New Delhi, July 6 (Inditop.com) Highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday:
– No change in corporate tax rate
– Income tax exemption limit for senior citizens increased by Rs.15,000, for women and others by 10,000 each
– New indirect tax will be introduced in 45 days
– Fringe benefit tax abolished
– Goods and services tax (GST) will be introduced April 1, 2010
– An alternative dispute settlement mechanism to be set up to settle tax disputes
– Lawyers brought under the ambit of service tax
– Tax exemption on profits in the natural gas sector extended
– Customs duty on LCD TVs reduced to 5 percent from 10 percent
– Five percent customs tax imposed on set-top boxes
– Rs.500 crore for the rehabilitation of displaced Sri Lankan Tamils and reconstruction activities in that country
– Aligarh Muslim University campuses to be set up in Murshidabad in West Bengal and Malappuram in Kerala
– Allocation for the minority affairs ministry raised to Rs.1,740
– Plan expenditure up 34 percent, non-plan spend up 37 percent
– Total spending increased to Rs.10.2 lakh crore
– Rs.420 crore for new IITs and NITs
– Commonwealth Games allocated Rs.3,472 crore
– National unique identification numbers to start rolling out in 12-18 months
– Paramilitary forces such as CRPF to get 100,000 homes
– Banking services in under-banked areas to be increased, scheme allocated Rs.100 crore
– Agriculture debt waiver extended by six months
– Outlay for national rural health mission increased by Rs.2,057 crore from the Rs.12,070 crore provided in the interim budget
– Allocation towards National Rural Employment Guarantee Act increased by Rs.39,100 crore
– Allocation for Bharat Nirman scheme increased by 45 percent
– Rs.20,000 crore for rural housing
– Rural electrification scheme to get Rs.7,000 crore more
– Tax department to work on early introduction of Saral 2 forms
– Stimulus for print media extended from June 13 to Dec 31
– Rs.1,000 crore to accelerate irrigation projects
– Agriculture development fund increased from Rs.2.87 lakh crore to Rs.3.25 lakh crore
– Market development assistance scheme for exporters increased by 148 percent to Rs.124 crore
– Pre-shipment interest subvention set at 2 percent for textile exporters
– Sufficient funds for infrastructure development
– Allocation for national highways development stepped up by 23 percent
– Allocation for urban poor schemes to be raised to Rs.39,730 crore
– LNG infrastructure to be expanded
– Allocation for Jawaharlal Nehru Urban Renewal Mission raised by 87 percent to Rs.12,887 crore
