Budget 2013-14: Expect untouched indirect taxes, no retro amendment: PwC

Tax rate not to be changed (except for increase in minimum threshold limit for individuals)
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Feb 19, 2013, 07.27 PM | Source: Moneycontrol.com

Budget 2013-14: Expect untouched indirect taxes, no retro amendment: PwC

Tax rate not to be changed (except for increase in minimum threshold limit for individuals)

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Budget 2013-14: Expect untouched indirect taxes, no retro amendment: PwC

Tax rate not to be changed (except for increase in minimum threshold limit for individuals)

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PwC

Direct Tax perspective:

  • Tax rate not to be changed (except for increase in minimum threshold limit for individuals)
  • Increase in deduction for housing loan from INR 150,000 to INR 300,000
  • 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
  • No tax on short-term capital gains on transfer of listed securities 
Indirect Tax perspective

  • Keep the Indirect tax rates unchanged, especially the Service tax and Central excise rates
  • Reduce the rate of SAD to 2% and allow an up-front exemption to the industry having surplus CENVAT credit
  • All services liable to service tax should qualify as 'input service' and manufacturer should be allowed to take full CENVAT credit of the same
  • 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 liberalised accordingly 

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Budget 2013-14: Expect untouched indirect taxes, no retro amendment: PwC

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