Indian Budget 2008- Brief Highlights - Short term capital gains raised to 15% from 10%
- STT to be treated as business expenditure
- No change in corporate tax rate
- Minor changes announced in Fringe Benefit Tax
- Income of Rs1,50,000 to Rs3,00,000 to be taxed at 10%
- Income of Rs3,00,000 to Rs5,00,000 to be taxed at 20%
- Income above Rs5,00,000 to be taxed at 30%
- Exemption limit raised to Rs1,50,000
- Excise duty on cement reduced
- General Cenvat rate for all goods decreased from 16% to 14%
- Excise duty on Pharma products decreased from 16% to 8%
- Duty on small cars reduced from 16% to 12%
- Duty on Two-wheelers reduced from 16% to 12%
- Some parts of set-top boxes to be exempt from customs duty
- Customs duty benefit provided to Gems and Jewellery industry
- No change in peak rate of customs duty
- Revenue deficit for FY 2008-09 to be 1% of GDP
- Budget deficit for FY 2008-09 to be2.45% of GDP
- Revenue deficit for FY2007-08 to be1.47% of GDP
- Budget deficit for FY2007-08 to be 3.1% of GDP
- Govt announces setting up of Tiger Protection Force
- Allocation for Defence increased from Rs9,6000 cr to Rs1,05,000 cr
- 1,000 crore provided to LIC for Aam admi bima yojana
- PAN to be sole identification for financial markets
- Rs800 crore to be spent on power sector reforms
- Rs450 crore provided for development of textile parks
- Rs800 crore to be spent on power sector reforms
- Govt hopes to open bidding for 5 more Ultra Mega Power Projects
- Rs40 crore provided to special support fund for tea.
- Similar funds to be set up for cardamom, rubber and coffee
- Agri loan waiver scheme: 3 crore marginal and small farmers and 1 crore other farmers to benefit from waiver scheme.
- Agri loan waiver scheme: Rs60,000 crore liability waived off, says FM
- One-time settlement scheme for other farmers not covered by the waiver scheme
- Massive investment needed in irrigation projects: FM
- Crop insurance scheme for plantation crops to be announced next year
- Additional irrigation potential of 5 lakh hectares to be set up in FY2008-09
- Govt to set up Irrigation and Water Resources Finance Corporation
- I&WRFC to have an initial capital of Rs100 crore
- Additional irrigation potential of 5 lakh hectares to be set up in FY2008-09
- NREGS to be extened to all rural districts of the country
- Growth of agriculture credit impressive: FM
- Target of agriculture credit set at Rs2,80,000 crore for FY 2008-09
- Allocation for North-eastern states increased
- Remuneration of Anganwadi workers, helpers increased
- NREGS to be extened to all districts of the country
- Govt to set up 3 new IITs this year
- New schemes for the aged announced in budget
- Midday meal scheme extended to upper-primary classes in backward districts
- Govt to establish 16 central universities this year
- 410 more Kasturba Gandhi Balika Vidyalayas to be opened
- Allocation increased for all social sector schemes
- FY 2008-09 a year of consolidation: FM
- Determined to become self-sufficient in food grains: FM
- Growth in financial, housing, realty services is projected at 11.7%
- Above 8% GDP growth in 12 successive quarters
- Keeping inflation under check is priority: FM
- 9.1% growth in first half of FY 2007-08: FM
- Mid-day meal scheme largest school meal scheme in the world: FM%
- Social sector schemes of govt a success: FM
- Confident of achieveing 9% growth: FM
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