UNION BUDGET 2015 SPEECH

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FINANCE BILL 2015

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EXPERT CHAT

BUDGET HIGHLIGHTS

  • Fiscal deficit seen at 3.9% of GDP in 2015-16, committed to meeting medium term fiscal deficit target of 3%.
  • GDP growth seen between 8% and 8.5% this year.
  • Consumer inflation to remain close to 5% by March, more room for monetary policy easing.
  • No change in individual income tax rates and slabs, overall deduction benefits to individual taxpayers hiked to Rs 4.44 lakh a year.
  • Disinvestment target set at Rs 41,000 crore for 2015-16. 
  • Exemption on health insurance premium hiked from Rs 15,000 to Rs 25,000. For senior citizens it is hiked to Rs 30,000.
  • Service tax rate hiked to 14% from 12.36%.
  • To implement Goods and Services Tax by April 2016.
  • Wealth tax abolished. To be replaced by surcharge of 2% on income of Rs 1 crore and above. Move to fetch govt Rs 9,000 cr against Rs 1,008 currently mobilised under wealth tax.
  • Corporate tax rate to be reduced from 30% to 25% over four years; deductions and exemptions to be rationalised.
  • GAAR deferred by two years would apply prospectively from April 1, 2017
  • A new benami transaction bill to be introduced to tackle domestic black money; enforcement agencies empowered to attach assets held abroad illegally; Undisclosed income to be taxed at maximum marginal rate, deductions and exemptions for such income won't be allowed; 10 years rigorous imprisonment for concealing foreign assets.
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