Prime Minister Narendra Modi faces the first major test of his reform credentials on Thursday, when his fresh-faced government presents its maiden budget amid early doubts about his willingness to make unpopular decisions. Finance Minister Arun Jaitley started presenting his Budget in parliament. He said Rs 2037 crore will be allocated for a new scheme to rejuvenate Ganga and NRI fund to be setup for Ganga. Here are the highlights below the Twitter feed:
Rajnath Singh has termed the budget as poor friendly, youth friendly, women friendly and senior citizen friendly.
Budget speech ends.
Excise duty on footwear reduced to 6 per cent from 12 per cent.
Excise duty on cigarettes hiked from 11 to 72%.
Levy an additional excise duty on aerated waters.
Excise duty reduction on specified food processing industries
CRT TVs exempted from customs duty to help poor.
Govt to revitalise small saving scheme; special scheme to encourage saving for girl child education and marriage to be introduced.
Colour pictures tubes exempt from custom duty.
Additional duty on imported computer components.
Propose to increase export duty on bauxite to conserve natural resources.
To encourage exports 3 forms of semi-precious stones are exempted from custom duty.
A concessional basic custom duty of 5% on machinery for setting up compressed bio-gas plants.
We need to maximise utilisation of solar power. A concessional duty of 5 per cent will be given to setup solar energy productionplant.
Basic custom duty reduced on LCD TV’s below 19-inches.
In case of mutual funds, the capital funds held for more than a year will be taxed at 10 per cent.
For senior citizens, no tax up to Rs 3 lakh.
Tax relief on interest of home loan for self occupied houses raised to Rs 2 lakh
Extend tax incetives to all types of bonds aside from infra bonds.
Education cess will continue at 3%.
Raise tax exemption for senior citizens from Rs 2.5 lakh to 3 lakh for senior citizens
Small and marginal tax payers and senior citizens. Personal income tax exemption limit raised to Rs 50,000.
No changes in tax rate.
Propose to give some relief to individual tax payers.
Propose to introduce measures to revive economy.
Tax Proposals being addressed.
Non-plan expenditure pegged at Rs 12,19,892 crore for 2014-15, including fertilizer subsidy and defence spending:
Rs 50 crore provided for setting up of a National Police Memorial:
Budget proposes to set up agri-infrastructure fund at a cost of Rs 100 crore; two more agri-research institutes in Jharkhand and Assam.
Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it:
Andaman and Nicobar islands are a crucial part of our country. To tide over communication related problems, will allocate Rs 150 crore.
Northeast to see development of its rail system. Will expedite rail connectivity in the region and allocate an additional sum of Rs 1000 crore over and above the interim budget.
Govt announces “Arun Prabha” …continued »