Live: Union Budget 2015-16
Defence allocation for this fiscal is Rs 2,46,727 CroreNew Delhi: Presenting the Union Budget for the fiscal 2015-16, Finance Minister Arun Jaitley on Saturday said the state of the country's economy was better placed today
- The excise duty on footwear having retail price of more than 1000 per pair has been reduced by 6 pc
- Custom duty on raw materials and intermediaries to be reduced
- The rich & wealthy must pay more tax. Abolish wealth tax & replace it an additional 2% surcharge on the super rich with above 1 crore Rs annual income: Jaitley
- Reduced taxes on Technical Services to 10% from 25%
- Applicability of GAAR deferred by 2 years
- I propose to reduce rate of basic custom duty on certain imports to minimize impact of duty inversion: Jaitley
- PAN number quoting made compulsory for transactions for more than Rs 1 lakh
- Bill to check black money will give jail term of 10 years for those stashing non taxed money abroad
- This will enable seamless integration of data and effective enforcement: Jaitley
- Propose to enact a comprehensive new law on black money to bring back black money stashed abroad: Jaitley
- For strengthening information collection from various sources, a new structure has been put in place: Jaitley
- The problem of poverty & inequity cannot be eliminated unless generation of black money is dealt with effectively: Jaitley
- Measures to curb black money, job creation through revival of growth&investment, benefit to middle class tax payers
- Government proposes to incentivise debit-credit card transactions