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TIMES GUIDE TO INDIRECT TAX

Proposal:

Customs duty free allowance threshold in respect of jewellery for an Indian passenger residing abroad for over a year or a person who is transferring his residence to India has been revised from Rs 10,000 to Rs 50,000 for men and from Rs 20,000 to Rs 1,00,000 for women

Impact:

Non-Resident Indians (NRIs) residing abroad for over a year or foreigners transferring their residence to India will enjoy hassle-free immigration as they can import more jewellery resulting in customs duty savings of Rs 14,420 and Rs 28,840 for male and female passengers respectively.

Proposal:

Services by air conditioned restaurants not having licence to serve liquor shall now trigger an effective liability of 3.71%

Impact:

Dining out for a family of four costing Rs 1,500 will now be costlier by Rs 56

Proposal:

Basic excise duty on marble block increased from Rs 30 per sq metre to Rs 60 sq metre

Impact:

Households looking to upgrade to marble flooring for a 2-BHK with a carpet area of 1,000 sq ft will have to now pay an additional amount of approximately Rs 4,000

Proposal:

Basic customs as well as excise duty on SUVs increased from 75% to 100% and from 27% to 30% respectively

Impact:

Imported Porche Cayenne with ex-showroom price in the range of Rs 50 lakh could now be costlier by Rs 5 to 7 lacs approximately

Proposal:

Basic customs duty on set top boxes increased from 5% to 10%

Impact:

Imported HD/DVR set top boxes with market price of Rs 4,000 could now cost higher by Rs 4,175 or Rs 4,200

Proposal:

Basic excise duty on mobile phones priced above Rs 2,000 increased from 1.03% to 6.18%

Impact:

If you are planning to buy a Samsung Galaxy Grand costing Rs 21,500,you will have to pay at least Rs 700 more

Proposal:

Service tax on agreement to buy an under construction residential unit priced at Rs 1 crore or above or a unit having carpet area of 2000 sq ft or more has been increased from effective 3.09% to 3.71%

Impact:

Buying a house in upmarket Bandra,a Bollywood dominated suburb of Mumbai,costing Rs 3 crore will now be costlier by approximately Rs 1.86 lakh

Proposal:

Basic excise duty on cigarettes,cigars,cheroots and cigarillos increased by around 18-30 % from existing duty rates

Impact:

Injury to health by smoking will now be paralleled by injury to your pocket.One pack of 20 Classic Mild cigarettes costing Rs 120 could get costlier by Rs 8-10

Proposal:

Handmade carpets have been fully exempted from payment of basic excise duty

Impact:

Carpet worth Rs 10,000 could get cheaper by Rs 450-490.Price of daily use floor coverings made up of coir or jute that costed about Rs 300 could be cost less by Rs 15

Proposal:

Basic customs duty on yachts and similar vessels increased from 10% to 25%

Impact:

Buying the entry level yachts costing in the range of Rs 25 lacs could become expensive by approximately Rs 3.5 lakh

Proposal:

Basic customs duty on imported motor cycles having engine capacity of more than 800cc is increased from 60% to 75%

Impact:

Get set to pay approximately Rs 90,000 extra,if you want to buy new Harley Davidson cruiser costing Rs 12 lacs.

Proposal:

Service tax exemption on parking meant for general public withdrawn

Impact:

An additional 12.36% burden on parking charges will have to be borne while parking vehicles in malls,multiplexes,etc.The malls,multiplexes,offering parking at Rs 50 a day will now charge Rs 57 approximately.

Proposal:

Vocational courses offered by institutions approved by State Councils included within negative list for service tax ie no tax payable

Impact:

Courses like craftsman training schemes,apprentice program,health and para medicals,gaming and animation,hardware repairing,etc from approved institutions where the annual fee was previously Rs 55,000Rs 60,000 could get cheaper by Rs 6,000Rs 7,500.

Times of India, New Delhi, 01-03-2013