Interviews
FM presents Union Budget; textiles sector to benefit from duty cut
28 Feb '11
3 min read
• Tax benefit for investment in long term infrastructural bonds will continue for one more year. Income from foreign subsidiaries of Indian Company will now attract a lower tax of 15 per cent tax on dividends.
• Turning to indirect tax, the finance Minister said that there are 370 items that enjoy the exemption from Central Excise Duty but are chargeable to VAT. He proposed to withdraw the exemption on 130 of these items. The remaining 240 items would be brought into the tax net when GST is introduced.
• Turning to indirect tax, the finance Minister said that there are 370 items that enjoy the exemption from Central Excise Duty but are chargeable to VAT. He proposed to withdraw the exemption on 130 of these items. The remaining 240 items would be brought into the tax net when GST is introduced.
Ministry of Finance
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