India Tax Payer - Forum

Posted: 25-03-2011

The Finance Minister after announcing the Budget and the Finance Bill says there should be an anticipated growth of 9 % in India. The investment rates are no lesser than 35 % and this can trigger the wanted development in FISCAL year 2012. The possible developmental aspect is manipulated to be in and around 9 %...

The budget design is a relaxation from huger levying whatever it struggles from the aspect of inflation. The tax rollback on the health care sector does show a good prospect until there isn’t another levying done where there are news stating that this operation is not going to be a constant relief.

Also concentrating on sectors that encounter higher and partially cut levies, India might come down considerably. Garments, textiles have a huger levying this time and that it has left retailers unhappy. Automobiles had partial cut on their levies which still doesn’t account to their production leading to an increase in the cost of their products. Banishing STPI isn’t a right move letting SMEs suffer higher taxations furthermore suspending the tax holiday procedure.

Food inflation, though cooled for a significant period does seem to have a sharp rise again over a shorter time. This time it is 10.05 % rather than an estimated 9.42% that dated a week back. Taking steps to bring down food inflation doesn’t seem to be credible this time. Comparative signs show that the food inflation stepped down from a steep as to what it was in the last six months.

The levying hike posed on the crude oil prices is one of the biggest perils all over the world. The fuel prices going up the ladder won’t come down. A lot of potentially disastrous events including the Tsunami, Libyan Crisis and the Fukushima Daiichi failure stand behind the hiking. The mid east doesn’t offer satisfyingly finer amounts of oil lifting the prices greatly. This year the country was expected to have 100 million tonnes of oil wherein there was no more than 67 % causing a scarcity of fuel. A barrel is priced around $115 now. The government denied the reduce of levying on petrol until there is a final proposal that restructures the taxation on fuel.

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