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Selected budget changes as approved in Parliament today

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§  The parliament has passed budget FY25 today with some changes in measures announced in the Budget speech of Jun 12, 2024.

§  Below are some key takeaways from the proposed changes in measures mentioned in the amendment document and announced by the Finance Minister.

§  Here are some key takeaways from the proposed changes in measures mentioned in the amendment document and announced by the Finance Minister.

§  Tax on hybrid Vehicles: The reduced rate of 8.5% and 12.75% for hybrid vehicles with engine capacity of up to 1800cc and between 1801-2500cc, respectively will continue. However, proposed amendments have limited this benefit till Jun 30, 2026.

§  FED on cement increased to Rs4/kg: In an unexpected move, where, news reports were quoting possible reversion of increase in FED on cement, the Finance Minister has proposed to further increase FED on cement from Rs3 per Kg to Rs4 per Kg.

§ One-year Extension to FATA PATA on sales tax: The government has extended sales tax benefits given to FATA PATA for one more year till 30th June 2025.

§  Exporters will pay normal corporate tax instead of 1%: The government has maintained its earlier stance of taxing export income at corporate tax of 29% + applicable super tax. Previously, exporters were paying 1% of export turnover which was full and final.

Courtesy – Topline Research

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