On Monday 17th Feb 2014, Finance Minister P Chidambaram presented the Interim Budget for the year 2014 in Parliament focusing mainly on indirect tax, expenditure details & achievement of UPA Government in these 10 years tenure;
Here is the list of major highlights pertaining to Indian Interim Budget 2014-2015:
1) The fiscal deficit for 2013-14 has been contained at 4.6 percent (below the red line of 4.8 percent) and the revenue deficit stood at 3.3 percent.
2) Eight (8) National Investment and Manufacturing Zones (NIMZ) have been announced along Delhi Mumbai Industrial Corridor (DMIC). Nine (9) Projects had been approved by the DMIC trust.
3) Three (3) more Industrial Corridors connecting Chennai and Bengaluru, Amritsar and Kolkata
& Bengaluru and Mumbai are under different stages of preparatory works.
4) Kudankulam Nuclear Power Plant Unit-I generated 180 Milliion Units of power.
5) Defence allocation has been given 10 per cent hike in comparison to BE 2013-14.
6) Food subsidies for Rs 115,000 crore has been allocated on account of Government‘s firm and irrevocable commitment to implement the National Food Security Act throughout the country.
7) Capital infusion of Rs 11,300 crore is proposed to develop Public Sector Banks. 5,207 new branches have been opened against the target of 8,023 branches.
8) The target set for Agricultural Credit by banks in 2014-15 will be Rs 800,000 Crore.
9) LIC and the four public sector general insurance companies have opened around 3000 offices in towns with a population of 10,000 or more to serve peri-urban and rural areas.
10) India poised to play a leading and important role in global economy to be third largest economy along with US and China.
11) The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.2014.
12) To boost the growth of Automobile Industry, the excise duty for the following is reduced for the period up to 30.06.2014:
Small Cars, Motorcycle, Scooters - from 12 % to 8%
SUVs - from 30% to 24%
Large and Mid-segment Cars - from 27/24% to 24/20%
13) The services provided by cord blood banks is exempted from Service Tax.
14) The estimate of Plan Expenditure is Rs 555,322 crore. Non Plan expenditure is estimated at Rs 12,07,892 crore.
15) The loading and un-loading, packing, storage and warehousing of rice is exempted from Service Tax.
16) No major changes in income tax slabs proposed in 2013-14
17) To encourage the local production of mobile phones in India & reduce the dependence on import, the excise duty rates will be 6 % with CENVAT credit or 1 % without CENVAT credit.
The rates revised in this interim budget 2014 will be reviewed at the time of regular Budget once the new government is formed.
Here is the list of major highlights pertaining to Indian Interim Budget 2014-2015:
1) The fiscal deficit for 2013-14 has been contained at 4.6 percent (below the red line of 4.8 percent) and the revenue deficit stood at 3.3 percent.
2) Eight (8) National Investment and Manufacturing Zones (NIMZ) have been announced along Delhi Mumbai Industrial Corridor (DMIC). Nine (9) Projects had been approved by the DMIC trust.
3) Three (3) more Industrial Corridors connecting Chennai and Bengaluru, Amritsar and Kolkata
& Bengaluru and Mumbai are under different stages of preparatory works.
4) Kudankulam Nuclear Power Plant Unit-I generated 180 Milliion Units of power.
5) Defence allocation has been given 10 per cent hike in comparison to BE 2013-14.
6) Food subsidies for Rs 115,000 crore has been allocated on account of Government‘s firm and irrevocable commitment to implement the National Food Security Act throughout the country.
7) Capital infusion of Rs 11,300 crore is proposed to develop Public Sector Banks. 5,207 new branches have been opened against the target of 8,023 branches.
8) The target set for Agricultural Credit by banks in 2014-15 will be Rs 800,000 Crore.
9) LIC and the four public sector general insurance companies have opened around 3000 offices in towns with a population of 10,000 or more to serve peri-urban and rural areas.
10) India poised to play a leading and important role in global economy to be third largest economy along with US and China.
11) The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.2014.
12) To boost the growth of Automobile Industry, the excise duty for the following is reduced for the period up to 30.06.2014:
Small Cars, Motorcycle, Scooters - from 12 % to 8%
SUVs - from 30% to 24%
Large and Mid-segment Cars - from 27/24% to 24/20%
13) The services provided by cord blood banks is exempted from Service Tax.
14) The estimate of Plan Expenditure is Rs 555,322 crore. Non Plan expenditure is estimated at Rs 12,07,892 crore.
15) The loading and un-loading, packing, storage and warehousing of rice is exempted from Service Tax.
16) No major changes in income tax slabs proposed in 2013-14
17) To encourage the local production of mobile phones in India & reduce the dependence on import, the excise duty rates will be 6 % with CENVAT credit or 1 % without CENVAT credit.
The rates revised in this interim budget 2014 will be reviewed at the time of regular Budget once the new government is formed.
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