Household budgets likely to be hit due to 2% gain in service tax and excise tax.

By bne IntelliNews April 3, 2012
Indian household budgets are likely to be adversely hit owing to the 2% gain in service tax and excise duty contained in the budget for the new fiscal year for 2012-2013. As reported by Indo-Asian News Service, the service tax has been increased to 12% with effect from April 1, this year as compared to a 10% rate maintained earlier. The government targets to accrue additional revenue worth INR 18,600cr through the 2% increase in the service tax. The increase in excise duty to 12% as compared to 10% preserved earlier is further expected to result in higher prices of household items such as processed foods, beauty products and kitchen appliances. Gain in other indirect taxes such as customs, excise and import duties is likely to have an adverse impact on the household budgets as well.

Related Articles

Hong Kong's composite interest rate registered 0.25% in February

Hong Kong's composite interest rate declined 3 basis points (bps) registering 0.25% in February this year. As reported by News.gov.hk, the decrease in the composite rates was due to the decline ... more

Thailand's government expected to promote export-oriented SMEs.

Thailand's government is likely to offer financial support for export-oriented small- and medium-sized enterprises (SMEs) and the indigenous industry, resulting in an increase in volume and value ... more

Small companies concerned about various government incentive schemes.

Singapore's small businesses are expected to be having concerns regarding the new and diverse government incentive schemes, which were announced in the recent Budget. As reported by ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss