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Highlights and Features: Union Budget 2008-09

Union Budget factfile
ť Union Budget is India's annual report for a fiscal year
ť A fiscal year starts on 1st April and ends on 31st March
ť Budget is presented on the last day of February every year
ť It lists all government revenues and expenditures during the year
ť Union budget covers revenue budget and capital budget
ť It also lays down estimates for the next fiscal year
ť Union budget'08 is UPA government's last budget before elections
ť Budget'08 is presented by the finance minister, P. Chidambaram
ť Union budget 2008 is Mr. Chidambaram's 7th budget

Budget 2008 Highlights

ť Budget speech ends
ť Banking cash transaction tax to be withdrawn from 1st April'09
ť Loss of Rs 5,000 cr on account of indirect tax proposals
ť Direct tax proposals to be revenue neutral
ť DDT exemption for subsidiary company dividend
ť Removal of Banking transaction tax
ť Central sales tax (CST) to be reduced from 3% to 2%
ť Short term capital gains tax increased to 15%
ť Hospitals set up in tier-II/III regions not needed to pay tax for 5 yrs
ť Excise duty on unbranded petrol: Rs 1.35/litre
ť Excise duty on Unbranded diesel: Rs 4.6/litre
ť Introduction of Commodities Transactions Tax
ť STT to be treated as deductible expenditure
ť No tax for 5 yrs for 2/3/4-star hotels in UNESCO's heritage sites
ť No FBT on creche, employee sports, guest houses facilities
ť Corporate income tax rate unchanged
ť Corporate surcharge tax unchanged
ť 4% cut in duty on two wheelers to 12%
ť Coporate income tax unchanged
ť Exemption for Senior citizens: Rs. 2,25,000 (Rs 1,95,000 earlier)
ť Exemption for women: Rs. 1,80,000 (Rs 1,45,000 earlier)
ť Income tax exemption: Rs 1,50,000 (Rs. 1,10,000 earlier)
ť Income tax slab changed
ť More duty on non filter cigarettes
ť Excise on water purification items slashed to 8%
ť No duty on naptha for polymers production
ť Excise on anti-AIDS drugs slashed
ť Tax to GDP ratio up at 12.5%
ť Paper and paper products excise duty slashed
ť Reduced excise duties on buses, chassis
ť Excise on small cars cut to 14%
ť Reduced excise on pharma goods to 14%
ť 2% cut in CENVAT rate on all goods from 16% to 14%
ť 5% cut in Customs duty on certain bulk drugs
ť Duties on steel melting scrap, aluminum scrap to be reduced
ť Customs duties to have no change in peak rate
ť Revenue Deficit to be 1.4% against 1.5% estimated
ť Evaluation of major schemes by Planning Commission
ť 6th central pay commission report by 31st March '08
ť National Tiger Conservation Authority granted Rs 50cr
ť Allocation to ICCR for cultural development: Rs 75 cr
ť 10% hike in Defence allocation, now at Rs 1,05,600 cr
ť Chandigarh, Haryana to have Smart-card based PDS
ť Strengthening of PDS; gets subsidy of Rs 32,676 crore
ť All 22 Sainik schools allocation of Rs 44 cr each
ť Rs 75 cr to Agri Ministry; soil testing labs in 250 districts
ť Rs 15,000 cr to be allocated for skilled dev prog.
ť World-class skilled development programme to be launched
ť PAN requirement likely for all securities transactions
ť Focus on developing bond, derivative market
ť Derivative market to have more transparency
ť Setting up of Risk Capital Fund in SIDBI
ť Rs 12,966 cr for National Highway Development
ť Rs 8,000 cr for accelerated power development programmes
ť Tilana to get Ultra mega power project
ť Coal regulator to be set up
ť Health Insurance for 17 lakh weaver families
ť State data centres scheme approved; allocated Rs 275 cr
ť 1Lac broadband-enabled common service centres in villages
ť NHDP programme to see allocated Rs 12,956 Cr
ť Power distribution allocated Rs 800 cr
ť Double digit Manufacturing growth rate targetted
ť Increase in RIDF corpus to Rs 14,000 cr
ť Waived loans estimated at Rs 50,000 cr
ť Debt waiver scheme to implementated by June 30
ť Waiver of 4% of total bank loans for rescheduled farm loans
ť Full waiver on all loans for marginal & small farmers
ť 500 soil testing labs to be set up
ť NRHM allocation increased to Rs 12,050 cr
ť Rs 1,000 crore for Minority Affairs Ministry
ť Farmers to get Rs 60,000 cr debt relief
ť Farmers to get debt waiver and debt relief schemes
ť Rs 1,100 cr for National Horticulture Mission
ť Rs 50 cr for weather-based crop insurance scheme
ť Irrigation projects under AIPB allocated Rs 20,000 cr
ť Tea Research Association gets Rs 20 cr
ť Micro irrigation schemes allocated Rs 500 cr
ť Cardamom, coffee growing to ge more funds
ť Rs 2,80,000 cr for Rashtriya Krishi Vikas Yojana
ť 53 new irrigation programmes
ť 2008-09 agri-credit target of Rs 2.80 lakh cr
ť Rs 7,200 cr for development of Ministry of Woman and Child
ť Allocation to Child development increased by 24%
ť Border areas to be developed, Rs 500 cr allocated
ť Rs 1,042 cr for anti-Polio drive
ť Rs 6,865cr for Jawaharlal Nehru Urban Renewal Mission
ť Rs 12,050 cr allocated for rural health services
ť Rs 200 crore for potable water in schools
ť Service sector growth rate at 10.7%
ť Education allocation up by 20% at Rs 34,400 cr
ť Rs 1,350 cr for development of NE regions
ť Bhopal and Trivandrum to get 3 IIScs
ť Andhra, Bihar and Rajasthan to get IITs
ť 16 more central universities
ť 13,100 cr for Sarva Shiksha Abhiyaan
ť Rs 31,280 cr allocated to Bharat Nirman Programme
ť Villages to get 410 Vidyalayas
ť 6,000 model high schools to be set up
ť Lays down emphasis on Education and Health
ť Agriculture growth rate at 2.6%
ť Capital inflows in excess of economic deficit
ť Confident of maintaining 8% GDP growth ahead
ť FM launches Rashtriya Krishi Vikas Yojna
ť Inflation at 4.89%
ť Economic growth rate at 8.4%
ť FM begins his speech in the Parliament

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