In a mix of sops and imposts,the Union Budget today proposed a marginal raise in income tax exemption limit of Rs 20,000 but hiked service tax and standard excise duty by 2 per cent across the board to net an additional Rs 41,440 crore a year.
The Budget for 2012-13 presented by Finance Minister Pranab Mukherjee in the Lok Sabha,however,left corporate tax rate and peak customs duty unchanged while the import duty on gold bars and platinum and excise duty on cigarettes,bidis,pan masala and chewing tobacco were raised.
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