Asserting that India's infrastructure is a mismatch with its growth ambitions, Finance Minister Arun Jaitley today proposed a sizeable Rs 70,000 crore increase in investment in the sector besides a slew of steps to spur its growth.
Asking rich and wealthy to pay higher tax, finance minister Arun Jaitley on Saturday abolished the wealth tax but increased the surcharge to 12% on individuals earning Rs 1 crore and above annually and on firms with an annual income of Rs 10 crore or more.
The allocation of funds for Delhi Metro in the Union Budget has seen a 22% jump with it being alloted over Rs 4,200 crore as its network extends deeper into the National Capital Region.
Not changing the income tax rates or increasing the exemption limits for individuals, Union finance minister Arun Jaitley on Saturday proposed increasing the range of tax deductible investments/ spend.
Finance minister Arun Jaitley Saturday unveiled a slew of steps to battle black money stashed abroad, including a new law that will entail rigorous imprisonment of up to 10 years and a penalty of 300% on its perpetrators. Illegal deposits costs India billions of dollars in lost revenue.
Petrol price was on Saturday hiked by Rs 3.18 per litre and diesel by Rs 3.09, the second increase in rates this month on rising international oil rates. The increase is effective from midnight tonight.
Finance minister Arun Jaitley made most services and some goods costlier and stopped short of putting more money in the hands of the salaried class by not raising the tax exemption limit. Instead, he allowed salary earners extra elbow room to save for their pensions by contributing up to Rs 50,000 a year with tax concessions and also raised the premia one can pay for health insurance with tax benefits.
Finance minister Arun Jaitley on Saturday announced a budget aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit.
India may rank poorly on 'ease of doing business', but it emerged as a high-focus area in finance minister Arun Jaitley's first full-fledged Budget on Saturday, literally, with as many as ten mentions.
India will introduce gold deposit accounts to utilise the 20,000 tonnes available within the country and launch a sovereign bond as an alternative to buying the metal, moves that are likely to cut imports into the biggest gold consumer.
Narendra Modi did his finance minister few favours by telegraphing his expectations a few months ago that the Union Budget would be 'transformational'.
India will set up 5 more ultra mega power projects, entailing investments of around Rs 1 lakh crore, the government said on Saturday.
Finance minister Arun Jaitley on Saturday announced a 5% reduction in corporate tax over next four years, abolished wealth tax and replaced it with an additional 2% surcharge on super-rich individuals, while increasing service tax that will result in higher cost of variety of services.