Docstoc

English highlights part II

Document Sample
English highlights part II Powered By Docstoc
					1

HIGHLIGHTS OF THE ADDITIONAL BUDGET PRESENTED BY FINANCE MINISTER, SHRI DILIP WALSE-PATIL ON 4TH JUNE 2009

PART II
State receipts on account of Sales Tax at Rs. 33,954 crore for 2008-09. 9.28 percent rise over 2007-08. GST probable from 1st April 2010. All concerned to be taken into confidence. Computerisation of Sales Tax Department takes speed. Foremost in country in providing e-services. Simplified VAT refund scheme for dealers with refund below Rs. 5 lakhs, to get early refund. Amnesty Scheme under Profession Tax for transport permit holders. Exemption from Profession Tax for salary income upto Rs. 5,000. Relief to tax payers not yet enrolled under Profession Tax. Penalty for late returns under MVAT Act reduced from Rs. 10,000 to Rs. 5,000

Tax Concessions Reduction in tax rate on Cotton Ginning and Pressing machinery. To benefit cotton industry in Vidarbha and Marathwada. Incentive to space research. ISRO and space organisation to benefit. Environment Concerns - Reduced tax on composting machines. Energy Saving measures -Tax reduced on Solar energy devices and CFL. Reduced rate of tax on Medical Equipment to benefit health. Tax reduced from 8 percent to 5 percent for Hotel dealers under Composition Scheme. Tax reduced on Plastic mats and Agarbatti. Domestic LPG stoves, imitation jewellery, Shikakai and Ritha to have lesser rate Tax concession to timber upto 31st March 2010.

2

Additional Resource Mobilisation Measures
Tax enhancement proposals for development Schemes in State. Hike in rate of tax on mobile phones, digital cameras, video camera, gypsum board Change in State excise structure and MRP factor on Liquor. Rate of VAT on liquor increased from 20 percent to 25 percent. Rate of tax on tobacco products, cigarettes increased from 12.5 percent to 20 percent. Motor vehicle tax Four wheeler to pay price based tax. Restructuring of stamp duty on various agreements.

******


				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:21
posted:8/15/2009
language:English
pages:2
Gopal Gautam Gopal Gautam Associate www.alliedlegalonline.com
About I am an US Attorney and Indian Advocate. I mainly practice US immigration and corporate matters. http://www.alliedlegalonline.com/