Budget 2010 highlights, Union budget 2010 live, direct tax code

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Mineguruji

26 February, 2010

THE FOLLOWING are the highlights of Budget 2010 from the perspective of the consumer and common man. Budget 2010 will lead to cheaper micro-wave ovens, pre-packaged imported goods, mobile phones, watches, readymade garments, toy baloons, long pepper and replaceable household water filters.

The General Budget 2010-11 teakes forward the process of reforms in tax administration in the country. The citizen-centric initiative “Sevottam” which was launched as a pilot project at Pune, Kochi and Chandigarh, will be extended to four more cities this year. The centralized processing centre at Bengaluru is now fully functional and processing around 20, 000 tax returns daily.

The Income Tax department is now ready to notify SARAL-II form for individual salaried taxpayers for the coming assessment year.

Pranab Mukherjee in Budget2010 live speech announced that rate of tax on services will be retained at 10% to pave the way forward for Goods and Services Tax (GST).
Mukherjee also informed that the new proposal relating to Service Taxes are estimated to result in a new revenue gain of Rs. 3,000 crore.

Budget 2010 highlights:

• Basic customs duty on one of key components in production of microwave ovens, namely magnetrons, reduced from 10 per cent to 5 per cent.

• Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The refund-based exemption is also being retained for cases not covered by the new dispensation.

• Toy balloons fully exempted from central excise duty.

• Reduction in basic customs duty on long pepper from 70 per cent to 30 per cent.

• Reduction in central excise duty on replaceable kits for household type water filters other than those based on RO technology to 4 per cent.

• Reduction in central excise duty on corrugated boxes and cartons from 8 per cent to 4 per cent.

• Reduction in excise duty on goods covered under the Medicinal and Toilet Preparations Act from 16 per cent to 10 per cent.

• Reduction in central excise duty on latex rubber thread from 8 per cent to 4 per cent.

• Full exemption from import duty available to specified inputs or raw materials required for the manufacture of sports goods expanded to cover a few more items.

• Value limit of Rs. 1 lakh per annum on duty-free import of commercial samples as personal baggage enhanced to Rs. 3 lakh per annum.