* Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal
* GST revenue will be received only for 11 months, that will have an effect on balance sheets
* Rs 21.57 lakh crores transferred as net GST to states as against projection of Rs 21.47 lakh crores
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* 85.51 lakh new tax payers filed income tax returns in FY17
* NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET
* Growth in direct taxes (till Jan 15) is 18.7 %
* 100% tax deduction is allowed to co-operative societies
* Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17
* Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices
* Senior citizens to get Rs 50,000 per annum exemption for medical insurance under Sec 80D
* Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh
* Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers
* Govt to reduce hardships faced in realty deals; no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration
* Rs 8,000 crore revenue lost due to standard deduction allowed to salaried employees
* Rs 7,000 cr revenue forgone on account of lower corporate tax for Rs 250 cr turnover cos
* Rs 19,000 cr revenue loss on direct tax in last fiscal
* LONG TERM CAPITAL GAINS EXCEEDING RS 1 L AKH WILL BE TAXED AT 10% WITHOUT INDEXING
* Short term capital tax remains at 15%
* A tax on distributed income at 10%
* Education cess increased to 4 pc from 3 pc to collect additional Rs 11,000 cr
Imports and Exports
* Customs Duty on certain products, such as mobile phones and televisions has been increased, to provide a fillip to ‘Make in India’
* Social welfare surcharge of 10% on imported goods.
* Central Board of Excise and Customs renamed as Central Board of Indirect Taxes and Customs
* The government’s emphasis will be on generating higher incomes for farmers, by helping them produce more with lesser cost, and in turn, earn higher income for their produce.
* Jaitley stressed on the fact that India’s agricultural production is at a record high level today. 275 million tonne foodgrains and 300 million tonne fruits and vegetable have been produced in the country.
* The FM said the government wants farmers to earn 1.5 times the production cost, and the Minimum Selling Price (MSP) for the Kharif Crops has been set at 1.5 times the produce price. Jaitley said the Centre will work with states to ensure that all farmer get a fair price.
* Agricultural market and infra fund of Rs 2000 crore fund will be set up to strengthen the market connectivity.
* A sum of Rs 500 cr will be allocated for Operation Green to be launched. It will promote agricultural products.
* Extend the facility of Kisan credit card to fisheries and for animal husbandry
* Rs 10,000 crore set aside for Fisheries and Aquaculture Development Fund
* Rs 10,000 crore set aside for animal husbandry infra fund
* Propose to launch a restructured bamboo mission with a fund of Rs 1200 crore . “Bamboo is green gold,” Jaitley said.
* Agricultural credit target increased from Rs 8.5 lakh crore to Rs 11 lakh core
* Special scheme to manage crop reduce in Haryana, Punjab and Delhi to reduce pollution
* 8 crore poor women will get new LPG connections.
* PM Saubhagya Yojana: 4 crore poor people will get power connection.
* The government will spend Rs 16,000 crore on this scheme.
* Govt plans to construct 2 crore toilets in next fiscal year under Swach Bharat Mission
* Government target house for all by 2022. 51 lakh houses have been constructed affordable houses in rural and further 50 lakh houses in urban areas.
* 1 cr houses to be built under Pradhan Mantri Awas Yojana in rural areas
* National livelihood scheme gets Rs 5,750 crore .
* In 2018-19, ministries will be able to spend Rs 14.34 lakh crores for creation of livelihood in rural areas.
* Govt gives Rs 9,975 crore for social security schemes for the next fiscal year.
* Govt to increase digital intensity in education. Technology to be the biggest driver in improving quality of education: FM Jaitley
* Rs. 1 lakh crore allocated to revitalisation and upgradation of education sector. Promoting learning based outcomes and research.
* By 2022, every block with more than 50 per cent ST population will have Ekalvya schools at par with Navodaya Vidyalayas
* Aims to move from black board to digital board schools by 2022.
* PM reasearch fellows: Govt will identify 1000 Btech students each years and provide them to do PHDs in IIT and IISc, while also teaching undergraduate students once a week at that time.
* Aayushman Bharat programme: 1.5 lakh centres will be set up to provide health facilities closer to home. Rs 1,200 crore to be allocated for this programme
* Flagship National Healthcare protection scheme, with approximately 50 crore beneficiaries. Up to Rs 5 lakh per family per year for secondary and tertiary care hospitalisation. World’s largest government-funded healthcare programme.
* Universal health coverage will be expanded after seeing the performance of the scheme
* Rs 600 crore allocated for tuberculosis patients, at the rate Rs 500 per month during the course of their treatment.
* Jaitley announces setting up of one medical college for every three parliamentary constituencies, with 24 New government medical colleges also being envisioned. Government also will work on upgrading hospitals to medical colleges
* PM Jivan Bhma Yojana has benefited 5.22 crore families
* Govt will expand PM Jan Dhan Yojana: Al 16 crore accounts will be included under micro insurance and pension schemes
* 1.26 cr accounts opened under Sukanya Samriddhi Scheme
* Social inclusion schemes for Scheduled Castes – Rs 52,719 crore
* Social inclusion schemes for Scheduled Tribes Rs 39,139 crore
* Rs 3,794 crore allocated to the MSME sector in the form of capital support and interest subsidy By 2022, every block with more than 50 per cent ST population will have Ekalvya schools at par with Navodaya Vidyalayas
* Rs 3 lakh crore target has been set for the Mudra Yojana
* Rs 4.6 lakh cr sanctioned under MUDRA Scheme
Petroleum/ Diesel Sector
* Excise on unbranded diesel cut by 2 rupees to 6.33 rupee/ltr
* Excise on unbranded petrol cut by 2 rupees to 4.48 rupee/ltr
* Govt will contribute 12% of the wages of new employees in EPF in all sectors for next 3 years
* Women contribution to EPF reduced to 8% for first 3 years
* India needs investment of Rs 50 lakh crore in the infrastructure sector
* Construction of new tunnel in Sera Pass to promote tourism
* Out of 100 smart cities 99 cities have been selected, with an outlay of Rs 2.04 lakh crore
* 10 prominent tourist sites will be made iconic tourist destinations, with an amalgamation of private funding, marketing and branding
* Bharatmala project: To develop 35,000 KM under phase 1 with an outlay of Rs 5.35 lakh crore
* Govt to introduce pay-as-you-use system for toll payments
* Railway capex has been pegged at Rs 1.48 lakh crore , up from Rs 1.31 lakh crore last year
* Eliminate unmanned railway crossing
* All stations with footfall of greater than 25,000 will have escalators.
* More stations and trains will progressively be built with WiFi and CCTV camera
* Govt to eliminate 4267 unmanned rail crossing in broad gauge in 2 years
* Allocates Rs 11,000 crore Mumbai rail network and Rs 17,000 crore for the Bengaluru metro
* 150 km of additional suburban railway networks to be set up in Bengaluru at the cost of Rs 17,000 cr.
* Airport Authority of India (AAI) has 124 airports. Propose to increase the number by at least 5 times 1 billion trips a year, Rs 60 cr has been allocated to kickstart the initiative
* UDAN Scheme to connect 64 unconnected airports across the country
* Govt to take additional measures to strengthen environment for venture capitalists and angel investors.
* SEBI to consider mandating large corporations to meet 1/4th of their debt needs
* SEBI to mull asking large cos to meet 25% debt from bond market
* RBI norms to nudge companies to access bond market for funds
* Allocation to Digital India scheme doubled to Rs 3073 cr
* 5 lakh WiFi HotSpots to provide Broadband access to 5 crore rural citizens, at the cost of Rs 10,000 cr.
* Government will take measures to stop cryptocurrency circulation, as it is not considered legal tender
* Government will explore the usage of Blockchain technology.
* AADHAAR FOR CORPORATES? Govt will evolve a scheme to assign a Unique ID for cos
* Disinvestment target of Rs 80,000 crore for FY19
* National Insurance Co, Oriental Insurance Co and United Assurance Co to be merged into one entity and subsequently listed
* Govt revises divestment target for the current fiscal to Rs 1 lakh crore for FY 18.
* Recapitalisation will pave the way for public banks to lend an additional Rs 5 lakh crore
* Rs 7,148 cr allocated for textile sector
* Emoluments for President set at Rs 5 lakh, Rs 4 lakh for Vice President, Rs 3.5 lakh for governors
* Emoluments for Parliamentrians: Law for increase in pay based on index to inflation
* Govt earmarks Rs 150 cr to commemorate 150 years of birth of Mahatma Gandhi
Vs 2014 Mr.Chidambaram Budget
Highlight55:No change in income tax rates.#
Highlight54:Populism is not our way of governance.#
Highlight53:Growth for next year should be 5 per cent.#
Highlight52:6 pc excise duty for all mobile phones.#
Highlight51:Soaps, TV, fridge to be cheaper now.#
Highlight50:Excise duty on SUVs reduced to 24%, on large cars to 20%.#
Highlight49:FM reduces excise duty on capital goods from 12% to 10%.#
Highlight48:Cars to be cheaper as FM proposes to reduce excise duty on automobiles. Excise duty on small cars, motorcycles reduced from 12% to 8%.#
Highlight47:Disappointed that we have not been able to introduce DTC.#
Highlight46:Focus on building up manufacturing capacity.#
Highlight45:Community radio to be promoted with Rs 100 crore.#
Highlight44:All taxes on exports to be waived for manufacturing sector.#
Highlight43:Rs 65,000 crore for fuel subsidies.#
Highlight42:Three more industrial corridors announced.#
Highlight41:Govt is dedicated to keeping Indian economy in robust health.#
Highlight40:CAD can only be addressed by foreign investment.#
Highlight39:Budgetary support to railways raised to 29,000 cr.#
Highlight38:Propose a moratorium period for some education loans.#
Highlight37:PSU banks got more than 25 lakh student loan accounts in 2013.#
Highlight36:Proposes Rs 11,200 crore for capital infusion in PSBs.#
Highlight35:Govt approves one rank one pay for retired jawans.#
Highlight34:Defence allocation for FY15 increased by 10 per cent.#
Highlight33:Plan expenditure at Rs 5 lakh 55,322 crore in 2014-15.#
Highlight32:Non-plan expenditure in 2014-15 estimated to be over Rs 10 lakh crore.#
Highlight31:Budgetary support to railways at Rs 29,000 crore in 2014-15.#
Highlight30:Over Rs 45000 cr allocated for scheduled caste sub-plan.#
Highlight29:Seven new airports under construction.#
Highlight28:Those at the bottom of the pyramid need Aadhar.#
Highlight27:Govt remains fully committed to Aadhar.#
Highlight26:50,000 MW of thermal power under construction.#
Highlight25:UPA’s growth story unparalleled.#
Highlight24:P Chidambaram promises 1 million jobs.#
Highlight23:FDI policy has been liberalised to attract larger investment.#
Highlight22:Foreign exchange reserves up by $15 billion.#
Highlight21:Reject the arguement of policy paralysis.#
Highlight20:Foodgrain production estimated at 263 million tons in 2013-14.#
Highlight19:Agriculture credit will cross $45 billion against $41 billion in 2012-13.#
Highlight18:296 projects worth Rs 6,60,000 crore cleared by Cabinet Committee on Investment by end January 2014.#
Highlight17:Growth needs to be more inclusive.#
Highlight16:Growth in Q3 and Q4 FY14 will be at least 5.2 per cent.#
Highlight15:Among emerging economies, rupee affected least.#
Highlight14:Two projects sanctioned under Nirbhaya Fund; original Rs 1,000 crore made non-lapsable; another Rs 1,000 crore granted.#
Highlight13:Agriculture GDP growth expected at 4.6 per cent in current year.#
Highlight12:National manufacturing policy is set to revive manufacturing in 2014.#
Highlight11:Construction underway for 50,000MW of conventional power.#
Highlight10:Over 29,000 MW of power capacity added during fiscal.#
Highlight9:Exports estimated at $326 billion in current fiscal.#
Highlight8:Exports have recovered sharply.#
Highlight7:Too many obsatcles in implementing projects.#
Highlight6:Core inflation at 3 per cent. Food inflation remains a key worry.#
Highlight5:CAD will be contained $45 million.#
Highlight4:Fiscal defict to be contained at 4.6 per cent.#
Highlight3:Challenges we face common to emerging economies.#
Highlight2:India not unaffected by events in global economy.#
Highlight1:Cabinet approves Interim Budget for 2014-15.#