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Special Analysis on Budget 2013-14: Hotel Industry Impact Indirect Tax • No change in Basic Rate of Excise Duty, Service Tax. • Outside Food becomes costlier. All AC restaurants are subjected to Service Tax, Liquor condition has been removed; previously condition was (Liquor Licence+ AC) • Service Tax Voluntary Compliance Encouragement Scheme, 2013 announced. • Scope of Negative List Expanded • Homes and flats with a carpet area of less than 2,000 sq.ft. or less than value of Rs.1 crore enjoy 75% abatement, • All Commercial and other residential complexes will be eligible only for 70% abatement. • Existing exemptions from service tax for low cost housing and single residential units will continue. • Penalty on Directors / Manager / Secretary / Officer-in-charge in case of violation of Service Tax laws upto Rs.1 Lakh. • 'Danda Raaj' is back. Service Tax officers will have power to arrest. • All services liable to service tax should qualify as 'input service' and manufacturer should be allowed to take full CENVAT credit of the same Direct Tax • Increase in deduction for housing loan from INR 150,000 to INR 250,000 • Proposes surcharge of 10 pct on rich taxpayers with annual income of more than 10 million rupees a year • To increase surcharge to 10 pct on domestic companies with annual income of more than 100 million rupees • Tax rate not to be changed (except for increase in minimum threshold limit for individuals) • Reduce MAT rate for infrastructure companies and SEZ developers/units; • Broaden the tax base by requiring the mandatory filing for specified transaction or extending the presumptive tax regime • Omit the retrospective amendments relating to royalty and indirect transfer introduced by last year budget Regards, Savan R. Somani Corporate Manager Taxation #doc
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