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111 Highlights of Union Budget 2008-09
Posted Date: 29 Feb 2008 Resource Type: Articles/Knowledge Sharing Category: General
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Posted By: Pankaj Kumar Member Level: Gold
Rating:  Points: 5
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UNION BUDGET 2008-09
HIGHLIGHTS
1.Banking transaction tax to be removed
2.Reduce central sales tax to 2%
3.Increase in short term capital gains tax to 15%
4.5-yr tax holiday for setting up hospitals in tier-II, tier III
regions
5.Excise duty of Rs 1.35/litre on unbranded petrol
6.Excise duty of Rs 4.6/litre on unbranded diesel
7.Commodities Transactions Tax to be introduced
8.Securities Transaction Tax to be treated like deductible expenditure
9.Excise duty of Rs 4.6/litre on unbranded diesel
10.Commodities Transactions Tax to be introduced
11.Securities Transaction Tax to be treated like deductible expenditure
12.5-yr tax holiday to 2,3,4-star hotels in UNESCO's heritage sites
13.NO FBT on creche, employee sports, guest houses facilities
14.No change in corporate income tax rate
15.No change in corporate surcharge tax
16.Duty on two wheelers reduced from 16 to 12 pc
17.Tax exemption hiked from Rs 1,10,000 to Rs 1,50,000
18.Duty on non filter cigarettes to be raised
19.Excise duty slashed to 8% on water purification items
20.Duty withdrawn on naptha for production of polymers
21.Refigeration components to become cheaper
22.Excise on paper and paper products reduced
23.Excise duties on buses, chassis slashed
24.Excise on small cars to 14%
25.Excise on pharma goods slashed to 14%
26.General CENVAT rate on all goods from 16% to 14%
27.Customs duty on few bulk drugs cut to 5%
28.Customs duties on crude sulphur reduced to 2%
29.Exempt on duties on coral
30.Duties on convergence products slashed to 5%
31.Fully exempt duties on Set top boxes
32.Reduce duties on steel melting scrap, aluminum scrap
33.No change in peak rate of customs duties
34.Revenue Deficit will be 1.4 % agt Budget Estimate of 1.5%
35.Planning Commission to evaluate major schemes
36.Sixth central pay commission to submit report by March 31, 2008
37.Grant of Rs 50 cr to Natl Tiger Conservation Authority
Rs 75 cr to ICCR for cultural development
38.Defence allocation hiked by 10% to Rs 1,05,600 cr
39.Rs 32,676 crore as subsidy to PDS
40.Smart-card based PDS system in Haryana, Chandigarh
41.Allocation of Rs 44 cr to 22 Sainik schools each
42.Rs 75 cr to Agri Ministry for soil testing labs in 250 districts
43.Rs 15,000 cr for non-profit body for skilled dev programme
44.Launch a world-class skilled development programme
45.PAN requirement for all securities transactions
46.To start a forex derivative market
47.More transparency in the derivative market
48.Risk Capital Fund to be set up in SIDBI
49.National Highway Dev programme gets Rs 12,966 cr
50.Accelerated power development programmes to get Rs 8,000 cr
51.Ultra mega power project at Tilana shortly
52.Rs 12,956 Cr for NHDP
53.Banks to be encouraged to embrace total financial inclusion
54.Foreign invt up to $8 bn expected for oil block exploration
55.Coal regulator to be set up
56.17 lakh families of weavers under Health Insurance
57.State data centres scheme approved and get Rs 275 cr
58.1 lakh broadband-enabled common service centres in
59.Enhance allocation of NHDP programme
60.Rs 800 cr for power reforms
61.Manufacturing growth rate to be taken to double digit
62.RIDF corpus to be hiked to Rs 14,000 cr
63.Total estimate of loans being waived is Rs 50,000 cr
64.Implementation of debt waiver scheme to end by June 30
65.Waiver amounts to 4% of total bank loans
66.Rescheduled farm loans eligible for waiver
67.Din in House over PC's relief plans to farmers
68.Marginal, small farmers to get full waiver on all loans
69.500 soil testing labs to be set up in the country
70.Scheme of debt waiver and debt relief for farmers
71.Allocation for NRHM increased to Rs 12,050 cr
72.National Horticulture Mission gets Rs 1,100 cr
73.Weather-based crop insurance scheme to get Rs 50 cr
74.Rs 20,000 cr for irrigation projects under AIPB
75.Special grant of Rs 20 cr to Tea Research Association
76.Rs 500 cr to be allocated for micro irrigation schemes
77.More funds for cardamom, coffee growing
78.Rashtriya Krishi Vikas Yojana to get Rs 2,80,000 cr
79.53 minor irrigation programmes to be implemented
80.Target of Rs 2.80 lakh cr for agri-credit in 2008-09
81.Ministry of Woman and Child Dev gets Rs 7,200 cr
82.24% increase in allocation for child development
83.Rs 500 cr for development of border areas
84.Rs 1,042 cr for anti-Polio drive
85.Jawaharlal Nehru Urban Renewal Mission to get Rs 6,865cr
86.Growth of agri-credit impressive
87.Allocation for ICDS increased to Rs 6,300 cr
88.Minority Affairs Ministry fund doubled to Rs 1,000 cr
89.288 PSU bank branches in minority districts
90.Rs 540 cr for development plan for minority districts
91.Rs 500 cr for corpus fund to subsidise all women
92.LIC to cover all women Self-help Groups linked to banks
93.Rs 200 crore for potable water in schools
94.Rs 12,050 cr for strengthening rural health services
95.Sanitation programmes to get Rs 1200 cr
96.More minority recruitments in central para-military forces
97.ICDS allocation hiked to Rs 6,300 cr
98.Rs 300 cr for desalination plant near Chennai
99.Rs 75 cr for Rajiv Gandhi Natl Fellowship Prog
100.Natl Handicap Development Corp to get Rs 9 cr
101.Natl Minorities Development Corp to get Rs 75 cr
102.Allocation for NE schemes up from 14,365 cr to 16,400 cr
103.Rajiv Gandhi Drinking Water mission allocation hiked
104.NREG scheme to be rolled out in 596 districts
105.National Rural Health Mission allocation hiked by 15%
106.Remuneration of Anganwadi helpers hiked to Rs 750
107.Remuneration of Anganwadi workers hiked to Rs 1,500
108.3 IIScs in Bhopal and Trivandrum
109.National Programme for the Elderly to be set up
110.Rs 30,000 health cover for every worker in unorganised sector
111.2 schools of Planning and Architecture
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