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Changes in Income Tax Exemptions
There would be many changes in Income Tax Exemption.Charitable organizations who are involved in commercial activities but enjoying income tax exempion,It probably to be removed.Many companies became non taxable in 2006-07,Finance Ministry may be with draw this exemptions.It is anticipated that there might be some constructive and positive alterations regarding this issue in the upcoming budget of 2008-09.There are more expectations with this budget,Industry representatives demands for a substantial diminutions in corporation along with personal income tax rates.
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Pre Budget Consultations
Finance Minister P Chidambaram got many advices from industrialists and economist there are more complex for him to make a balance in various sections. Industrialist wants tax concessions,Federation of Indian Chambers of Commerce and Industry in India (FICCI) president Habil Khorakiwala wanted the minister to reduce the corporate tax rate to 25 per cent from the current 30 per cent to boost the manufacturing sector.Industrialists also wants reduction in excise duty. Importers wants to impose a 35 per cent import duty on Chinese products, to offset the rupee’s appreciation against the yuan.Exporters are in favour of to the customs duty rates be left untouched.The Budget is likely to be presented on February 29,P Chidambaram is in ‘Dharam Sankat’He wants to Please every section but It is important to take a decision in favour of Indian Economy,So Let see what is a good news for Common Man in Upcoming Budget 2008-2009…….. This Budget will be the last full budget of the UPA government,So I think it will be a Good Omen for Indian Citizen.
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Direct Tax Reform
Direct Tax Reform is must for Indian Economy The Advisor of Finance Minister announced the reformation, According to this reformation high value transactions will be scrutiny and check.Government will evaluate the bills of high value consumptions items. the tax rates and income slabs might be restructured and with the improvement of tax compliance,Finance Minister indicate that whole tax structure will keep changing.
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Everyone has a Wishing List about Budget 2008-2009
Finance Minister and his team diligently working on budget 2008-2009.Indian Economy is not a simple Economy, This Mixed Economy has many sections,the various segments of the population await the outcome with hopes.Finance Miniser take all burden on his shoulder and I think he wants to satisfy every section.Finance Minister is doing prebudget meetings with industrialists and economists.The farmers representatives had also demanded that minimum support price be fixed at cost plus 50 percent and underlined the need for evolving long term export policies for all commodities.Trade Unions opposed the Government’s plan for merger of public sector banks.P Chidambaram claiming about achieving and sustaining a nine percent growth, captains of industry and trade emphasise that critical component of this growth plan has to be infrastructure development.Foreign institutional investors and lending institutions are waiting to participate in the infrastructure projects in India.Every segment has a wish list that it has presented to the Finance Minister at the pre-budget meetings that began in the first week of January this year.
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Indian Railway Budget 2008-2009
Railway gain a profit of 20′000 crore over the session of 2006-2007.Railway Minister Lalu Parsad Yadav has done a magic on Indian Railway.Railway Minister announced that all meter gage lines would be converted to broad gage.Approximately 25000 crore will be spend to reconstructing the freight corridor.Now India is planning to lend financial support to Nepal in is Rail Budget.There are many hopes with Railway Budget 2008-2009, Let see Lalu’s Rail run on which track.
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PM’s Economic Advisory Council is in favour of revision of indirect tax rates
“Some adjustments in income tax slabs and so forth (could be made), but not any substantial reduction in tax rates,” Council Chairman C Rangarajan told reporters after a pre-budget meeting with Finance Minister P Chidambaram in New Delhi. Rangarajan said the council’s view was that income tax rates could be retained at the present level, but slabs could be readjusted somewhat. The Indian economy had grown by 9.4 per cent in 2006-07, and is expected to clock close to nine per cent growth this fiscal.
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Review of the Indian Economy 2007-08
C. Rangarajan, Chairman, Prime Minister’s Economic Advisory Council, releasing “Review of the Economy 2007-08” in New Delhi During the first nine months of the current fiscal, personal income-tax collections rose by 50 per cent and corporate tax revenues by 39.84 per cent as compared to the same period last year.The principal factor behind the sustained tax buoyancy is no doubt the strong economic growth. An average annual GDP growth of 9 per cent over the remaining years of the Eleventh Plan (2007-12) seems plausible.Indirect Tax is disappointing but direct tax revenues are better but the numer of direct tax payer in India is small. However, extending the tax coverage is a separate matter engaging the Government’s attention. Salaried tax payers like other citizens will benefit if more people are brought into the tax net.
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Expactations of Industrialists from Budget India 2008
moneycontrol.com describes about What young India wants from ‘08 Budget? Rajiv Bajaj, MD, Bajaj Auto, said, “The economy is set to grow as robustly, as it will, it’ll take a heavy toll on the environment in both, the way goods are created and goods are used. I hope that in this budget or in the subsequent one, the finance minister will bring in this aspect as to how we protect our environment as we grow, because ultimately it’s supposed to be about quality of life.” Rajiv Memani, Country Managing Partner, E&Y India, said, “Reducing the custom duty would be the biggest step and that’s what he will try and target through the budget.” Following persons express their views on Budget India 2008 Anuj Gupta, CEO, Final Quadrant Solutions,Vivek Agarwal, CEO, Liqvid,ID Musafir, Director, M & B Footwear,Farzana Haque, Head- Retail & CPG Group,Navin Munjal, CEO,Neeraj Kanwar, Joint MD, Apollo Tyres,Deepak Kumar Raina, Senior Manager Dealer Development, Swaraj Mazda more…
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Budget 2008-09 ought to define the roadmap for indirect tax reforms
Budget 2008-09 ought to define the roadmap for indirect tax reforms. While the coffers overflow with tax collections attributed largely to higher compliance rates, the stage is set to look beyond revenue goals towards the overall rationalisation of India’s indirect tax regime.The rupee’s appreciation against the US dollar has already made imports relatively cheap but I think it is harmful for Exporters and IT Industry.Exemption of Additional duty of customs could simplify the procedure.As for service tax, the existing net may be further widened to include several new services like management and maintenance/repairs in the sector.
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Direct Tax Collections grow this fiscal year
Direct tax collections continued to record a growth of over 40 percent for the period April to January 15 in the current fiscal. Tax collections stood at Rs.2,17,149 crore, up from Rs.1,52,993 crore during the same period last fiscal, registering a growth of 41.93 percent and achieving over 81 percent of budgeted direct tax target of Rs.2,67,490 crore. Corporate Tax registered a growth of 37.22 percent at Rs.1,32,948 crore, up from Rs.96,883 crore during the previous fiscal, while Personal Income Tax (including FBT, STT and BCTT) grew by 50.15 percent at Rs.83,897 crore, up from Rs.55,874 crore. Growth in Securities Transaction Tax (STT) was 78.19 percent (Rs.6,793 crore against Rs.3,812 crore) and Fringe Benefit Tax (FBT) was 64.79 percent (Rs.5,121 crore against Rs.3,108 crore). Banking Cash Transaction Tax (BCTT) grew by 15.26 percent (Rs.423 crore against Rs.367 crore).
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