GST Plus - Get Daily updates,support, whatsapp Group & reply to GST Notices etc.!! Call : 011-411-70713 !!

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Budget 2008-09 highlights sector wise!!

Posted on 29 February 2008,    
 17514    Share  Report

P. Chidambaran presents his 7th Union budget and puts down the following points:


 


BASICS


 


GDP at present- 8.8%


 


Concern throughout- Inflation in Cheack is the cornerstone of the policy .


 


Capital Inflow needs to be managed


 


Govt, RBI to jointly take temporary steps to manage capital inflows


 


Capital inflows in excess of Economic Deficit.


 


Gross Budgetary Support F/y-09 Rs.2.4 Lakh crores


 


Education and Health:


 


Education,health allocation up by 20%


 


IIts to be set up in bihar,andhra pradesh and rajasthan


 


Health outlay up by 15%


 


3 IIsc’s to be set up in bhopal and trivandrum


 


Education 34,400 crore


 


Bharat nirman 31,281 crores


 


Sarva siksha 13,100 crores


 


Mid day meal 8,000 crores


 


Health outlay up by 15%


 


16 central universities to be set up


 


National rural health mission allocation up by 15%


 


2 national institutes for ageing


 


2 schools of planning and architecture.


 


Others:


 


Rajeev gandhi drinking water mission-7,300 crores


 


NREGS to be extended to all districts-16,000 crores


 


Planned Additional Rs.10,000/- Crore Capital expenditure.


 


Allocation of 100 crores to it ministry


 


ICDS allocation hiked to 6,300 crores


 


Minority outlay doubled


 


RS 540 crores for minority dominated districts


 


288 PSU branches to be set up in backward areas


 


RS 11,460 crores for women development schemes


 


Rs 500 crores for development of border areas


 


Urban renewal allocation plan up by 25%


 


Subvention payment to nuetralize -ve for PSU banks.


 


NELP-VII to attract $8bn investment


 


30 integrated textile parks to be set up


 


Provision for textile parks Rs.450/- crores


 


National highway Develpoment programme Rs.12,966 cr.


 


To introduce more reforms in coal sector


 


Rs. 800 bln for accelerated power reform.


 


PAN required for all financial markets


 


To start forex derivative markets


 


Rs.75 cr to Indian Cultural sector to uplift its presentation.


 


Defence allocation Rs. 1,05,000/- crore


 


Rs.50 cr tiger conservation authority.


 


 


Rs.624 cr for commonwealth games.


 


Fiscal Deficit-2.5%


 


 


 


 


Agriculture


 


Agricultural credit target at 2,80,000 crores


 


750 irrigation in fy-09 and 20 major projects


 


20 crores to tea research industry


 


north-east to get 15% more funds


 


Irrigation outlay up by 80%


 


For marginal farmers and small farmers upto 2 hectares complete loan waiver.


 


One time settlement scheme for all other farmers


 


Waiver amounts to Rs. 60,000/- crore


 


Agricultural loans restructured earlier will also be legible for complete waiver or relief as the case may be.


 


Loan waiver amounts to 4% of the total bank loans.


 


Waiver to benefit 4cr farmers-waiver to be completed by june 08.


 


 


INDIRECT TAXES


 


Customs:


 


Peak rate of custom duty stays at 10%


 


Few Bulk drugs custom duty down to 5%


 


Custom on steel scrap made 0.


 


Few IT hardware components exempted from customs duty


 


 


Excise


 


Pharmaceuticals to 8%


 


Buses 16% to 12%


 


Small cars 16% to 12%


 


2 wheelers- 16% to 12%


 


Excise duty slashed to 8% on water purification items


 


 


Direct taxes:


 


Personal taxes


 


Individual


 


upto 150000-nil


 


150001-300000-10%


 


300,001-500,000-20%


 


above 500,001-30%


 


Women:


 


upto 180,000-nil


 


Senior citizen:


 


upto 225,000- nil


 


No change in Corporate tax


 


No change in surcharge


 


Additional Rs.15,000/-deduction for 80 D in case an individual pays on behalf of his parent/parents medical insurance


 


Senior Citizen Saving Scheme 2004 and the Post Office Time Deposit Account


added to the basket of saving instruments under Section 80C of the Income Tax


Act.


 


 


STCG increases to 15%


 


Duty on non filter cigarettes to be raised


 


Introduction of commodity transaction tax


 


Five year tax holiday for hospitals from April 2008 - March 2013


 


Income Tax Act to be amended to provide that reverse mortgage would not amount


to "transfer"; and the stream of revenue received by the senior citizen would not be


"income".


 


Tax income arising from saplings or seedlings grown in a nursery exempted.


 


Business of production of seeds and manufacture of agricultural implements added


to the list of companies allowed weighted deduction of 150 per cent on any


expenditure on in-house scientific research.


 


Benefit of amortisation of certain preliminary expenses under Section 35D allowed


to assessees in the services sector.


 


Corporate debt instruments issued in demat form and listed on recognised stock


exchanges exempted from TDS.


 


Crèche facilities, sponsorship of an employee-sportsperson, organising sports events


for employees and guest houses excluded from the purview of FBT.



Comments


img

Trending Tags