Finance Minister Arun Jaitley on Saturday announced a defence allocation for fiscal 2015-16 at Rs. 246,726 crores and reduced corporate tax from 30 to 25 percent for the next four years, as he presented his first full-year budget in the Lok Sabha.
The highlights of his speech are as follows:
A regime of exemptions has led to loss of revenue, propose to reduce rate of corporate tax from 30 percent to 25 percent.
It has been our endeavour in last nine months to foster a stable taxation policy.
Measures to curb black money, job creation through revival of growth and investment, benefit to middle class tax payers.
Defence allocation for this fiscal is Rs 246,727 crores.
Unplanned expenditure for 2015-16 is estimated at Rs 13,12, 200 crores.
GST is expected to play a transformative role in Indian economy, we're moving on various fronts on GST from next year.
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