Income Tax
Union Budget Proposes to Hike MAT to 18%
While increased allocation for the power sector may trigger new investment opportunities for engineering contracts, the lift in the minimum alternative tax rate is expected to extend an impact on profitability of companies involved in the business of power generation, distribution and transmission.
The Union Budget has announced a hike in MAT to 18% from 15%, a move that is revealed to significantly raise the tax burden of corporate entities.
States want higher GST rate, implementation further delayed
States and the Centre want different rate of the proposed Good and Services Tax (GST) and thus its implementation is likely to be further delayed beyond April 1, 2010.
Indian Tax Payers Relieved as Tax to be Reduced by 25-30% after introduction of GST
The tax burden is all set to be reduced. The Government today announced that tax would come down by 25-30% from the next financial year.
P V Bhide, the Revenue Secretary said that the tax payers would be substantially relieved, as the burden of tax would be pulled down by around 25-30%, after GST comes in starting 1 April 2010. He also said that GST will enhance the competitive edge of both the manufacturing and services industries.
Marginal 3.7% Hike in Direct Tax Recorded for First 8 Months of Fiscal Year
Despite the speedy recovery of the economy and strong quarterly growths, the Government's direct tax collections have recorded a mere 3.7% rise to Rs. 1.83 lakh crore in the current fiscal year's first 8 months, as compared to the same time last year.