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Union Budget 2014

Highlights

On 10 July 2014 at11 am, Finance Minister Arun Jaitley presented the first budget of Narendra Modi led NDA government.

* Tax proposals on indirect tax front would yield Rs 7,525 crore.
* Indian Custom Single Window Project to be taken up for facilitating trade.

* Clean energy cess increased from Rs 50/ tonne to Rs 100/tonne.
* Additional 5% excise tax to be levied on aerated drinks with added sugar (cold drinks). Tobacco products also to get costly as excise duty hiked to 72%
* Government announces reduction in excise duty for specified food package industry from 10% to 6%.
* Excise duty on footwear reduced from 12% to 6%
* Government announces measures to encourage manufacture of LCD/LED panels of TVs.
* Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh.
* Net effect of direct tax proposals is revenue loss of Rs 22,200 crore.
* Government proposes to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh.
* Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum.
* No changes in tax rate.
* PPF limit to be raised to Rs 1.5 lakh: Jaitley
* Rs 100 crore for training of sportspersons for upcoming Asian Games.
* Government announces Rs 150 crore for communication needs of Andaman and Nicobar islands.
* Government announces Arun Prabha channel for northeastern region; will be 24/7 channel.

* Rs 1000 crore provided for rail connectivity in northeastern region.
* Programme for displaced Kashmiri migrants with Rs 500 crore to be started.
* Rs 100 crore set aside for project to link rivers.
* Government announces Rs 100 crore for development of Archaeological sites. Gaya to be developed as world class tourism spot.
* Rs 5000 crore set aside for defence outlay over and above amount provided under interim budget.
* National Police Memorial to be set up. Rs 50 crore set aside for this purpose.
* Rs 100 crore set aside for development of Technology Development Fund.
* Rs 100 crore War Memorial at Princess Park, India Gate.
* Policy of One Rank One Pension to be adopted for defence personnel.
* RBI will create framework for licenses of small banks.
* Government aims to provide all households with banking facilities to empower the weaker sections; there should be atleast 2 bank accounts in each household.
* Urgent need to converge current Indian standard with international accounting standards: Jaitley
* Rs 37, 800 crore allotted for National Highways.
* Revision of rate of royalty on minerals to be taken up on request from the states.
* In order to complete gas grid, 15000 km of additional pipeline to be developed through PPP mode.
* New and renewable energy deserves high priority; ultra modern power projects to be taken up in Rajasthan, Tamil Nadu, Ladakh with Rs 500 crore.
* Rs 4200 crore set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia , over 1620 km.
* Scheme for development of new airports at tier II and III cities through PPP mode.

* Rs 200 crore set aside for 6 more textile clusters in Rae Bareily, Lucknow, Surat, Bhagalpur. Rs 50 crore set aside for Pashmina Production program in J&K.
* MSMEs are the backbone of the economy; to be revived through a Committee to examine and report in three months.
* 6 more textile clusters to be set up.
* Industrial Smart Cities to come up at 7 cities.
* All govt departments and ministries to be integrated through E-platform by 31 December this year.
* Rs 100 crore set aside for Kisan Television to provide real time information on various farming and agriculture issues.
* National Industrial Corridor to be set up. Rs 1000 crore set aside for this.
* Rs 5000 crore short time rural credit refinance fund for 2014-15.
* Rs 50 core set aside for indigenous cattle breed and blue revolution for inland fisheries.
* Propose to provide finance to 5 lakh landless farmers through NABARD.
* Govt will initiate scheme to provide a soil health card; Rs 100 crore set aside. Rs 56 crore for soil testing labs across the country.
* Agriculture University in Andhra Pradesh and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside by the government.
* Slum development to be included in Corporate Social Responsibility activities.
* Govt announces Rs 100 crore for modernization of madrassas.
* Govt announces development of Metro rails in PPP mode; Rs 100 crore set aside for metro scheme in Ahmedabad and Lucknow.
* Rs 100 crore set aside for Community Radio Centres; 600 new and existing ones will be supported.
* National Rural Internet and Technology Mission; Rs 500 crore set aside.
* Govt proposes to set up Center of Excellence in MP named after Lok Nayak Jai Prakash Narayan.
* 5 more IITs and 5 IIMs to be set up .
* Propose to set up four more AIIMS; Rs. 500 crore set aside for this. Six new AIIMS started recently have become functional. Four new AIIMS will be set up in Andhra Pradesh, West Bengal, Vidarbha and Purvanchal.
* Govt proposes National Housing Banking programme; sets aside Rs 8000 crore for this program.
* Pradhan Mantri Gram Sadak Yojana has a massive impact on rural development; Govt sets aside Rs 14,389 crore for this scheme.
* Crisis Management Center for women at Delhi; money to be provided from Nirbhaya fund.
* Govt announces Beti Padhao, Beti Badhao Yojana; sets aside Rs 100 crore for this.
* Safety of women of prime importance.
* EPFO will launch a unified account scheme for portability of Provident Fund accounts.
* Schemes for disabled persons in the country. 15 new Brail presses to be established and revival of 10 existing.
* Rs 50,548 crore proposed for Schedule Caste development.
* Govt committed to providing 24/7 power supply to all homes. Deen Dayal Upadhyay Gram Jyoti Yojna for electricity supply to rural areas.
* Rs 200 crore for 'Statue of Unity' of Sardar Vallabh Patel.
* Pradhan Mantri Krishi Sichayin Yojana to be started for irrigation.
* E-visas to be introduced at nine airports in India in phased manner.
* FDI in insurance to be increased to 49%
* FM announces FDI in defence up from 26 to 49 % with Indian management and control

* Transfer pricing is major area for litigation; proposes changes in transfer pricing regulation: Jaitley
* Aim to achieve 7-8 per cent economic growth rate in next 3-4 years.

 

So said Finance Minister Arun Jaitley:
* I propose to strengthen authority for advance ruling in tax
* We wish to provide an investment friendly taxation system
* This govt will not ordinarily change policies retrospectively which creates a fresh liability.
* GST will streamline tax administration and result in higher tax collection for center and states.
* A new urea policy would be formulated.
* Considering that we had two years of low GDP growth, a large subsidy burden, target of 4.1% fiscal burden is daunting
* We must address the problem of black money
* Iraq crisis leading behind an impact. Inflation has remained at elevated level
* We have taken up the challenge in the right ernest; will create a vibrant and strong India
* The task before me is very challenging. We need to introduce fiscal prudence. there is an urgent need for more reforms.
* The steps I will announce are only the beginning of the journey we wish to take for macro economic stabilization
*People below poverty line anxious to free themselves
* Green shoots of recovery seen in world economy.
* We look forward to lower inflation

For more inputs follow the link.. http://indiabudget.nic.in/ub2014-15/bh/bh1.pdf

 

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