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Feb 28, 2015

FM presents Union Budget in Lok Sabha

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Union Budget in Lok Sabha
Finance Minister Arun Jaitley presented the second Union Budget of NDA coalition government in Lok Sabha today. He reached Lok Sabha ten minutes earlier and met all the opposition leaders in the lower house.

As usual, the budget presentation started at 11 am by the minister. In his address, finance minister said that Indian economy has been one of the fastest growing economies in the world. The economy is likely to achieve the growth rate of 8 per cent in the current fiscal year. Highlighting the macro economic data, the minister said that headline inflation has been moderating and the fiscal deficit declining as well. However, manufacturing sector is the major concern for the economy, but the good news is that, it is revived from the negative steam and moving up. 

Minister praised the government’s policies – Jan Dhan Yojna, Swatch Bharat and Mahatma Gandhi Rural Employment Gurantee Scheme. In the budget, Rs. 5,000 crore additional allocation has been made for MGNREGA.

Other Highlights:

  • Abolition of Wealth Tax.
  • Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
  • Rate of corporate tax to be reduced to 25% over next four years.
  • No change in tax slabs.
  • Total exemption of up to Rs. 4,44,200 can be achieved.
  • 100% exemption for contribution to Swachch Bharat, apart from CSR.
  • Service tax increased to14 per cent.
  • Rs. 25,000 crore for Rural Infrastructure Development Bank.
  • Rs. 70,000 crores to Infrastructure sector.
  • AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.
  • Centre of film production, animation and gaming to come up in Arunachal Pradesh.
  • IIM for Jammu and Kashmir and Andhra Pradesh.
  • Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.
  • DBT will be further be expanded from 1 crore to 10.3 crore.
  • Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi, Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new tourism scheme.
  • Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to “adverse tax consequences.”


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