Monday, Nov 24, 2014

Interim budget highlights: Chidambaram makes no change in tax laws, excise duty on small cars reduced

Finance Minister P Chidambaram on Monday presented the interim Budget amid chaos. (PTI Photo) Finance Minister P Chidambaram on Monday presented the interim Budget amid chaos. (PTI Photo)
Express News Service | New Delhi | Posted: February 17, 2014 11:20 am | Updated: February 17, 2014 1:26 pm

Finance Minister P Chidambaram on Monday presented the interim Budget amid chaos in the Parliament.

Here are the highlights of the Interim Budget 2014-15:

# RBI must strike a balance between growth and moderating inflation: Chidambaram

# Excise duty on SUVs cut from 30 to 24 pc, in large and mid-segment cars from 27-24 pc to 24-20 pc: Chidambaram

# Blood banks to be exempt from service tax: Chidambaram

# Revenue deficit estimated at 3 pc for current fiscal.

# Service tax relief storage for warehousing for rice.

# Excise duty on small cars, motorcycles and SUVs reduced.

# Excise duty cut from 12 to 10 per cent in capital goods sector to stimulate growth.

# No changes in tax laws in interim budget.
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# 140 million moved out of poverty during the Government of UPA I and II

# Government has obtained information in 67 cases of illegal offshore accounts of Indians.

# Finance Minister says neither populism, nor majoritism is a way for governance

# Moratorium on interest on student loans taken before March 31, 2009; to benefit 9 lakh borrowers.

# Social Justice Ministry gets Rs 6730 crore; Panchayati Raj Ministry Rs 7000 crore, says FM.

# Minority bank accounts have swelled to 43,53,000 by 2013-14 from 14,15,000 bank accounts 10 years ago.

# I am disappointed that we could not introduce GST: FM

# We must focus on manufacturing, specially manufacturing for exports: Chidambaram

# The excise duty reduced for small cars from 12% to 8%l; for SUVs from 30% top 24%.

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# Social Justice Ministry gets Rs 6730 crore; Panchayati Raj Ministry Rs 7000 crore: Chidambaram

# I wonder how many have noted the fact the Indian economy is 11th largest in the world: Chidambaram

# Focus should be on PPPs in infra sector; for the flagship programmes, the states should come forward and contribute: FM

# 1,200 crore rupees additional assistance to N-E states to be released before end of the year: FM

# Chidambaram proposes to set up research funding organisation for funding research in science; contribution to this shall be exempt from tax.

# Rs 6000 crore to rural housing fund, Rs 2000 crore for urban housing fund

# We must focus on manufacturing, and manufacturing for export; with minimum tariff protection: Chidambaram

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# Top areas of priority: fiscal consolidation; CAD; high growth with moderate level of inflation; time table for passing legislation.

# Rs 500 crore estimated requirement for implementing one-rank-one-pay scheme for armed forces in 2014-15.

# continued…

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