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What if Kelkar proposals are accepted
BS Economy Bureau in New Delhi |
July 29, 2004
So what happens if the Kelkar tax proposals II are accepted and implemented by the government? Check out what happens to income tax, customs duties and excise duties. PERSONAL INCOME TAX Income level ------------------ Rate
Below Rs 1 lakh -----------------Nil
Rs 1-4 lakh ---------------20% in excess of income over Rs 1 lakh
Over Rs 4 lakh -----------Rs 60,000 plus 30% of income in excess of Rs 4 lakh - Tax rebate and deductions under Section 88, 80L, and 80CCC to be eliminated
- Eliminate all exemptions, do away with standard deduction
CORPORATE TAX CUSTOMS DUTY
Basic Customs duty to be cut to a three-rate structure of 5%, 8% and 10% (raw materials 5%, intermediate goods 8% and finished goods 10%) consumer durables 20%, motor vehicles 50%, specified agricultural products and demerit goods 150%, crude oil 5%, petroleum products 10%EXCISE DUTIES A new goods and service tax (GST) regime proposed, tax incidence of 20% States to be allowed to tax all services concurrently with the Centre Exemption for SSIs to be reduced from Rs 1 crore to Rs 40 lakh Area-based exemptions to be grandfathered
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