Goods and Service Tax (GST) to be unveiled next month in 11 states – FM

Finance Minister Mr. Pranab Mukherjee on 08-Jun-2011 said a pilot project on GST would be unveiled next month in 11 states and government is committed to go ahead with launch of required infrastructure for the indirect tax reforms.

Union Budget 2011 Highlights

Finance minister Mr. Pranab Mukherjee on 28-02-2011 presented India's budget for the coming financial year 2011-2012 beginning in April.

Following are the highlights of the budget:

• Cut in excise duty of hybrid fuel, yarn, steel
• Nominal 1% central excise duty on 130 items entering the tax net. Precious stones, gold and silver jewelery will be exempted
• Basic food, fuel exempted from central excise duty: FM 
• Export duty at 20% for iron ore: FM 
• Basic customs duty on Pet Coke and Gypsum to be reduced to 2.5%: FM 
• Base rate on excise duty raised to 5%: FM 
• Peak rate for customs duty unchanged: FM 
• 1% excise duty on 130 new items: FM 
• No change in CENVAT rates: FM 
• No change in Service Tax rates: FM 
• Reduce customs duty on micro irrigation equipment: FM 
• FM: to impose mandatory levy of 10 pct on branded garments 
• No excise duty on UMPP equipment
• Duty reduction on LEDs to promote adoption by more automakers
• To tax life insurance service providers
• Legal representation for businesses under service tax
• Service tax on hotel accommodation above Rs 1500 per day
• Domestic travel to pay Rs 50 service tax, Rs 250 on international travel
• AC hospitals with more than 25 beds under service tax
• AC restaurants serving liquor under service tax net

For more details visit www.inodetechnologies.com