Key Highlights of Budget
Direct tax revenue increased to 11.37 lakh crores from 6.3 lakh crore in 2013-14.
Total taxable income of up to Rs, 5.00 Lacs fully exempted from paying tax. Please note that no change in tax slabs.
Corporate Tax Rate of 25% on Companies with turnover of up to Rs. 400 crores from current 250 crores. This will cover 99.3 % companies.
GST rate reduced on electric vehicle from 12% to 5% and additional tax deduction of interest on loan up to Rs. 1.5 lakh for purchase of electric vehicle.
Additional deduction of Rs. 1.5 lakh for interest on loans borrowed for affordable housing costing up to Rs, 45 Lakhs with loan period of 15 years.
Interchangeability of PAN and Aadhaar for Income Tax Returns which increases tax base of 33 crore people to 106 Crore.
Faceless E-assessment for Tax Scrutiny and centralized point of contact without disclosing client or officer names and details.
TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank in a year.
Increase of custom duty on Gold from present 10% to 12.5%.
Increase of excise duty on petrol and Diesel. To cost Rs 1.00 extra
Rs, 70,000 crore capital infusion for PSU Banks.
Public Shareholding in listed firms to be raised to 35% from current 25%
CPSE ETF’s to be treated as ELSS. i.e. tax benefit under 80C.
Capital gain exemption on sale of house to invest in start-up.
A Road map to $5 Trillion Economy in six years
Emphasis on Inland Cargo
1 Nation 1 Grid Power for affordable Power to States
Allocation of Rs. 350 crores loans to MSME’s with 2% subvention to GST registered MSME
Upto 1 crore loan to MSME in 59 minutes
Proposal of Social Stock Exchange for listing of Social and Charitable organizations
Focus on Gaon, Garib and Kisan for development
75000 entrepreneurs to be trained
Jan Jiwan Mission: Har Ghar Jal to all rural households by 2024
Propose to National Research Foundation (NRF)
Aadhaar for NRI’s with Indian Passport without waiting 180 days in India.
Automated GST refund system to be initiated
Start up’s would not be require Scrutiny by IT Department.
NRI’s investment rules to be merged with FPI rules for easy of investments into India by NRI’s.