Union Budget 2015 India Highlights
12.33 p.m.: The Finance Minister tables the Union Budget, Statement of Receipts and Expenditure and the Finance Bill in Parliament after completing his speech.
12.32 p.m.: DTC – No merit in going ahead with Direct tax Code as it exists today. Net impact of tax proposals Rs. 15,068 crore.
12.31 p.m.: Yoga – included under charitable activites.
12.30 p.m.: Indiviual taxpayer can get benefits up to Rs. 4,44,200.
12.29 p.m.: Transport allowance exemption to be increased to Rs. 1,600 per month.
12.28 p.m.: Rs. 50,000 contribution to new pension scheme. “To make India a pensioned society.”
12.27 p.m.: Additional deduction of Rs. 25,000 for differently abled persons.
12.26 p.m.: Increase in limit of deduction of health insurance premium of Rs. 15,000 to Rs. 25,000. For senior citizens, limit will be Rs. 30,000. Very senior citizens – Rs. 30,000 deduction on expenses incurred.
12.25 p.m.: 2 per cent cess on services for Swachch Bharat.
12.24 p.m.: 100 per cent deduction for contribution to Swachch Bharat and Clean Ganga schemes.
12.23 p.m.: Service Tax rate increased to 14 per cent.
12.22 p.m.: Educational cess and higher educational cess to be subsumed as a part of GST.
12.19 p.m.: Wealth tax – Rs. 1,008 crore in 2013-14. Wealth tax to be abolished and replaced with a super-rich tax for those with income of over Rs. 1 crore.
12.17 p.m.: Basic custom duty rate reduced for 22 items.
12.16 p.m.: GAAR – applicability to be deferred by two years.
12.15 p.m.: Allocation for renewable energy
Finance minister Arun Jaitley presented the first full-year Budget of Prime Minister Narendra Modi’s government on Saturday.
Here are the highlights of the Union Budget 2015:
* Fiscal deficit seen at 3.9 pct of GDP in 2015/16
* Will meet the challenging fiscal target of 4.1 pct of GDP
* Remain committed to meeting medium term fiscal deficit target of 3 pct of GDP
* Current account deficit below 1.3 percent of GDP
* Jaitley says have to keep fiscal discipline in mind despite need for higher investment
* GDP growth seen at between 8 pct and 8.5 pct y/y
* Aiming double digit growth rate, achievable soon
* Expects consumer inflation to remain close to 5 percent by March, opening room for more monetary policy easing
* Monetary policy framework agreement with the RBI clearly states objective of keeping inflation below 6 percent
* Propose to create a universal social security system for all Indians
* Propose to merge commodities regulator with SEBI
* Allocates 346.99 billion rupees for rural employment guarantee scheme in 2015/16
* To bring a new bankruptcy code in 2015/16
* Jaitley says will move to amend the RBI act this year, and provide for a monetary policy committee
* To set up public debt management agency
* Expects to implement goods and services tax by April 2016
* Plans to introduce direct tax regime that is internationally competitive on rates without exemptions
* Investment in infrastructure will go up by 700 bln rupees in 2015/16 over last year
* Plans to set up national investment infrastructure fund
* Proposes tax-free infrastructure bonds for projects in roads, rail and irrigation projects
* Proposes 5 ultra mega power projects for 4,000 MW each
* Second unit of Kudankulam nuclear power station to be commissioned in 2015/16
* Will need to build additional 100,000 km of road
* Ports in public sector will be encouraged to corporatise under Companies Act
* If revenue improves, hope to raise budgeted allocations for rural job scheme by 50 billion rupees in 2015/16
* We are committed to subsidy rationalisation based on cutting leakages
Finance minister’s comments
* “The world is predicting it’s India’s time to fly”
* “We inherited a sentiment of doom and gloom. The investment community had almost written us off. We have come a long way since then.”
* “We have turned around the economy, dramatically restoring macroeconomic stability and creating the conditions for sustainable poverty elimination, job creation, durable double digit economic growth.”
* “While being mindful of the challenges … this gives us reason to feel optimistic.”
* “Domestic and international investors are seeing us with renewed interest and hope.”
Budget 2015 Live Exclusive by Arun Jaitley
Budget 2015 of India Highlights Exclusively Live on our website! Finance Minister Arun Jaitley has just announced Budget 2015 for India live on Television. here is the followinghighlight of Budget 2015 in India.
Finance Minister Arun Jaitley today announced that his government would set up institutes on the lines of AIIMS or the All India Institute of Medical Sciences in five states, Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
Bihar will also have a second institute modelled on AIIMS, Mr Jaitley said in his budget.
“Keeping in view the need to augment medical services in Bihar, I propose to set up another AIIMS like institution in the state,” he said.
Bihar will go to polls later this year. After its sterling performance in the May national election, the BJP hopes to win big in the state that is currently ruled by its ally turned rival Janata Dal United.
Polls will also be held in the next two years in states like Assam, Punjab and Himachal Pradesh
Currently only Delhi has an AIIMS hospital – which is one of the country’s premier research and referral hospitals – and it caters to thousands of patients who come from all over the country.
Mr Jaitley also announced more IITs and IIMs, which are counted among the world’s top engineering and management institutes.
Another Indian Institutes of Technology or IIT will be set up in Karnataka and Indian Institutes of Management (IIMs) will be set up in Jammu and Kashmir and Andhra Pradesh.