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Union Budget 2015

UNION BUDGET 2015-16

Indian economy has been re-established in the last few months.
After inheriting an economy with sentiments of “doom and gloom” with adverse macroeconomic indicators, nine Months have seen at turn around, making India fastest growing large economy in the World with a GDP growth expected to be 7.4%
Stock market in 2014 is on the second best performance.
Budget, Skill-India and tax proposal
Financial Inclusion – 12.5 crores families financially mainstreamed in 100 days.
Nirbhaya fund gets Rs. 1,000 crore.
Swachh Bharat is not only a programmed to improve hygiene and cleanliness but has become a movement to regenerate India.
Increase in custom duty:
Metallurgical coke from 2.5 % to 5%.
Artificial heart exempt from basic custom duty of 5% and CVD.
Tariff rate on iron and steel and articles of iron and steel increased from 10% to 15%.
Tariff rate on commercial vehicle increased from 10 % to 40%.
Basic custom duty on digital still image video camera with certain specification reduced to nil.
Service-tax to be levied on service provided by way of access to amusement facility, entertainment events or concerts, pageants, non recognized sporting events etc.
Most provisions of Direct Taxes Code have already been included in the Income-tax Act,
Direct tax proposals to result in revenue loss of ` 8315 crore, whereas the proposals in indirect taxes are expected to yield ` 23383 crore. Thus, the net impact of all tax proposals would be revenue gain of `15068 crore.
Yoga to be included within the ambit of charitable purpose under Section 2(15) of the Income-tax Act.
To mitigate the problem being faced by many genuine charitable institutions, it is proposed to modify the ceiling on receipts from activities in the nature of trade, commerce or business to 20% of the total receipts from the existing ceiling of 25 Lac.
Service Tax exemption extended to certain pre cold storage services in relation to fruits and vegetables so as to incentivise value addition in crucial sector.
Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt.
Additional deduction of `50000’ for contribution in the new pension scheme u/s 80CCD.
Additional deduction of `25000 allowed for differently able persons.
Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from 1 Lac to 1.5 Lac.
Limit of deduction of health insurance premium increased from `15000 to `25000, for senior citizens limit increased from ‘20000’ to `30000’.
Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of ‘30000’ towards medical expenditures.
Deduction limit of `60000’ with respect to specified decease of serious nature enhanced to ` 80000 in the case of senior citizen.
Service-tax exemption from Varishtha Bima Yojana.
100% deduction for contributions, other than by way of CSR contribution, to Swachh Bharat Kosh and Clean Ganga Fund.
Enabling provision to levy Swachh Bharat cess at a rate of 2% or less on all or certain services, if need arises.
Excise duty on sacks and bags of polymers of ethylene other than for industrial use increased from 12% to 15%.
Clean energy cess increased from `100 to `200 per metric tonne of coal, etc. to finance clean environment initiatives
Service-tax plus education cess increased from 12.36% to 14% to facilitate transition to GST.
Monetary limit for a case to be heard by a single member bench of ITAT increase from ` 5 lac to 15 Lac’.
Time limit for taking CENVAT credit on inputs and input services increased from 6 months to 1 year.
Wealth-tax replaced with additional surcharge of 2 per cent on super rich with a taxable income of over `1 crore annually.
Domestic transfer pricing threshold limit increased from `”5 crore to 20 crore”.
Education cess and the Secondary and Higher education cess to be subsumed in Central Excise Duty.
Excise levy on cigarettes and the compounded levy scheme applicable to pan Masala, Gutkha and other tobacco products also changed.
Excise duty on footwear with leather uppers and having retail price of more than `1000 per pair reduced to 6%.
Connecting each of the 1,78,000 UN connected habitation.
Electrification of the remaining 20,000 villages including off- grid Solar Power- by 2020.
2 crore houses in Urban areas and 4 crore houses in Rural areas.
To make India, the manufacturing hub of the World through Skill India and the Make in India Programmed.
Grow and encourage the spirit of entrepreneurship – to turn youth into job creators.
Ensure communication connectivity to all villages.
Fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of GDP.
Share of Central Government will be 9, 19,842.
Non-Plan expenditure estimates for the Financial Year are estimated at 13, 12,200 crore.
Plan expenditure is estimated to be 4, 65,277 crore, which is very near to the R.E. of 2014-15.
Total Expenditure has accordingly been estimated at 17, 77,477 crore.
The requirements for expenditure on Defence, Internal Security and other necessary expenditures are adequately provided.
Gross Tax receipts are estimated to be `14, 49,490 crore.
Devolution to the States is estimated to be `5, 23,958 crore.
Non Tax Revenues for the next fiscal are estimated to be `2, 21,733 crore.
Made in India and the Buy and the make in India policy are being carefully pursued to achieve greater self sufficiency in the area of defence equipment including air-craft.
Deen Dayal Upadhyay Gramin Kaushal Yojana to enhance the employability of rural youth.
New All India Institute of Medical Science (AIIMS) to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.Another AIIMS like institutions to be set up in Bihar.
A post graduate institute of Horticulture Research & Education is to be set up in Amritsar.
3 new National Institute of Pharmaceuticals Education and Research in Maharashtra, Rajasthan & Chhattisgarh and one institute of Science and Education Research is to be set up in Nagaland & Orissa each.
An autonomous Bank Board Bureau to be set up to improve the governance of public sector bank.
Special assistance to Bihar & West Bengal to be provided as in the case of Andhra Pradesh.
A student Financial Aid Authority to administer and monitor the front-end all scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram.
An IIT to be set up in Karnataka and Indian School of Mines, Dhanbad to be upgraded in to a full-fledged IIT.
Part of Delhi-Mumbai Industrial Corridor (DMIC); Ahmadabad-Dhaulera Investment region and Shendra-Bidkin Industrial Park are now in a position to start work on basic infrastructure.
Less than 5% of our potential work force gets formal skill training to be employable. A national skill mission to consolidate skill initiatives spread across several ministries to be launched.
A Committee for 100th birth celebration of Shri Deen Dayalji Upadhyay to be announced soon.
Proposal to reduce corporate tax from 30% to 25% over the next four years, starting from next financial year.
Rationalization and removal of various tax exemptions and incentives to reduce tax disputes and improve administration.
Exemption to individual tax payers to continue to facilitate savings.

Measure themes of budget:

Measures to curb black money;
Improve ease of doing business – Minimum Government and maximum governance;
Job creation through revival of growth and investment and promotion of domestic manufacturing – “Make in India”;
Benefit to middle class tax-payers; and Stand alone proposals to maximise benefit to the economy.
Improve quality of life and public health – Swachh Bharat;

On Black money.

Evasion of tax in relation to foreign assets to have a punishment of rigorous imprisonment up to 10 years, be no compoundable, Have a penalty rate of 300% and the offender will not be permitted to approach the Settlement Commission.
Non-filing of return/filing of return with inadequate disclosures to have a punishment of rigorous imprisonment up to 7 years.
Undisclosed income from any foreign assets to be taxable at the maximum marginal rate.
Mandatory filing of return in respect of foreign asset.
Entities, banks, financial institutions including individuals all liable for prosecution and penalty.
Concealment of income/evasion of income in relation to a foreign asset to be made a predicate offence under PML Act, 2002.
PML Act, 2002 and FEMA to be amended to enable administration of new Act on black money.
Benami Transactions (Prohibition) Bill to curb domestic black money to be introduced in the current session of Parliament.
Acceptance or re-payment of an advance of `20,000 or more in cash for purchase of immovable property to be prohibited.
PAN being made mandatory for any purchase or sale exceeding Rupees 1 Lac.
Third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions..
Leverage of technology by CBDT and CBEC to access information from either’s data bases.
Tax “pass through” to be allowed to both category I and category II alternative investment funds.
General Anti Avoidance Rule (GAAR) to be deferred by two years.
GAAR to apply to investments made on or after 01.04.2017, when implemented.
Additional investment allowance (15%) and additional depreciation (35%) to new manufacturing units set up during the period 01-04-2015 to 31-03-2020 in notified backward areas of Andhra Pradesh and Telangana.
Rate of Income-tax on royalty and fees for technical services reduced from 25% to 10% to facilitate technology inflow.
Basic Custom duty on certain inputs, raw materials, inter mediates and components in 22 items, reduced to minimise the impact of duty inversion.
All goods, except populated printed circuit boards for use in manufacture of ITA bound items, exempted from SAD.
Excise duty on chassis for ambulance reduced from 24% to 12.5%.
Balance of 50% of additional depreciation @ 20% for new plant and machinery installed and used for less than six months by a manufacturing unit or a unit engaged in generation and distribution of power is to be allowed immediately in the next year.
Target of renewable energy capacity revised to 175000 MW till 2022, comprising 100000 MW Solar, 60000 MW Wind, 10000 MW Biomass and 5000 MW Small Hydro.
Visas on arrival to be increased to 150 countries in stages.
A project development company to facilitate setting up manufacturing hubs in CMLV countries, namely, Cambodia, Myanmar, Laos and Vietnam.
Gold monetisation scheme to allow the depositors of gold to earn interest in their metal accounts and the jewelers to obtain loans in their metal account to be introduced.
Sovereign Gold Bond, as an alternative to purchasing metal gold scheme to be developed.
Commence work on developing an Indian gold coin, which will carry the Ashok Chakra on its face.
Five major challenges: Agricultural income under stress, increasing investment in infrastructure, decline in manufacturing, resource crunch in view of higher devolution in taxes to states, maintaining fiscal discipline.
To meet these challenges public sector needs to step in to catalyses investment, make in India programme to create jobs in manufacturing, continue support to programmes with important national priorities such as agriculture, education, health, MGNREGA, rural infrastructure including roads.
Challenge of maintaining fiscal deficit of 4.1% of GDP met in 2014-15, despite lower nominal GDP growth due to lower inflation and consequent subdued tax buoyancy.
Government firm on journey to achieve fiscal target of 3% of GDP..
Accordingly, journey for fiscal deficit target of 3% will be achieved in 3 years rather than 2 years. The fiscal deficit targets are 3.9%, 3.5% and 3.0% in FY 2015-16, 2016-17 & 2017-18 respectively.
Direct Transfer of Benefits to be extended further with a view to increase the number of beneficiaries from 1 crore to 10.3 crore.
Major steps take to address the two major factors critical to agricultural production, that of soil and water.
‘Paramparagat Krishi Vikas Yojana’ to be fully supported.
‘Pradhanmantri Gram Sinchai Yojana’ to provide ‘Per Drop More Crop’.
5,300 crore to support micro-irrigation, watershed development and the ‘Pradhan Mantri Krishi Sinchai Yojana’. States urged to chip in.
25,000 crore in 2015-16 to the corpus of Rural Infrastructure Development Fund (RIDF) set up in NABARD; 15,000 crore for Long Term Rural Credit Fund; 45,000 crore for Short Term Co-operative Rural Credit Refinance Fund; and 15,000 crore for Short Term RRB Refinance Fund.
Target of 8.5 Lac crore of agricultural credit during the year 2015-16.
Focus on improving the quality and effectiveness of activities under MGNREGA.
Need to create a National Agriculture Market for the benefit farmers,Government to work with the States, in NITI, for the creation of a Unified National Agriculture Market.
Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of `20,000 crores, and credit guarantee corpus of `3,000 crores to be created.
MUDRA Bank will be responsible for refinancing all Micro-finance Institutions which are in the business of lending to such small entities of business through a Pradhan Mantri Mudra Yojana.
Postal network with 1,54,000 points of presence spread across villages to be used for increasing access of the people to the formal financial system.
NBFCs registered with RBI and having asset size of 500 crore and above may be considered for notifications as ‘Financial Institution’ in terms of the SARFAESI Act, 2002.
Pradhan Mantri Suraksha Bima Yojna to cover accidental death risk of 2 Lac for a premium of just 12 per year.
Atal Pension Yojana to provide a defined pension, depending on the contribution and the period of contribution.Government to contribute 50% of the beneficiaries’ premium limited to `1,000 each year, for five years, in the new accounts opened before 31st December 2015.
Pradhan Mantri Jeevan Jyoti Bima Yojana to cover both natural and accidental death risk of `2 lakh at premium of `330 per year for the age group of 18-50.
Unclaimed deposits of about `3,000 crores in the PPF, and approximately `6,000 crores in the EPF corpus. The amounts to be appropriated to a corpus, which will be used to subsidize the premiums on these social security schemes through creation of a Senior Citizen Welfare Fund in the Finance Bill.
National Investment and Infrastructure Fund (NIIF), to be established with an annual flow of 20,000 crores to it.
PPP mode of infrastructure development to be revisited and revitalized.
Atal Innovation Mission (AIM) to be established in NITI to provide Innovation Promotion Platform involving academicians, and drawing upon national and international experiences to foster a culture of innovation , research and development. A sum of 150 crore will be earmarked.
(SETU) Self-Employment and Talent Utilization) to be established as Techno-financial, incubation and facilitation programme to support all aspects of start-up business. 1000 crore to be set aside as initial amount in NITI.
5 new Ultra Mega Power Projects, each of 4000 MW, in the Plug-and-Play mode.
Public Debt Management Agency (PDMA) bringing both external and domestic borrowings under one roof to be set up this year.
Forward Markets commission to be merged with SEBI.
Section-6 of FEMA to be amended through Finance Bill to provide control on capital flows as equity will be exercised by Government in consultation with RBI.
Government to bring enabling legislation to allow employee to opt for EPF or New Pension Scheme. For employee’s below a certain threshold of monthly income, contribution to EPF to be option, without affecting employees’ contribution.

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