Highlights of Union Budget for 2009-10

Following are the highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha

Following are the highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha on Monday:

- No change in corporate tax rate

HT Image

- Income tax exemption limit for senior citizens increased by Rs.15,000, for women and others by 10,000 each

- New indirect tax will be introduced in 45 days

- Fringe benefit tax abolished

- Goods and services tax (GST) will be introduced April 1, 2010

- An alternative dispute settlement mechanism to be set up to settle tax disputes

- Lawyers brought under the ambit of service tax

- Tax exemption on profits in the natural gas sector extended

- Customs duty on LCD TVs reduced to 5 per cent from 10 per cent

- Five per cent customs tax imposed on set-top boxes

- Rs 500 crore for the rehabilitation of displaced Sri Lankan Tamils and reconstruction activities in that country

- Allocation for the minority affairs ministry raised to Rs 1,740 cr

- Plan expenditure up 34 per cent, non-plan spend up 37 per cent

- Total spending increased to Rs 10.2 lakh crore

- Rs.420 crore for new IITs and NITs

- Commonwealth Games allocated Rs 3,472 crore

- National unique identification numbers to start rolling out in 12-18 months

- Paramilitary forces such as CRPF to get 100,000 homes

- Banking services in under-banked areas to be increased, scheme allocated Rs.100 crore

- Agriculture debt waiver extended by six months

- Outlay for national rural health mission increased by Rs 2,057 crore from the Rs 12,070 crore provided in the interim budget

- Allocation towards National Rural Employment Guarantee Act increased by Rs 39,100 crore

- Allocation for Bharat Nirman scheme increased by 45 per cent

- Rs.20,000 crore for rural housing

- Rural electrification scheme to get Rs 7,000 crore more

- Tax department to work on early introduction of Saral 2 forms

- Stimulus for print media extended from June 13 to Dec 31

- Rs 1,000 crore to accelerate irrigation projects

- Agriculture development fund increased from Rs 2.87 lakh crore to Rs 3.25 lakh crore

- Market development assistance scheme for exporters increased by 148 per cent to Rs.124 crore

- Pre-shipment interest subvention set at 2 per cent for textile exporters

- Sufficient funds for infrastructure development

- Allocation for national highways development stepped up by 23 per cent

- Allocation for urban poor schemes to be raised to Rs 39,730 crore

- LNG infrastructure to be expanded

- Allocation for Jawaharlal Nehru Urban Renewal Mission raised by 87 per cent to Rs 12,887 crore