Budget 2015-16
Budget Highlights
* 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
* 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
* 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
* 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
* 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
* 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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