The top announcements made in Union Budget 2015https://indianexpress.com/photos/business-gallery/the-top-announcements-made-in-union-budget-2015/

The top announcements made in Union Budget 2015

The 2015 Union Budget last year was the first full-fledged budget presented by the Narendra Modi administration after it was sworn to power in the Lok Sabha elections of 2014.

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The government hiked the excise duty on cigarettes, tobacco products, packed condensed milk, peanut butter, making the consumption of these products more expensive.

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By increasing the service tax from the current 12.36% to 14%, eating out, using credit and debit cards, cabs and mobile phones all became expensive.

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The education cess has been absorbed as an increase in the service tax rate from 12 per cent to 14 per cent, bringing it into the shareable pool.

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The government announced that it would set up MUDRA, a bank to finance the setting up of small and micro-units and thereby encourage entrepreneurship among SC/STs and OBCs.

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Finance Minister Arun Jaitley said in his budget speech that all public sector ports owned by the Union government will be encouraged to convert into corporate entities from a trustee setup to bring about operational efficiency and financial autonomy.