* Growth rate in 2008-09 dipped to 6.7 per cent from average 9 per cent growth in previous three fiscal years.
* Mukherjee intends to make pre-budget consultations with state finance ministers an annual affair
* Fiscal deficit grew from 2.7 per cent to 6.8 per cent of GDP
* We need institutional reforms to being fiscal deficit down, says the FM.
* Total fiscal stimulus during 2008-09 amounts to Rs 1,86,000 crore.
* To return to FRBM target for fiscal discipline at the earliest, says Mukherjee.
* Fiscal deficit in 2009-10 is proposed at 6.8 per cent of GDP.
* Share of direct taxes has increased to 56 per cent in 2008-09 over 41 per cent in 2007-08.
* Direct Tax code to be released in 45 days along with discussion paper.
* Effort is to improve tax collection by eliminating distortions in tax system and expanding the base
* No change in Corporate Tax.
* Ten per cent surcharge on personal income tax removed.
* I propose to raise by Rs 10,000 the exemption limit for women on income tax. For all others, Rs 10,000 up from Rs 1,50,000, says Mukherjee.
* Income Tax rates exemption limit to 2,25,000 to 2,40,000 for senior citizens.
* Fringe benefits tax abolished.
* Tax holidays extended by one more year.
* Commodities transaction tax abolished.
* Proposal to incentivise business. I propose to start Investment linked tax benefits in areas of agriculture and national grid, says Mukherjee.
* To further improve the efficiency of tax system, I propose to set up two authorities for advance ruling, says Mukherjee.
* Minimum Alternate Tax on book profits increased to 15 per cent from 10 per cent.
* New pension system trust exempted from security transaction tax and dividend distribution tax.
* Income tax incentives on education loans expanded to cover vocational studies after schooling.
* Small businesses up to Rs 40 lakh turnover exempted from filing advance tax returns.
* Presumptive Taxation of 8 per cent on businesses of turnover of up to Rs 40 lakh.
* Service Tax to be extended to lawyers on technical advice.
* Service tax exempted for exporters on select services.
* IT returns to be made simpler, says Mukherjee.
* Govt to extend tax waiver on some exports to March 2010.
Source: TImes Now