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Budget 2012-13

Santosh Kumar
2012-13 Budget: New Income Tax Slabs, Service Tax Hike, and Excise Duty Changes on Cars and Precious Metals The 2012-13 budget introduced several tax proposals, including a revised income tax slab with a zero tax threshold at Rs 2 lakh, and varying rates up to 30 percent for incomes above Rs 10 lakh. Interest income from banks is tax-free up to Rs 10,000, with no changes in corporate taxes. School education is exempt from service tax, while the securities transaction tax is reduced by 20 percent. Service taxes increased to 12 percent, impacting inflation as services form 59 percent of GDP. Excise duties on big cars and basic customs on gold and platinum were raised, while branded silver jewelry is exempt from excise duty. (AI Summary)

 

- Income tax slab - Rs 2 lakh zero tax, Rs 2-5 lakh – 10 percent, Rs 5-10 lakh – 20 percent and above Rs 10 lakh – 30 percent. Interest income from banks tax-free upto Rs 10,000. No change in corporate taxes.

 

- School education exempt from service tax.

 

- Securities transaction tax (STT) – the stock exchange toll fee for buying and selling share – is cut by 20 percent. Just crumbs for traders. STT is now 0.1 percent for delivery trades.

 

- Service tax to have negative list – only 17 services exempt. Your five-star barber may apply service tax.

 

- Bollywood exempted from service tax in some copyright.

 

- Overall service taxes raised to 12 percent. This will surely push up inflation since services account for 59 percent of the GDP. General excise also up to 12 percent. Big cars to cost more – excise up from 22 to 24 percent.

 

- Branded silver jewellery fully exempt from excise duty.

 

- imposition of custom duty on jems and color stones @ 2%.

 

- Basic customs up on gold doubled. Also on platinum. Sin taxes also up on big bang some cigarettes and bidis. Small customes cuts on cigarettes, too.

Budget - Tax Proposals
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