Finance (No.2) Act 2014

Abstract

Presenting the tax proposals on 10th July 2014 before the Parliament, the Finance Minister referred to the Revenue Collection Targets for Direct and Indirect taxes set by his predecessor as ambitious. Still, he proposed to retain these targets and hoped to achieve the same. In the field of Direct taxes, he chose to give away a sum of Rs.22,200 crores by way of relief to taxpayers. Reliefs were also announced with regard to customs duty. When it came to excise duties, the Finance Minister chose to mobilize resources by raising specific excise duties on cigarettes from 11% to 72%. Duties were also raised on Pan Masala to 55% and unmanufactured tobacco to 70%.