FM exempts FIEO and other 21 EPCs from service tax upto March 31, 2010;

Budget irons out incongruent review provisions under Service Tax ;

Lawyers and Plastic Surgeons brought under Service Tax net;

FM hikes wealth tax exemption limit to Rs 30 lakh; deduction for education loan extended to all courses ;

Govt to set up Dispute Resolution Panel consisting of three CITs for foreign companies and TP cases;

Levy of Service tax extended to transport by container, pipeline and wagon;

Exporters get service tax exemption for GTA and commission agent services; For other services, refund scheme to continue;

Branded jewellery exempted from excise duty; Customs duty levied on gold and silver;

Bio-diesel exempted from excise duty; Customs duty on bio-diesel reduced;

Import duty on bulk drugs for influenza and arthritis reduced;

5% Customs duty imposed on settop boxes; 4% CVD exemption for Mobile phones import extended for one more year;

Service tax on money changer: Scheduled banks exempted for inter-bank transactions in foreign currency;

Excise duty on cars above 1999 cc reduced by Rs 5000 per unit + excise duty on petrol driven vehicles for transport of goods except dumpers reduced to 8%;

Basic excise duty on branded petrol / diesel changed from ad valorem to pure 'specific rate';

Law laid down compelling Department to return un-relied upon documents – new Rule 24A of CER, 2002 to see light of day;

Major relief for Sub-brokers: FM allows them to walk out of service tax net;

Limit for Advance Tax liability enhanced from Rs 5000 to Rs 10,000;

BUDGET ANALYSIS

budgetstory12.pdf

Production of goods containing alcohol - 'BAS' king in glory - mighty amendments proposed in section 65(19) of Finance Act, 1994 by Finance (No.2) Bill, 2009;

budgetstory11.pdf

FM ignores 'customs' of making major changes in import duty;

budgetstory10.pdf

Exemption from levy of Excise duty on 'right to use' software - CBEC to clarify

budgetstory09.pdf

Betel Nut Powder - subject to duty of excise with immediate effect – Supreme Court Ruling becomes history

budgetstory08.pdf

In support of DGCEI – Jurisdiction issue sorted out and how!!

budgetstory07.pdf

Budget irons out incongruent review provisions under Service Tax;

budgetstory06.pdf

Lawyers and Plastic Surgeons brought under Service Tax net;

budgetstory05.pdf

Law laid down compelling Department to return un-relied upon documents – new Rule 24A of CER, 2002 to see light of the day;

budgetstory04.pdf

FM hikes wealth tax exemption limit to Rs 30 lakh; deduction for education loan extended to all courses;

budgetstory03.pdf

Rule 6 rates under Cenvat Credit Rules, 2004 to be reduced from tomorrow;

budgetstory02.pdf

FM empowers HC with retrospective effect – Impact of SC judgment nullified;

budgetstory01.pdf

CENVAT Credit Rules amended to remove infirmities as suggested in Budget Run up of TIOL;

MIXED BUZZ

mbuzz0631.pdf

PM says FM has done a good job;

mbuzz0630.pdf

Fund for PM's Gram Sadak Yojana hiked by 60%

CUSTOMS SECTION

NOTIFICATION

ctariff09_076.pdf

Notification 9/2009 rescinded;

ctariff09_075.pdf

Govt imposes safeguard duty on phthalic anhydride;