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BUDGET EXPECTATIONS

BUDGET EXPECTATIONS. Group - 22. Chidambaram No. 5. Broadly…. Personal Indirect Tax Direct Tax Corporate Macro The Common Man. Personal. Exemption limit to be 1.3 lakhs Abolish banking transaction tax Capital gains tax to be unchanged i.e. 20% Crorepatis to be taxed higher. Direct.

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BUDGET EXPECTATIONS

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  1. BUDGET EXPECTATIONS Group - 22 • Chidambaram No. 5

  2. Broadly… • Personal • Indirect Tax • Direct Tax • Corporate • Macro • The Common Man

  3. Personal • Exemption limit to be 1.3 lakhs • Abolish banking transaction tax • Capital gains tax to be unchanged i.e. 20% • Crorepatis to be taxed higher

  4. Direct • Standard deduction of Rs. 20000 for salaried • Remove surcharge on Income Tax • 30% to be levied on Rs 5 Lakh and more • Direct tax to represent 50% of total tax collection

  5. Indirect • Excise rate to be 14%...two other rates for merit and demerit goods • 20% Goods and Service Tax [GST] rate for Centre and State • Custom Duty rate of 7.5%...two other rate for merit and demerit goods

  6. Corporate • No change in rates • Let STPI [Software Tech Parks in India] lapse in 2009 • 10% surcharge should go…choice between surcharge and FBT • SEZ’s should have MAT after 5 years

  7. Macro • Abolish kerosene and LPG subsidy • Disburse fertilizer subsidy directly to farmers • Abolish multiple taxation eg. Infrastructure, shipping, automobiles, etc

  8. Macro • Steel industry wants iron ore conservation • Imports on power projects to have a basic 5% and CVD 8% [Countervailing Duty] • Pharma seeks a rise on weighted deduction from150% to 200%

  9. The Common Man • 220 million still below poverty line • Inflated food prices due to world economics • Basic necessities of food, clothing and affordable housing still a problem

  10. The Common Man • Cover bad and doubtful farm loans up to Rs. 30000 • Renewed emphasis on housing • Review lease rental service tax from the current 12.35% • No change in tax on auto-spares and CNG

  11. The Common Man • LLP [Limited Liability Partnerships] can choose their taxation structure • Excise duty and VAT to be reduced on FMCG • CST on food processing to be reduced to 2%

  12. The Common Man • Reduction in taxation for IT to enter rural areas • Emphasis on education – only 1 in 4 South- Asian engineer is employable

  13. Conclusion • Larger purchasing power with the poor • Global approach through GST in accordance with Kelkar Committee Report • Agriculture, housing and education would be given more emphasis

  14. Conclusion • Automobiles to be more affordable • FMCG to be cheaper • Employment opportunities through rural IT • Essential medicines to be affordable

  15. Compiled by • DilipGarga 80 • PrinalShah 107 • AdityaSonavane111

  16. Let the lungi weave its magic • Go Chidu!!!

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