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KARNATAKA STATE BUDGET 2012 -13

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HIGHLIGHTS OF TAX PROPOSALS
Commercial Taxes · Commercial Taxes collection for 2011-12 also is likely to exceed the target fixed. · Target of Rs 26,700 crores expected to surpass by at least Rs 500 crores. · More than 80% of the tax collections through electronic mode. Attempts to achieve 100% payment through emode.
Value Added Tax Reliefs: · Tax exemption on paddy, rice, wheat, pulses and products of rice and wheat continued for one more year from April, 2012. · Tax reduction on ready to cook chapathi and parota reduced from 14 per cent to 5 per cent. · Tax reduction on un-ginned raw cotton from 5 per cent to 2 per cent. · Tax reduction on dry chillies from 5 per cent to 2 per cent and revision of Central Sales Tax on inter-State sales from 1 per cent to 2 per cent. · Tax reduction on surgical footwear from 14 per cent to 5 per cent. · Tax exemption on Braille watches. · Tax reduction on black boards from 14 per cent to 5 per cent. · Tax reduction on jewellery and articles of gold and other noble metals, precious and semi-precious stones from 2 per cent to 1 per cent. · Tax reduction on works contract of manufacture of readymade garments and embroidery work from 14 per cent to 5 per cent. · Tax reduction on furnace oil sold to foreign going vessels from 14 per cent to 1 per cent. · Tax reduction on naphtha from 14 per cent to 5 per cent. Additional Resources Mobilization Measures · Levy of VAT at 5 per cent on beedies. · Levy of VAT on cigarettes and other tobacco products from 15 per cent to 17 per cent. · Levy of VAT at 5 per cent on plastic woven fabrics.
Central Sales Tax Rationalization Measures: · Revision of Central Sales Tax on inter-State sales of dry chillies from 1 per cent to 2 per cent. Sales Tax Relief: · Reduction of Sales Tax on Diesel by 1.25 per cent point – reduction of tax rate from 18% to 16.75%. · Reduction of sales tax on High Flash High Speed Diesel sold to foreign going vessels from 18 per cent to 1 per cent. Luxury Tax: Additional Resource Mobilization Measures: · Levy of tax at 10 per cent on luxuries provided in temporary structures operating as marriage halls. · Levy of tax at 10 per cent on luxuries provided in seminar halls, conventional halls and others. Agricultural Income Tax Relief: · Tax exemption to partnership firms.
Central Sales Tax Rationalization Measures: · Revision of Central Sales Tax on inter-State sales of dry chillies from 1 per cent to 2 per cent. Sales Tax Relief: · Reduction of Sales Tax on Diesel by 1.25 per cent point – reduction of tax rate from 18% to 16.75%. · Reduction of sales tax on High Flash High Speed Diesel sold to foreign going vessels from 18 per cent to 1 per cent. Luxury Tax: Additional Resource Mobilization Measures: · Levy of tax at 10 per cent on luxuries provided in temporary structures operating as marriage halls. · Levy of tax at 10 per cent on luxuries provided in seminar halls, conventional halls and others. Agricultural Income Tax Relief: · Tax exemption to partnership firms.
Excise Excise Department to surpass the target of Rs. 9,200 crores by over Rs. 300 crores and reach Rs 9,500 crores during 2011-12. KSBCL profit margin to be reduced to 0.5% and the difference to be merged with the Additional Excise Duty. Additional Excise Duty on IML to be increased by 7.5% to 10% on the 17 slabs. The 17 slabs of the Declared Price are being restructured with an increase of Rs 25. Additional Excise Duty on Beer & Low Alcoholic Beverage to be increased by 7.5%. A volume growth of 7% to be achieved in liquor sales and a revenue target of Rs 10,775 crores is set for 2012-2013. The pre-condition of possessing a licence for obtaining Micro Brewery licences to be relaxed and licences to be issued for independent Micro Breweries. To meet the demand of farmers cultivating Bangalore blue grapes, provision to be made for selling fortified wine in wine Taverns and Boutiques after reducing the alcohol strength from 24% volume by volume to 16% volume by volume and fixing the fruit wine content to a minimum of 7% volume by volume. Existing additional excise duty on fruit wine to be reduced by 50%.
Stamps and Registration Reduction in the stamp duty from 6 to 5% on conveyance/sale deeds. Levy Stamp Duty at 1% (subject to a maximum of Rs 15 lakhs) on the market value of the property in respect of Joint Development Agreement and Power of Attorney thereof. On documents relating to any Pawn and Pledge stamp duty to be reduced to 0.1%. On Bonds stamp duty to be reduced to 0.5%. Levy of stamp duty at 0.1% in respect of agreements relating to advertisement for business development, granting of exclusive rights of telecasting/broadcasting of programs and assignment of Intellectual Property Rights. Stamp duty of Rs. 100/- being levied on Customs bond to be extended to Excise bond. “Currencies” to be included under the “Brokers’ Note” along with Goods or Commodities. In respect of agreements relating to Works Contract the stamp duty to be levied at 0.01% subject to a maximum of rupees five lakhs. In respect of partnership deeds, the minimum slab of capital and the stamp duty payable thereon to be increased.
Motor Vehicle Taxes Life time tax at 15% instead of existing quarterly tax, to be levied on Motor cabs costing more than Rs 10 lakhs. Motor Vehicle Tax collection expected to be Rs. 3350/- Crores during 2012-13.
Source: NBTVLIVE

Property Listings

Apartments, Flats and Property for Sale in Bangalore

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A well-built East facing 3 bedroom(s) Unfurnished flat available for sale at BREN PALMS, Kudlu Gate in Bangalore. The flat is Ready to..
May 20, 2017
The Grass Will Always Be Greener On Your Side. And the joy of discovery will be at every turn. The freshest mornings will only be outdone by the..
May 20, 2017
The Grass Will Always Be Greener On Your Side. And the joy of discovery will be at every turn. The freshest mornings will only be outdone by the..
May 20, 2017
The Grass Will Always Be Greener On Your Side. And the joy of discovery will be at every turn. The freshest mornings will only be outdone by the..
May 20, 2017
The Grass Will Always Be Greener On Your Side. And the joy of discovery will be at every turn. The freshest mornings will only be outdone by the..
May 19, 2017
Bren Woods is located in Bangalore and comprises of thoughtfully built Residential Apartments. The project is located at a prime address in the..
May 19, 2017
Bren Woods is located in Bangalore and comprises of thoughtfully built Residential Apartments. The project is located at a prime address in the..
May 18, 2017
A well-built East facing 3 bedroom(s) Unfurnished flat available for sale at BREN PALMS, Kudlu Gate in Bangalore. The flat is Ready to..
May 18, 2017
A well-built East facing 3 bedroom(s) Unfurnished flat available for sale at BREN PALMS, Kudlu Gate in Bangalore. The flat is Ready to..
May 17, 2017
The property offers amenities like Fire Safety, Solar power, Garbage chute, Jacuzzi, Kids pool, Lobby area, Plantation Avenue, Water treatment,..
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Spread over 6.9 acres of land and comprising of 3 Blocks, SOBHA CLASSIC is strategically located off Sarjapur Road, Bangalore and offers close..
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Flat for rent in Haralur Road near Kudlu(AECS Layout). East facing 2BHK (1235sq.ft) flat for rent. It is situated on the main road(Haralur Road)..
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As my office is far from Flat, planning to..
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LEASE OR RENT Near Manyath tech park brand new 2b/r multistory apartment with swimming pool, gym party hall, power backup, car..
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Rent - 2 BHK Flat In Kaggadasapura. Available 2 BHK Flat for Rent in..
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Rent - 2 BHK Flat In Kaggadasapura. Available 2 BHK Flat for Rent in..
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