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ESOP under FBT only from April 1, 2008; Hike in education cess to hurt higher income tax bracket; All types of telephone-related services consolidated under Telecommunication service; Scope of sale of space or time for advertisement expanded; Event Management Service to include marriage as well; Cash Management Service to attract service tax; |
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| Dear Member, Sending you the second bunch of files realted to Union Budget 2007-08. |
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memorandum1.pdf + memorandum2.pdf + memorandum3.pdf Budget Memorandum; Budget Speech by Finance Minister; Budget Highlights; Reactions to Budget; No hike in Service Tax rate but 50% hike in education cess; FM stresses on inclusive growth, keeps tax rates largely unaltered; hikes exemption limits for small service providers and SSI units ; Valuation of job worked goods - Ujjagar Prints case given a cool burial! ; Direct Tax proposals - Minor sops for individuals ; A few subtle changes in Central Excise - e-payment to be mandatory for manufacturers paying Rs 50 lakh and above from April 1; Revenue foregone goes up to 56.4 % of gross collections! ; Amendment to Cenvat Credit rules : Converse to Rule 3(2) introduced ; Doctrine of merger sends shivers down the spine of CBEC - Review to be done within 3 months now; Carrot and stick policy for cement industry - Doomsday round the corner? ; ESOP comes under PC's sledge hammer ; Section 35F of Central Excise goes for a new look ; Swelling revenue kitty reduces fiscal deficit and puts FRBM targets within sight Settlement Commission made to lose charm by Union Govt - in throes of death! An exhausted FM! Rebate of duty paid on goods used in manufacture of export goods - CVD included in duties specified Education cess and confusion - Siamese twins? Valuation of job worked goods - Ujjagar Prints case given a cool burial! ; Essar Power to establish projects in Maharashtra, Jharkhand ; Moser Baer ties up with Deutshe Solar of Germany; |
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| Regards
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