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   IndiaRubberDirectory.com > Knowledge Base > Union Budget 2006-2007

Highlights of

Union Budget 2006 - 07

in relation to Indian Rubber Industry

 

NDIRECT TAXES : 

Import Duties 

Additional duty of  Customs of 4% has been extended to cover all imported goods. 

Peak rate of Customs duty on non-agricultural products has been reduced from 15% to 12.5%. 

Customs duty has been reduced on Ethyl Vinyl Acetate from 10% to 5%. 

Customs duty has been reduced on Butyl Rubber from 15% to 10%. 

Excise Duties 

Excise duty has been reduced from 16% to 8% on Footwear of retail between Rs. 250 and Rs. 750 per pair. 

Abatement from Retail Sales Price for levy of Excised duty on Footwear of RSP exceeding Rs. 250/- and Rs. 750/- per pair has been reduced from 40% to 37% consequent to reduction in excise duty from 16% to 8%. 

Excise duty has been reduced from 16% to 8% on Heat resistant latex rubber thread. 

Excise duty has been fully exempted on Paddy de-husking rice rubber rolls. 

Excise duty of 16% has been imposed on Specified Goods meant for display in any fair of exhibition in India. 

Cess ondomestic petroleum crude oil increased from Rs. 1800 per tonne to Rs. 2500 per tonne.

 

Service Tax 

The rate of Service Tax is being increased from 10% to 12% (effective rate 12.24%) 

Service Tax imposed on ATM operations and Credit Card, Debit Card, Charge Card or other payment card related services. 

Direct Taxes : 

Income Tax 

No Change in personal or corporate rate of Income Tax. 

Minimum Alternate Tax (MAT) raised from 7.5% to 10%. 

Section 80C to cover fixed deposits of five years and more with a scheduled bank. 

Removed the limit of Rs. 10,000 in respect of contribution to Pension Fund u/s 80ccc, subject to the overall ceiling of Rs. 1,00,000. 

Changes in sections 54EC (Capital Gain) to restricted to two institutions i.e. National Highways Authority of India (NHAI) & Rural Electrification Corporation Ltd. (REC). 

Exemption available U/s 54 ED in respect of long term capital gains arising on sale of listed securities or units of mutual fund/UTI invested in eligible equity shares withdrawn. 

PAN to be made compulsory for some more transactions. 

Fring Benefit Tax (FBT) 

Valuation of tour and travel for FBT purpose reduced from 20% to 5%. 

Contribution to approved superannuation fund by employer, in excess of Rs. 1 lakh per employee, will attract FBT.


Union Budget 2004-2005

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