Today Finance minster Arun Jaitley presented Union Budget. There was nothing for common man.
Yoga exempted from Service tax and corporate tax reduced to 25%. So it is a win-win situation for Ambani's, Adani's and Yog guru Ramdev.
It was a budget for "Big Corporates". There was nothing special for "Middle Class Aam Aadmi" who was expecting revision in tax slabs and 80C limit.
I don't really understand the meaning of Make in India campaign. We are living in a country where IT sector brings $100 billion to India. Share of IT sector in India's GDP is 7.5% in 2012. FM gave an increase in service tax to small startups who don't really make much money.
Highlights
- No change in tax slabs
- Social security scheme for senior citizens in BPL category
- Mudra banks to be established with capital of Rs.20,000 cr
- Projected GDP growth - 8-8.5%
- Corporate tax reduced reduced from 30% to 25%
- Wealth tax abolished. Surcharge of 2% on individual income of more than 1 crore
- MNREGA corpus this year - Rs.34,6999 cr
- Rs.1400 cr allocated to child development scheme
- Rs 5,000 crore to new infra fund
- EPF contribution will be voluntary
- Five ultra-mega power projects, each of 4,000MWs
- 2nd unit of Kundankulam nuclear p;lant to be established in 2015-16
- Indian gold coins to be launched with Ashok Chakra
- 80,000 secondary schools to get upgrade
- ISN to be upgraded to IIT
- IIT to be built in Karnataka
- IIM to be built in Jammu and Kashmir
- Atl innovation Mission for innovation
- Horticulture university to be established in Punjab
- Jammu and Kashmir, Assam, Tamilnadu, Himachal pradesh to get new AIIMs
- PAN card is mandatory on purchase of more than Rs.1,00,000
- Cigrettes, pan masala, gutka will become costly
- Shoes, cahapls to become cheaper as excise duty reduced to 6%
- Insurance cover of Rs 2 lakh for a premium of Rs 12/yr - Pradhan Mantri Suraksha Bhim Yojana
- Transportation allowance increased from Rs.800 to Rs.1,600
- Health insurance tax deduction under section 80D increased to Rs.25000
- Custom duty reduced in 22 items
- Yoga included in negative list of Service tax