| Topic : India Budget 2010 |
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Tech World
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Activity:
67 views;
last activity : 07 06 2010 20:18:09 +0000
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Removal of dual levy in indirect taxes.
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Encourage Productization efforts from India
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On the indirect taxes front, removal of dual levy of service tax and VAT/ CST on provision of right to use software is an important demand of the sector. The BPO sector is also concerned on the ambiguity in the manner in which export rules have been worded. In terms of these rules, BPO services qualify as exports (and hence not liable to service tax) if they are inter alia ‘used’ outside India. |
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Well according to me ,the main issues that will be given top priority in this budget would be:
Taxes:
The common men and the corporates are looking for decrease in taxes. The Finance Minister is likely to augment exemption limit of individual taxes to Rs 3 lakh from Rs1.60 lakh for salaried people. Exemption limit for women is expected to be increased from 1.80 lakh to 4 lakh and for senior citizen from Rs 2 lakh to 5 lakh.
However, taxes levied on the perks availed by income earners are expected to be restructured on higher level. This arrangement may satisfy junior employees and senior citizens. But, it may not go well with the people belonging to higher position.
Stimulus:
As high prices of diesel and petrol would bear adverse effect on the transport rates of food products, the stimulus packages are expected to continue in the oil industry. However, partial withdrawal of the stimulus aid can be expected in this sector to tackle the situation of increasing fiscal deficit
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The upcoming budget can add tax benefits for productized hardware/ software offerings. This will encourage more original activity from India and encourage companies like Notion Ink to roll out game-changers like Adam. Budget can further encourage value addition in our IT industry by exempting imports of components and technologies going into appliances made in India. Even Contract/Outsourced manufacture of Original Designs from India, if the actual assembly/integration happens abroad, should be made exempt from taxes. |
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