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Union Budget

2006


Highlights(contd.)

TAXES

         No new direct taxes to be introduced 

         No change in personal and corporate tax

         Services tax raised to 12 per cent from 10 per cent

         The government will set nationwide goods and services sales tax (GST) on April 1, 2010

         More services will be brought under the tax net, including ATM operations, registrars, share transfer agents, and bankers to an issue, sponsorship of events other than sports, and international travel other than economy class trips

         Securities and transaction tax to be raised by 25 per cent

         Customs duty on non-ferrous metals to be reduced to 7.5 per cent from 10 per cent

         Customs duties on life-saving cancer and AIDS drugs reduced

         Government to raise customs duty on vanaspati to 80 per cent

         The excise duty on small cars to be cut to 16 per cent

         The food processing industry will get duty relief

         The levy on crude, called a cess, will be raised to Rs 2,500 per tonne from Rs 1,800

         The excise duty on cigarettes will be increased by 5 per cent

 

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The levy on crude, called a cess, will be raised to Rs 2,500 per tonne from Rs 1,800          The excise duty on cigarettes will be increased by 5 per cent