Budget Highlights - 15


Posted on 28th Feb 2015 01:25 pm by mohit kumar

* Wealth Tax to be abolished and additional two percent tax on super rich to yield Rs.9,000 crore annually

* Excise duty on footwear with leather uppers to be reduced to six percent

* Service tax and education levy to be consolidated from 12.36 percent to 14 percent

* Swachh Bharat cess of two percent, if necessary

* Law against Benami property in fight against black money

* Quoting PAN essential in property transactions

* Splitting of transaction not to be permitted



* Tax regime to be rationalised



* Applicability of General Avoidance Rules (GAR) to be deferred by two years in view of problems faced in its implementation



* Non-Plan expenditure in 2015-16 estimated at 1,312,200 crore; Plan expenditure estimated at Rs.465,277 crore



* Tax collection in 2015-16 estimated at Rs.1,449,490 crore



* Corporate tax to be reduced to 25 percent from 30 percent in four years



* Rigorous imprisonment of up to 10 years for concealing income



* Prevention of Money Laundering Act to be amended to provide for forfeiture of property in India if the one abroad cannot be attached



* Exemption to individual tax payers to continue



* In last nine months several steps taken to effectively deal with problem of black money



* Comprehensive new law to be brought against black money



* New structure to be put in place in banking sector for seamless integration of data



* Adequate provision for defence with Rs.246,727 crore earmarked this year



* Fully IT-based student-help facility for needy students



* Eastern states to be given opportunity to develop faster. Special boost to Bihar and West Bengal as in the case of Andhra Pradesh and Telangana



* Good progress in DMIC corridor and other infra-projects. Rs.1,200 crore earmarked and additional funds if pace of work picks up on ongoing projects



* Procurement law to be drawn up to ensure transparency and remove corruption



* Centenary of Deen Dayal Upadhyay to be celebrated; committee for this to be set up soon



* During 2015-16 AIIMS-like institutes to be set up in Jamu and Kashmir, Punjab, Tamil Nadu and Himachal Pradesh; Bihar to get second AIIMS-like institution



* Karnataka to get an IIT; Indian School of Mines in Dhanbad to be upgraded to IIT



* Good progress being made on Digital India



* To discourage transactions in cash, Rupee debit card to incentivise credit transactions



* In line with 'Act East Policy', steps to catalyse investment in this sector through a project development company to oversee investments in Cambodia, Laos and Vietnam



* Tourism has increased after Visa on Arrival introduced for 43 countries. This facility to be increased to 150 countries in different stages



* Public Debt Management Agency to be created to strengthen the bond market



* Gold Monetisation Scheme to be introduced; sovereign gold bonds to be introduced; working on developing Indian gold coin with Ashok Chakra on face



* Vision of making India cashless society



* Foreign Investment in alternative investment funds to be permitted



* Ports in public sector to be encouraged to utilise land under their control



* Make India investment-destination by streamlining permission procedures



* Five ultra-mega power projects each of 4,000 MW to be set up



* MGNREGA allocation to be enhanced by Rs.5,000 crore, if additional funds available



* Integrated education and livelihood scheme to be launched



* "The Everlasting Flame" exhibition on Parsis to be launched



* National investment and infrastructure fund to be launched with corpus of Rs.20,000 crore to generate more funds



* Innovation initiative to be launched in NITI Aayog in the name of former prime minister Atal Bihari Vajpayee



* Government committed to increasing access of people to the banking system



* Universal social security system for all Indians, especially poor and disadvantaged sections



* Atal Pension Yojna for economically disadvantaged



* PPF and EPF corpus to be utilised for senior citizens' welfare fund



* Physical aids and assisting devices for physically challenged senior citizens



* Main challenges: increasing agricultural production; increasing investment in infrastructure; with manufacturing declining, Make in India will create jobs; cooperative federalism



* Agriculture credit targetted at Rs.8.5 lakh crore



* Rural jobs scheme to get Rs.34,699 crore; Every poor to get a job



* To work with NITI Aayog for creating a National Agricultural Market



* Need well-targeted system for subsidies.



* Direct transfer of subsidy to LPG consumers



* Appeal to well-off consumers to surrender subsidised LPG connections



* Organic farm schemes of agriculture ministry to be supported



* 'Per drop More crop' scheme for better irrigation



* Three achievements - Jan Dhan Yojna, coal auctions, Swachh Bharat



* Two more gamechanging reforms: Goods and Services Tax, JAM trinity (Jan Dhan Yojna, Aadhar, Mobile number) to ensure transparency



* Our achievement to conquer inflation, CPI inflation at five percent by year-end



* GDP growth at 7.4 percent in 2014-15 and at 8-8.5 percent in 2015-16; double-digit growth feasible



* We are in an economic environment far more positive than in the recent past



* Undertaken several significant steps to energise the Indian economy in last nine months



* India's chance to fly



* Budget proposals lay down roadmap for economic growth.

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