16, 2012 6:49 PM
Focusing on the need to give relief to the stressed infrastructure, manufacturing and other sectors, Mukherjee proposed reduction from 20 percent to 5 percent for three years on the rate of withholding tax on interest payments on external borrowings. The sectors covered include power, airlines, road...
March 16, 2012 6:48 PM
1. Concessions to infrastructure, manufacturing sectors, textiles and small scale and medium industries.2. Tax relief to Airlines.3. Service tax and excise duty on non-petroleum goods to go up from 10 to 12 percent; All services in the tax net except those in the negative list; No change in the peak...
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