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Personal income tax rates
- I-T exemption limit goes up to Rs 1,50,000
- I-T exemption slab for women at Rs 1,80,000
- I-T exemption limit for senior citizens goes up to Rs2,25,000
New tax slabs
- Upto Rs 1.5 lakh nil
- Rs 1.5 -Rs 3 lakh 10 per cent
- Rs 3-Rs 5 lakh 20 per cent
- Above Rs 5 lakh 30 per cent
Taxes
- Central sales tax cut to 2% from 3%
- Banking cash transaction tax withdrawn
- Scope of fringe benefits reduced
- No change in corporate tax structure
- Five-year tax holidays to set up hospitals in India
- Short-term capital gains tax hiked to 15%
- Levy of STT only on options premiums
- To introduce commodities transaction tax (like STT)
- Dividend distribution tax unchanged at 15%
Customs and Excise duties
- Excise duty on small cars cut to 12% vs 16%
- Excise duty on buses & chassis cut from 16% to 12%
- Anti-AIDS drug totally exempt from excise
- CENVAT reduced from 16% to 14% on all goods
- Excise on coconut water, puffed rice down to zero from 16 pc
- Customs duty on phosphoric acid cut to 5% vs 7.5%
- Customs duty halved to 5 pc on specified life-saver drugs
- No change in peak Customs duty
- Duty on project imports cut to 5% vs 7.5%
- Steel scrap duty reduced to zero
Plan
- Plan expenditure estimate at Rs 2,43,386 crore
- Fiscal target under FRBM Act will be met
- Revenue deficit for 2007-08 at 1.4% vs estimate of 1.5%
- 6th Pay Commission report by March 31, 2008
- Central Plan Scheme Monitoring system to be set up
- Rs 50 cr for raising Tiger Protection Force
- Rs 100 cr each for Mahatma Phule institute, Mysore and Delhi varsities
Allocations
- Defence allocation goes up by 10 pc
- Two separate funds for SIDBI
- To ask States to help develop National Securities market
- Difference in state duties, levies hampering securities market
- Rs 50,000 cr fund to be created by NABARD
- Rs 12966 cr for National Highway plan
- Rs 450 cr provision for textile parks
- Rs 44 cr for upgradation of 22 Sainik schools
- Rs 50,000 cr fund to be created by NABARD
- Rs 12966 cr for National Highway plan
- Rs 450 cr provision for textile parks
- To expand market to corporate bonds
- PAN requirement extended to all financial markets
- NELP-VII to attract investment worth $3.5-8 b
- Dollar sterilisation cost via MSS at Rs 8,351 cr for 2007-08
Infrastructure
- Power generation in 11th plan period at 77,500 MW
- Rs 800 cr for accelerating power reform in FY09
- National fund for power transmission & distribution
- Risk capital fund in SIDBI
- To take manufacturing growth rate to double digits
- Capital goods' growth still healthy at 20.2%
- Steps to open bidding for 5 more UMPPs
- All 30 integrated textile parks approved
- Coal regulator to be set up
Farm sector
- Debt waiver scheme to be completed by June 2008
- Fertiliser subsidy to continue
- Rescheduled farm loans will also be eligible for waiver
- Total loan waiver at Rs 60,000 crore
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Other farmers to get one time settlement on payment of 75 pc debt
- Waiver for farmers holding up to 2 hectares
- Loan waiver and debt relief for farmers
- All loans up to March 2007 to come under the scheme
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