By Vipin Agnihotri
Indian Finance Minister P Chidambaram today presented his fifth annual budget. All through out the day, The India Street analyzed this year budget for their readers. Find below some of the salient features of Indian budget.
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First and foremost, threshold of exemption for all Income Tax assesses increased from Rs 1,10,000 to Rs 1,50,000.
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Indian government will provide five-year tax holiday for setting up hospitals in tier II and tier III regions in rural areas from April this year.
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Short-term capital gains increases to 15 per cent.
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On the lines of Securities Transaction Tax, Commodities Transaction Tax to be introduced.
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There is going to be no modification in corporate income tax.
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Plan expenditure fixed at Rs 2,43,000 crore and non-plan expenditure at 5,74,000 crore.
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Fiscal deficit pegged at 3.1 per cent and revenue deficit at 1.4 per cent.
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In terms of statistic, Tax to GDP ratio increased from 9.2 per cent in 2004-05 to 12.5 percent 2007-08.
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Excise duty on small cars has been lowered to 12 per cent from 16 per cent and hybrid cars to 14 per cent.
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Asset management service under mutual funds, services by stock exchanges to be brought under Services Tax net.
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Risk Capital Fund to be set up in SIDBI.
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Eleventh Plan started on a robust growth.
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Gross budgetary support to be raised to Rs 2,43,386 crore. This by the way is an increase of more than Rs 38,000 crore from the present level.
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It has come to the notice that GDP growth has slowed down to 8.4 per cent during quarter ended December 31, 2007 as compared to 9.1 per cent a year ago.
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Services and manufacturing sectors expected to grow by 10.7 per cent and 9.4 per cent.
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