When the new “Negative List” based system of service of Service Tax came into vogue with effect from 1-7-2012 not many amendments were anticipated in the future budgets. But this is not a case, as we go through the budget 2013.
The Union Budget for 2013-14 aims at ‘higher growth leading to inclusive and sustainable development.’ With this, the Union Finance Minister Shri P Chidambaram has sought to increase allocation to key areas and provide incentives for investments and savings while containing the fiscal deficit to 4.8% of GDP. Presenting the Union Budget in Parliament on 28 February 2013, The Finance Minister expressed the hope that the India would achieve high economic growth despite slowdown in the global economic growth”.
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