Highlights of the Union Budget 2014-15

Here are the highlights of the Budget 2014-15 presented by Finance Minister Arun Jaitley.

Full Union Budget 2014-15 Highlights

Fiscal deficit
● Accepts fiscal deficit target of 4.1 percent of GDP for 2014/15
● Fiscal deficit seen at 3.6 percent of GDP in 2015/16
● Finance Minister says: “We cannot spend beyond our means”
● Tax-to-GDP ratio must be raised

Growth
● Aims for sustained growth of 7-8 percent in the next 3-4 years
● Finance minister says he is bound to usher in policies for higher growth, lower inflation

Taxation
● Aims to approve goods and services tax by end of this year
● Will not change rules on retrospective taxation
● All pending cases of retrospective tax for indirect transfers to be examined by a high-level committee before action is taken
● Proposes changes in transfer pricing mechanism
● Extends 5 percent withholding tax on corporate bonds until June 30 2017
● Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh
● Government expects Rs 9.77 lakh crore revenue crore from taxes
● Long term capital gain tax for mutual funds doubled to 20 per cent; lock-in period increased to three years
● Excise duty on footwear reduced from 12 per cent to 6 per cent
● Net effect of direct tax proposals is revenue loss of Rs 22,200 crore
● Tax proposals on indirect tax front would yield Rs. 7,525 crore

Full Union Budget 2014-15 Highlights

सामान्य ज्ञान, करेन्ट अफेयर व सरकारी नौकरी के अपडेट लगातार हासिल करने के लिए हमें फेसबुक पर ज्वॉइन करें

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One Response

  1. plz send me gk notes on my site…. thanks……reagards…vineet tomar

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