* 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
* 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.
* Fringe benefits tax abolished.
* Tax holidays extended by one more year.
* Commodities transaction tax abolished.
* 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
- Fringe Benefit Tax to be abolished
- Plan expenditure for centre, states increased
- I-T exemption limits raised by Rs 10,000
- New IITs get Rs 2,113 crore
- Defence budget raised by 34 per cent
- Govt to provide rice, wheat at Rs 3/kg
- Commonwealth Games allocation increased
- Crop loan at 6% interest for farmers
- Get your unique ID card in a year
- Students get full interest subsidy
- NREGA: Govt to provide Rs 100 a day as wages
- Incentive to pay back agricultural loans
- Infrastructure growth to get a boost
- Fiscal deficit rises to 6.8% of GDP
- Govt to revive GDP growth to 9%
More yet to come