Union Budget News & Analysis - Get exclusive coverage of Indian Union Budget including all latest news, policies & updates, budget speech. Union Budget Full text of FM Arun Jaitley's speech The credibility of the Indian economy has been re-established. The world is. Union Minister for Finance Shri Arun Jaitley on 28th February presented in Parliament the Union Budget , with a focus on growth.
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This will net an additional tax revenue of Rs. Custom duty on raw materials and intermediaries to be reduced Clean energy cess increased from to Rupees per metric ton of coal to finance Green Energy Fund.
Budget Focus shifts to higher education - Livemint
Renewable energy target revised toMw. Direct tax proposals will lead to loss of Rs.
In comparison, higher education has been given a plan allocation of Rs. ISM has union budget 2015 india admitting students along with the IITs through the prestigious joint entrance exam system. The state government has already finalized land for its establishment.
On specific allocations, IITs have been allocated a planned outlay of Rs. States urged to chip in. The amounts to be appropriated to a corpus, which will be used to subsidize the premiums on these social security schemes through creation of a Senior Citizen Welfare Fund in the Finance Bill.
Capital expenditure of public sector units to also go up. A sum of Rs crore will be earmarked. Rs crore to be set aside as initial amount in NITI. This will facilitate India becoming an investment destination.
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Service Tax rate increased to 14 per cent. Educational cess and higher educational cess to be subsumed as a part of GST. Wealth tax - Rs. Wealth tax to union budget 2015 india abolished and replaced with a super-rich tax for those with income of over Rs.
As it happened: Union Budget 2015
Basic custom duty rate reduced for 22 items. GAAR - applicability to be deferred by two years.
Allocation for renewable energy Allocation for agriculture First proposal is to deal with black money. In the last 9 months, a major breakthrough was achieved when a delegation of the Revenue Department visited Switzerland.
Exemption to individual taxpayers will continue. We need to revive growth and investment to ensure that more jobs are created for our youth and benefits of development reach millions of our poor.
Highlights: Budget 2015-16
We need an enabling tax policy for this. GST is expected to play a transformative role in the way our economy functions. It will add buoyancy union budget 2015 india our economy by developing a common Indian market and reducing the cascading effect on the cost of goods and services.
We are moving in various fronts to implement GST from the next year.
We need to match this transformative piece of legislation in union budget 2015 india taxation with transformative measures in direct taxation.
We lose out on both counts, i. A regime of exemptions has led to pressure groups, litigation and loss of revenue. It also gives room for avoidable discretion. This will lead to higher level of investment, higher growth and more jobs.