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Economy

Quirky Budget Facts

Waste Paper Has No Customs Duty. Apparently, our streets are not dirty enough, so we are providing a complete duty exemption for importing waste paper.

The Tax Cut for Keeping Bees. No, really. There is a tax deduction for investment in certain businesses – a cold storage chain (to keep farm food fresh longer), a cross-country oil pipeline, a hundred-bed-or-more hospital, slum redevelopment projects and so on. Among these honourable investments will now figure, after Budget 2012, an investment in the business of bee-keeping and the production of honey and beeswax.

No Service Tax for Cow Slaughter. Service Tax applies to everything except for 17 in a Negative List and 34 “exempt” services. In the list of exempt services is “Services by way of slaughtering of bovine animals”.

Just one of those days…

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