Government may unveil some tax reliefs tomorrow

The finance minister has said that he has received various representations from industry and other stakeholders for modification of some tax proposals

Some tax reliefs are proposed to be announced by finance minister Pranab Mukherjee tomorrow, amid demands from various Opposition parties to review service tax proposal for the housing sector in the Budget, reports PTI.

An indication about some tax reliefs was given by Mr Mukherjee while initiating the discussion on the Bill in the Lok Sabha today.

"I shall cover the reliefs we propose to grant in our response to the issues that are raised in discussions, in my reply,” the minister said.

The Finance Bill 2010-11, which deals with direct and indirect tax proposals, is scheduled to come up for passage tomorrow.

Mr Mukherjee said he had received various representations from industry and other stakeholders for modification of tax proposals.

“While some seek modifications to the existing proposals, others have urged for fresh reliefs,” he said.

Many members during the debate on the Bill had urged the government to withdraw the proposal to levy service tax on residential complexes having more than a dozen units.

They argued that such a tax would increase the cost of residential properties and make them beyond the reach of the common man.

The other important tax proposals which can be reviewed include increase in Minimum Alternate Tax (MAT), the portion of book profit that companies mandatorily pay as tax, from 15% to 18%.

The government, however, is not expected to oblige the Opposition which has been demanding rollback of levies imposed on petrol and diesel in the Budget unveiled in the House on 26th February.
 

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