Budget 2015 – Tomorrows Headlines Today

Ø Jaitley Hikes Customs Duties by 2% to Raise Revenue in Era of Falling Commodity Prices, Promises Restoration when Situation Changes

Ø Excise on Motor Vehicles Raised to 15%

Ø Standard Excise Duty Raised to 14% with Exemptions to Merit Goods to be Charged 10%/12% Excise

Ø Revenue Mobilization through Service Tax Hike to 14%

Ø Amnesty for Black Money Inflows

Ø No Income Tax on Assessable Income upto Rs. 3 lakhs for Individuals

Ø 10 Years Tax Holiday to Electronics Industry/Solar Energy and Bio Tech

Ø WiFi Services Exempted

Ø Service Tax Exemptions to Restaurants with Sitting Capacity below 500 sq.ft.

Ø Hotel Rooms less than 80 sq.ft to be Charged 6% Service Tax

Ø Turn Over Tax of 1% on Crude and Petroleum Products to Fund Modi’s Swachh Bharat Campaign and Control Global Warming

Ø Consumer Goods to Suffer 12.5% Customs

Ø Exemptions on Intermediates Withdrawn, Uniform Duty of 7.5% Applicable

Ø Steel Duties Raised by Uniform 2.5%