KPMG India has analysed the implications of the budget in two parts. The report that talks about the Budget Highlights says in a foreword it is reassured by the government’s stand reiterating a commitment to bring in GST by April 2010. It also talks about issues like the new direct tax code, setting up of an alternative dispute resolution mechanism and empowering the Central Board of Direct Taxes to formulate safe harbour rules for transfer pricing in international transactions.
Cenvat
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Booster Dose #3: Govt lowers excise rates, big deal?
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This is the third instalment of the weekend stimulus package. The government has lowered the cenvat rate by 4% across all rate slabs: 14%, 12% and 8%. The ad valorem duty on cars has been reduced to 20% from 24%, but it is still higher compared to the highest cenvat rate.
Filed under: Economy+Policy, News Analysis, Cenvat, Economic Stimulus, Excise, Industries Number Speak
India’s Budget pleases janata but investors can’t see the light still
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India’s Union Budget 2008-09 has been greeted by three successive days of stock market declines, including the day it was announced. Some of the negative sentiment is more global in nature. But the Budget proposals do not seem to have gladdened investors. It tries to give a boost to demand by giving more cash for people to spend, taking a leaf from George Bush’s largesse, including farmers whose debt has been waived.
Here’s a look at what the Budget has really done.