Union Budget 2015: Key highlights

By admin February 28, 2015 8:43 am IST

• Enactment of Direct Tax code under consideration• 100 per cent deduction to contributions to Swachh Bharat funds: FM• Additional funds to be generated for Swachh Bharat and Clean Ganga: FM• Increase excise duty to 12.5 per cent: FM• Applicability of General Anti Avoidance Rule (GAAR) deferred by 2 years• Royalty fees on technical service to be reduced from 25 per cent to 10 per cent• Fiscal Deficit target to be 3.9 per cent in FY 2015-16 and Revenue Deficit to be 2.8 per cent in FY 2015-16: FM• Mentioning job creation as the second pillar of taxation proposals FM said that this will be ensured through revival of growth and investment and promotion of domestic manufacturing and ‘Make in India’• To rationalise the capital gain regime for the sponsors exiting at the time of listing of the units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) subject to payment of Securities Transaction Tax (STT) is proposed• Rate of corporate tax reduced from 30 to 25 per cent over the next 4 years: FM• As a measure of business facilitation time limit for CENVAT credit on inputs and input services to be increased from 6 months to one year.  • Service tax plus education cess is proposed to be increased from 12.36 per cent to 14 per cent to facilitate transaction to GST.• National Skill Mission to be launched, to develop employability of youth, especially below 25 years of age: FM• Eastern states need an extra boost. Special assistance to Bihar and WB: FM• Skill India needs to be closely connected with Make in India: FM• Five new ultra mega power projects to be set up• Total expenditure estimated to be Rs. 17,77,477 crore, fiscal deficit to be 3.9 per cent of GDP• Second unit of Kudankulam Nuclear Power station to be launched in 2016: FM• Proposed increased outlays on both the roads and the gross budgetary support to the railways, by Rs. 14,031 crore and Rs. 10,050 crore respectively.• National investment and infrastructure fund proposed• PPP mode of infrastructure development has to be revisited and revitalised: FM• Tax free infrastructure bonds for projects in rail, road and irrigation sectors• Govt provides Rs 5,300 cr to support micro irrigation • Minimum government and maximum governance to improve the ease of doing business: FM • Job creation through revival of growth and investment and promotion of domestic manufacturing and ‘Make in India’: FM

Advertising

Your future advertising space? Our media data