Union Budget: No change in corporate tax rates

NEW DELHI: Finance Minister Pranab Mukherjee chose to leave corporate tax rates unchanged in the Budget for 2012-13.

He added that corporate market reforms will be initiated by the government.

As expected, the finance minister announced that there will be a tax on all services except those 17 items in the negative list. Some infra constrcution services exempt from service tax. Service tax raised to 12% from 10%.