Finology
Finology

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Budget 2013-14: Hotel Industry Impact Indirect Tax • All Ac Restaurants have come under Service Tax Net, Liquor condition has been removed; previously condition was (Liquor Licence+ AC) - our VKSS Division will now come under Service Tax Net with AC if any. • All services liable to service tax should qualify as 'input service' and manufacturer should be allowed to take full CENVAT credit of the same • Indirect tax rates unchanged, especially the Service tax and Central excise rates • Reduced the rate of SAD to 2% and allow an up-front exemption to the industry having surplus CENVAT credit • Wherever the payments towards the services rendered are received in foreign currency the benefit of export of services should be available. The conditions relevant to export of services should be liberalized accordingly Direct Tax • Increase in deduction for housing loan from INR 150,000 to INR 300,000 • 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 Source: Union Budget #doc
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