Budget 2010 and its Impact on Real Estate sector

Real Estate sector which is slowly coming out of the Mid 2008 slump, has received good support from Union Budget 2010-11. While the budget has encouraged affordable housing below Rs 20 lakhs with 1% interest subvention for housing loan upto 10 lakhs and extension of  benefits available under section 80IB by one more year, extension of some services are extended so as to bring under service tax impacting the industry in difficult times.

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Service tax notification exempting taxable service provided in relation to transmission of electricity

Notification No. 11/2010-Service Tax, New Delhi, the 27th February, 2010

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable service provided to any person,

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ST notification seeking to exempt the taxable service provided by a Central or State Seed Testing Laboratory and Central or State Seed Certification Agency notified under Seeds Act, 1966

Seeks to exempt the taxable service provided by a Central or State Seed Testing Laboratory and Central or State Seed Certification Agency notified under Seeds Act, 1966 from technical testing and analysis services and technical inspection and certification service.

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Service tax circular amending rule 3 of Export of Services Rules, 2005 to change the category of certain services from one to the other

Notification No. 06/2010-Service Tax, New Delhi, the 27th February, 2010

G.S.R. -(E).- In exercise of the powers conferred by section 93 and of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government, hereby makes the following rules further to amend the Export of Services Rules, 2005, namely :-

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Service Tax notification seeking to rescind Notification No. 01/2000 dated 09.02.2000

Notification No. 05/2010-Service Tax, New Delhi, the 27th February, 2010

G. S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India

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Custom duty relief for importing digital films: Budget 2010-2011

The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for duplication or distribution in electronic medium and in cinematographic film. Henceforth custom duty would be charged only on the value of the carrier medium.

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Special Economic Zones approved in States

In addition to the Seven Central Government SEZs and 12 State/ Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval have been accorded to 571 proposals out of which 348 SEZs have been notified. A total of 105 SEZs are already exporting.

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Expectations from Budget 2010-2011

Introduction: On February 26’ 2010, the Finance Minister Mr. Pranab Mukherjee will present the Union Budget in the Parliament. Everyone is awaiting the announcement of Budget to see that their interest has been taken care of. There is a lot of speculation about the Budget as everyone has expectations from the same. In this Article we are discussing the expectations of the Trade and Industry from Budget 2010-11 relating to the field of Indirect Taxation.

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