India has today issued an interim Budget for 2014-15. Being an interim Budget, there are no proposals seeking to amend direct tax provisions, nor are there any major policy announcements.
India has today issued an interim Budget for 2014-15. Being an interim Budget, there are no proposals seeking to amend direct tax provisions, nor are there any major policy announcements. Budget 2014-15, in detail, is expected to be presented by July 2014, reports Nair & Co.'s International Tax Team.
The interim Budget mainly proposes to reduce the excise duty rate from 12% to 10% for certain capital goods and consumer durables, for the period up to June 30, 2014, along with special reductions of excise in the automobile industry. Further, it has also been proposed to restructure excise duties for all categories of mobile handsets- The rates will be 6% with CENVAT credit or 1% without CENVAT credit.
Along with exemption of service tax for services provided by certain blood banks and services related to dealing with certain food grains, the customs duty structure has been proposed to be rationalized for non-edible grade industrial oils, its fractions, etc.
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Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com
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