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Published byRosemary Simmons Modified over 9 years ago
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Chidambaram No. 5 Group - 22
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Personal Indirect Tax Direct Tax Corporate Macro The Common Man
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Exemption limit to be 1.3 lakhs Abolish banking transaction tax Capital gains tax to be unchanged i.e. 20% Crorepatis to be taxed higher
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Standard deduction of Rs. 20000 for salaried Remove surcharge on Income Tax 30% to be levied on Rs 5 Lakh and more Direct tax to represent 50% of total tax collection
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Excise rate to be 14%...two other rates for merit and demerit goods 20% Goods and Service Tax [GST] rate for Centre and State Custom Duty rate of 7.5%...two other rate for merit and demerit goods
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No change in rates Let STPI [Software Tech Parks in India] lapse in 2009 10% surcharge should go…choice between surcharge and FBT SEZ’s should have MAT after 5 years
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Abolish kerosene and LPG subsidy Disburse fertilizer subsidy directly to farmers Abolish multiple taxation eg. Infrastructure, shipping, automobiles, etc
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Steel industry wants iron ore conservation Imports on power projects to have a basic 5% and CVD 8% [Countervailing Duty] Pharma seeks a rise on weighted deduction from150% to 200%
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220 million still below poverty line Inflated food prices due to world economics Basic necessities of food, clothing and affordable housing still a problem
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Cover bad and doubtful farm loans up to Rs. 30000 Renewed emphasis on housing Review lease rental service tax from the current 12.35% No change in tax on auto-spares and CNG
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LLP [Limited Liability Partnerships] can choose their taxation structure Excise duty and VAT to be reduced on FMCG CST on food processing to be reduced to 2%
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Reduction in taxation for IT to enter rural areas Emphasis on education – only 1 in 4 South- Asian engineer is employable
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Larger purchasing power with the poor Global approach through GST in accordance with Kelkar Committee Report Agriculture, housing and education would be given more emphasis
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Automobiles to be more affordable FMCG to be cheaper Employment opportunities through rural IT Essential medicines to be affordable
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Dilip Garga 80 Prinal Shah 107 Aditya Sonavane 111
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Let the lungi weave its magic Go Chidu!!!
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