01/03/2015
Union Budget Highlights 2015
? GST to be put in place by April 1, 2016
? Corporate tax reduced from 30% to 25% over next four years
? PAN number mandatory for any purchase above Rs 1 lakh.
? Govt to reduce custom duty on 22 items.
? A consolidate rate of excise duty @ 12.5% proposed i.e. no Edu. Cess and SHEC.
? A consolidate rate of service tax @ 14% proposed i.e. no Edu. Cess and SHEC.
? Wealth tax abolished, replaced by 2% surcharge on super rich
? Mediclaime investment deduction increased from 15000 to 25000 and Rs. 30000 for senior citizen.
? Super senior citizen ie. 80 year above can claim medical expenditures of Rs. 30000.
? Additional investment of Rs. 50000 p.a. allowed for deposition under new pension scheme u/s. 80CCD
? Transport allowance increase from Rs. 800 to 1600.
? Defence allocation for this fiscal is Rs 2,46,727crore.
? AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
? Govt to raise visa-on-arrival facilities to 150 countries from 43
? Govt to introduce Indian gold coin with Ashoka sign on it.
? Proposes 5 ultra mega power projects for 4,000 MW each
? Investment in infrastructure to go up by Rs 70,000 crores
? We are committed to subsidy rationalisation based on cutting leakages
? States get 62% of the total resources now
Yours truely
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