Those travelling in AC coaches of trains will now have to shell out more from Wednesday , with the government deciding to impose 'Krishi Kalyan' cess of 0.5 per cent on service tax.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Union budget was mildly for cable broadcasting industry and DTH.
Aerated drinks, mineral water, travel packages, coaching classes and beauty parlour services might also cost more
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
The forms - 1, 2, 3 and 4 - can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).
The 14th Finance Commission had recommended that states' share in the divisible tax pool be raised to 42 per cent, from 32 per cent earlier.
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A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
Electricity tariffs to go up as coal cess is doubled.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
Perhaps India needs to implement these for Achhe Din to happen.
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
Growth in the eight core sectors jumped to 8.5% in April, due to a sharp pick-up in refinery products and a commensurate rise in electricity generation.
The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
Customs and excise duty rates have been amended mainly to promote Make in India.
A provision of Rs 15,000 crore has been made in the budgetary estimate of 2016-17 towards interest subvention.
Sandeep Shanbhag, a chartered accountant and director of Wonderland Consultants, a tax and financial advisory firm, discussed the impact of Budget proposals in a chat with Rediff.com's readers.
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