India Imposed a Ten Percent Surcharge
INDIA IMPOSED A 10% SURCHARGE ON CORPORATE AND UPPER INDIVIDUAL INCOME TAX RATES.
The proposal was included in the budget the Hindu nationalist government presented to parliament on February 27. The lower house approved the budget on April 22, notwithstanding the collapse of the ruling coalition, and the upper house was also expected to approve the budget without incident.
The government announced that it has granted “infrastructure status” to power transmission and distribution operations, making them eligible for the same 10-year tax holiday that applies to generating facilities. Such facilities will qualify for a 100% exemption from income taxes for five years and then a 50% reduction for another five years. The benefit is available during any 10-year period in the first 15 years after a project begins commercial operation.
The budget also reduced customs duties on LNG imports from 12% to 5%.