India Issues Interim Budget

Online, February 28, 2014 (Newswire.com) - 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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