🇮🇳Union Budget💰 2016: Tax Reforms Contd.

  |   Budget News

🔰 Existing Income Tax slabs remain unchanged.

🔰 1% service charge on purchase of luxury cars over ₹10 lakh and in-cash purchase of goods and services over ₹2 lakh. 4% high capacity tax for SUVs. To introduce 1% infra cess on petrol cars, 2.5% on diesel cars. 1% cess on LPG, CNG and other such cars.

🔰 Excise duty on most tobacco products raised by 10-15%

🔰 Limited period compliance window (Sep 30th) for domestic taxpayers to declare undisclosed income. Declarations to have immunity from prosecutions.

🔰 CleanEnergy cess to be renamed as CleanEnvironment cess. To be increased from ₹200/ton to 400/ton on coal, lignite and peat.

🔰 Krishi Kalyan Cess to be imposed on all taxable services for the agricultural sector.

🔰 New dispute resolution scheme - taxpayer can settle cases by paying tax+interest. no penalty in cases where the dispute is less than ₹10 lakhs. 11 new benches for customs and service tax appeals tribunal.

🔰 Non-residents without PAN to get relief. Customs baggage rules for passengers to be simplified.

🔰 ₹19610 of net revenue gain from direct and indirect taxes

🔰 Removal of 13 different cesses with revenue collection less than ₹50 crores annually

💡 Sensex down 347 points.