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Interim Union Budget 2014-15 Tax Proposal

1) The Interim Union Budget of India for 2014-2015 was presented on February 17, 2014 by Finance Minister P. Chidambaram, leaving direct taxes unchanged but reducing some indirect tax rates. 2) President's rule was imposed in Delhi on February 17, 2014 after Chief Minister Arvind Kejriwal resigned. 3) India will host the World Bridge Championship in October 2015.

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19 views2 pages

Interim Union Budget 2014-15 Tax Proposal

1) The Interim Union Budget of India for 2014-2015 was presented on February 17, 2014 by Finance Minister P. Chidambaram, leaving direct taxes unchanged but reducing some indirect tax rates. 2) President's rule was imposed in Delhi on February 17, 2014 after Chief Minister Arvind Kejriwal resigned. 3) India will host the World Bridge Championship in October 2015.

Uploaded by

lulughosh
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Killa, a Marathi film on 17 February 2014 won the Crystal Bear (Glasernen Bar) for the best film

award by the Childrens jury in Generation Kplus section at the 64th Berlin International Film
Festival. The film has been directed by Avinash Arun.
Interim Union Budget 2014-15 Tax
Proposal
Interim Budget 2014-15 was presented in the Lok Sabha by Union Finance Minister, P
Chidambaram on 17 February 2014. This was the 83rd budget of the Union Government and
9th personal budget by Chidambaram as Finance Minister. In the union budget 2014-15, the
Finance Minister left untouched the direct taxes.
Following changes in some indirect tax rates are proposed
States to partner in development so as to enable the Centre to focus on Defence, Railways,
National Highways and Tele-communication.
The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central
Excise Tariff Act is reduced from 12 percent to 10 percent for the period up to 30 June 2014.
The rates can be reviewed at the time of regular Budget.
To give relief to the Automobile Industry, which is registering unprecended negative
growth, the excise duty is reduced for the period up to 30 June 2014 as follows:
Category Percent
Small Cars, Motorcycle, Scooters and
Commercial Vehicles
from 12 to 8 percent
SUVs from 30 to 24 percent
Large and Mid-segment Cars From 27/24 to 24/20 percent
It is also proposed to make appropriate reductions in the excise duties on chassis and
trailors. The rates can be reviewed at the time of regular Budget
To encourage domestic production of mobile handsets, the excise duties for all categories of
mobile handsets is restructured. The rates will be 6 percent with CENVAT credit or 1 percent
without CENVAT credit.
To encourage domestic production of soaps and oleo chemicals, the custom duty structure
on non-edible grade industrial oils and its fractions, fatty acids and fatty alcohols is
rationalized at 7.5 percent.
To encourage domestic production of specified road construction machinery, the exemption
from Counter Vailing Duty (CVD) on similar imported machinery is withdrawn.
A concessional custom duty 5 percent on capital goods imported by the Bank Note Paper
Mill India Private Limited is provided to encourage domestic production of security paper for
printing currency notes.
The loading and un-loading, packing, storage and warehousing of rice are exempted from
Service Tax.
The services provided by cord blood banks are exempted from Service Tax.
President of India on 17 February 2014 imposed Presidents Rule in Delhi after accepting the
resignation of Arvind Kejriwal, the Chief Minister of Delhi. This information was published in a press
release by Lt Governor Najeeb Jungs office.

World Bridge Championship for Bermuda Bowl (men) and Venice Cup (women) will be hosted by
India for the first time in October 2015.

Pranab Mukherjee, the President of India on 15 February 2014 presented the International Gandhi
Award for the year 2013 to Dr. Vijaykumar Vinayak Dongre (VV Dongre) and Prof. Guocheng Zhang
at Rashtrapati Bhawan, New Delhi. They were awarded for making outstanding contributions in the
field of leprosy to eradicate the disease through treatment, training and research.

Purushottam Express will become the first train in India to be attached with a Braille-embedded AC
coach for visually-challenged passengers by the end of February 2014. Purushottam Express is a
superfast train running between Delhi and Puri.

China announced a plan to build the longest underwater tunnel of the World on 14 February 2014.
Water tunnel will be constructed beneath the Bohai Sea.

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