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New Delhi - On Monday India's Finance Minister Pranab Mukherjee unveiled Union Budget for 2009-10. Following are the key points of the tax policies and proposals incorporated in the Budget:
Tax Proposals
- Center's Tax-GDP ratio has increased to 11.5 percent in 2008-09 from a low of 9.2 percent in 2003-04. Share of direct taxes in the Center's tax revenues has increased to 56 percent in 2008-09 from 41 percent in 2003-04, reflecting sharp improvement in equity of our tax system.
- SARAL II forms to be introduced early.
- Structural changes in direct taxes to be pursued by releasing the new Direct Taxes Code within the next 45 days and in indirect taxes by accelerating the process for the smooth introduction of the Goods and Services Tax (GST) with effect from 1st April, 2010.
- Agreement has been reached on the basic structure of GST in keeping with the principles of fiscal federalism enshrined in the Constitution. Broad contour of the GST Model envisages dual GST comprising of a Central GST and a State GST.
Don't expect the expected from Dibakar Banerjee.
There is no proposal for government-run State Bank of India to take over any oth...
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