Monday, July 6, 2009

Union Budget 2009 | Highlights Live

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

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