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Budget 2015-16

Budget Highlights

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* Fiscal deficit seen at 3.9 percent of GDP in 2015-16

* Current account deficit below 1.3 percent of GDP

* Will keep fiscal discipline in minddespite need for higher investment: FM

* GDP growth seen at between 8 percent and 8.5 percent

* Aiming double digit growth rate, achievable soon

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* Expects consumer inflation to remain close to 5 percent byMarch

* Proposes to merge commodities regulator with SEBI

* To enact a comprehensive new law on black money

* Defers rollout of anti-tax avoidance rules GAARby two years

* GAAR to apply prospectively from April 1, 2017

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* Retrospective tax provisions will be avoided

* To abolish wealth tax

* Replaces wealth tax with additional 2 pct surcharge onsuper rich

* Proposes to cut to 25 percent corporate tax over next fouryears

* Proposes to rationalise capital gains tax regime for realestate investment trusts

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* Expects to implement goods and services tax by April 2016

* To reduce custom duty on 22 items

* Basic custom duty on commercial vehicle doubled to 20percent

* To increase service tax rate and education cessto 14 pc from 12.36 pc

* Exemptions for individual tax payers to continue

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* Investment in infrastructure will go up by 700 billion rupeesin 2015-16

* Plans to set up national investment infrastructure fund

* Proposes tax-free infrastructure bonds for roads, rail and irrigation projects

* Will need to build additional 100,000 km of road

* Ports in public sector will be encouraged to corporatiseunder Companies Act

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* To develop a sovereign gold bond

* Raises excise duty on cigarettes by 25 percent forcigarettes of length not exceeding 65 mm

* Raises excise duty by 15 percent for cigarettes of otherlengths

 

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