ECONOMIC LAWS PRACTICE
ADVOCATES & SOLICITORS
Union Budget 2011
An Analysis of Tax Proposals
2
Foreword
Dear All,This year was a watershed year for Tax Policy and Legislation in India, with definitive stepsbeing taken towards complete revamping of both Direct and Indirect Taxes in the country.Infact, as we move to the DTC and the GST by 1st April 2012, the current Budget could wellbe the last of the budget exercises, as we have known them till date.As regards DTC there is continuous affirmation of its introduction by 1st April, 2012. Postthe exercise, by the Parliamentary Sub-Committee the final frame work of the DTC will bepublicly available over the next few months. There are critical Legislative and Policyformulations yet to emerge, such as, the GAAR provisions and the Safe Harbour provisions.The challenges as to GST are clearly more enhanced, as the process involves the Centreand the States. Significant work has been done, but, what remains to be done is even moresignificant. Key milestones going forward will be Constitutional Amendment, the formationof the GST Council and the formation of the dispute settlement mechanism.In the interim, significant changes have been made to the CENVAT credit provisions, whichwill more immediately impact the industry.At ELP, in our continued endeavor to bring you value, we have set out the accompanyingdetailed analysis of the Budget.We look forward to your comments and questions.Warm Regards,Rohan ShahManaging PartnerEconomic Laws PracticeDate: February 28, 2011
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CONTENTS
FOREWORD ................................................................................................................... 2
CHAPTER 1 – BUDGET HIGHLIGHTS .......................................................................... 4
CHAPTER 2 - SERVICE TAX ......................................................................................... 8
Service tax net widened – 2 New Services Introduced 8
Scope of Existing Services Enlarged/Amended 10
Key Legislative Changes 16
CHAPTER 3 – EXCISE DUTY ...................................................................................... 29
Legislative Changes 29
Changes in Rate of Excise Duty 34
CHAPTER 4 – CUSTOMS DUTY ................................................................................. 39
Legislative Changes 39
Changes in Rate of Customs Duty 49
CHAPTER 5 - CENVAT CREDIT RULES, 2004……………………………………………
56
CHAPTER 6 – DIRECT TAXES .................................................................................... 61
Transfer Pricing 63
LLP 66
Key Amendments 67
Income Tax rates 71
BANKING, FINANCE AND INFRASTRUCTURE UPDATE ......................................... 73
GLOSSARY OF TERMS ............................................................................................... 78
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