28/02/2015
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
