The budget
India’s latest budget, unveiled by Finance Minister P Chidambaram on 29 February, includes a number of tax provisions that impact businesses and individuals.
The budget had been expected to include significant changes to the Indian tax system, but these failed to materialize. The corporate tax rate remains unchanged at 30% and there have been no increases to surcharges and education levies. There has also been no extension to the tax holidays available to software technology parks, which some observers fear may result in a migration of such units to other countries.
A proposal was put forward to increase short-term capital gains tax from 10% to 15% for securities sold on Indian stock exchanges while a new commodities transaction tax could be introduced along the same lines as the current securities transaction tax. The budget also contained plans to eliminate banking cash transaction tax by 1 April 2009.
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The wrap is compiled by Nishith Desai Associates, a Mumbai-based law firm that provides legal and tax counselling. The authors can be contacted at nishith@nishithdesai.com. The wrap is designed to provide general information on key legislative and regulatory developments. Readers should not act on the basis of this information without seeking professional legal advice.
