Interim Budget 2014-15

Interim Budget 2014-15 - Key Highlights of the interim budget 2014-15. White goods, laptops to cost a bit less, 5 pc surcharge on corporates with turnover of Rs 10 cr

Key highlights

  • Income tax rates kept unchanged;
  • 10 pc surcharge on 'super-rich' having annual income above Rs 1 crore to continue;
  • 5 pc surcharge on corporates with turnover of Rs 10 cr
  • Fiscal deficit at 4.6 pc in 2013-14 and 4.1 pc next year, revenue deficit at 3 pc in 2013-14;
  • Current Account Deficit to be USD 45 bn as against USD 88 bn in 2012-13;
  • Excise duty on small cars, motorcycles and commercial vehicles cut from 12 to 8 pc;
  • Excise duty on SUVs cut from 30 to 24 pc
  • Large and mid-segment cars from 27-24 pc to 24-20 pc
  • Excise duty on mobile handset to be 6 pc on CENVAT credit to encourage domestic production
  • Defence allocation increased by 10 per cent to Rs 2.24 lakh crore;
  • Excise duty cut on capital goods, non consumer durables cut from 12 to 10 per cent
  • Moratorium on interest on student loans taken before March 31, 2009; to benefit 9 lakh borrowers
  • USD 15 bn addition to forex exchange in 2013-14;
  • Disinvestment target for FY14 cut to Rs 16,027 cr versus Rs 40,000 cr; next year govt eyeing Rs 36,925 cr;
  • Lowers residual stake sale target to Rs 3,000 cr from Rs 14,000 cr for this fiscal;
  • Foodgrain production estimated at 263 million tonnes in 2013-14;
  • Govt obtains information in 67 cases of illegal offshore accounts of Indians;
  • Govt's net borrowing in next fiscal to be Rs 4.57 lakh cr;
  • Plan expenditure cut by Rs 79,790 cr for current fiscal;
  • Allocates Rs 1,000 cr more to Nirbhaya Fund;
  • CCI cleared 296 projects worth Rs 6.6 lakh cr by end Jan;
  • GDP to grow by at least 5.2 pc in Q3 and Q4 in 2013-14;
  • Plan expenditure for 2014-15 at Rs 5.55 lakh cr and non-plan at Rs 12.08 lakh cr;
  • Govt to infuse Rs 11,200 cr in PSU banks next fiscal;
  • Government gets Rs 88,188 cr as dividend from PSUs, Rs 14,000 crore more than budgeted
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