Union Budget 2015 - Highlights




Budget Highlights
• In Financial Year 2014-15, approximately 5 million Toilets constructed.

• Will need to build additional 62 thousand miles of Roads.

• Proposes Tax Free Infrastructure Bonds for Roads, Railways and other Infrastructure.

• To allocate 250 billion for Rural Infrastructure.

• To allocate 53 billion for Micro-irrigation.

• To allocate 200 billion for Mudra Bank for Small Medium Enterprises.

• Finance Minister proposes Accident Insurance, Pension Schemes for Poor Residents.

• Proposes to introduce the Gold monetization scheme.

• To allocate 331 billion towards Health Care.

• Propose to set up IIM in Jammu & Kashmir, Andhra Pradesh regions.

• The Goods and Service Tax (GST) to be implemented from Financial Year 2016-17.

• Abolition of Wealth Tax.

• People whose income is over and above Rs.1 crore, will have to pay additional 2% surcharge.

• Rate of corporate tax to be reduced to 25% over next four years.

• No change in income tax slabs.

• Service tax increased by 2% (from 12 percentage to 14 percentage).

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