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Union Budget 2015 - A Budget for Big Corporations

Published on Saturday, February 28, 2015
Today Finance minster Arun Jaitley presented Union Budget. There was nothing for common man.

Yoga exempted from Service tax and corporate tax reduced to 25%. So it is a win-win situation for Ambani's, Adani's and Yog guru Ramdev.

It was a budget for "Big Corporates". There was nothing special for "Middle Class Aam Aadmi" who was expecting revision in tax slabs and 80C limit.

I don't really understand the meaning of Make in India campaign. We are living in a country where IT sector brings $100 billion to India. Share of IT sector in India's GDP is 7.5% in 2012. FM gave an increase in service tax to small startups who don't really make much money. 

Highlights

  • No change in tax slabs
  • Social security scheme for senior citizens in BPL category
  • Mudra banks to be established with capital of Rs.20,000 cr
  • Projected GDP growth - 8-8.5%
  • Corporate tax reduced reduced from 30% to 25%
  • Wealth tax abolished. Surcharge of 2% on individual income of more than 1 crore
  • MNREGA corpus this year - Rs.34,6999 cr
  • Rs.1400 cr allocated to child development scheme
  • Rs 5,000 crore to new infra fund
  • EPF contribution will be voluntary
  • Five ultra-mega power projects, each of 4,000MWs
  • 2nd unit of Kundankulam nuclear p;lant to be established in 2015-16
  • Indian gold coins to be launched with Ashok Chakra
  • 80,000 secondary schools to get upgrade
  • ISN to be upgraded to IIT
  • IIT to be built in Karnataka
  • IIM to be built in Jammu and Kashmir
  • Atl innovation Mission for innovation
  • Horticulture university to be established in Punjab
  • Jammu and Kashmir, Assam, Tamilnadu, Himachal pradesh to get new AIIMs
  • PAN card is mandatory on purchase of more than Rs.1,00,000
  • Cigrettes, pan masala, gutka will become costly
  • Shoes, cahapls to become cheaper as excise duty reduced to 6%
  • Insurance cover of Rs 2 lakh for a premium of Rs 12/yr - Pradhan Mantri Suraksha Bhim Yojana
  • Transportation allowance increased from Rs.800 to Rs.1,600
  • Health insurance tax deduction under section 80D increased to Rs.25000
  • Custom duty reduced in 22 items
  • Yoga included in negative list of Service tax
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