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HIGHLIGHTS OF UNION BUDGET 2008 - 09
Posted Date: 11 Apr 2008 Resource Type: Articles/Knowledge Sharing Category: News
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Posted By: Nethaji Member Level: Bronze
Rating:  Points: 3
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Union Budget 08-09 - Live Updates
Key to Budget Budget Highlights Budget Speech
Budget at a Glance Annual Financial Statement Finance Bill
Memorandum Receipt Budget Expenditure Budget
Customs & Central Excise Implementation of Budget Announcements The Macro Economic Framework Statement
The Medium Term Fiscal Policy Statement The Fiscal Policy Strategy Statement
Personal Tax
1.5 lakh for men
1.8 lakh for Women
2.25 lakh for senior citizen
Corporate Tax/Corporate Surcharge Tax
Unchanged
Service Tax
No change in service tax rate
Direct Tax
Short-term capital gains tax hiked to 15%
Securities Transactions Tax unchanged
Banking Transaction Tax withdrawn
Central Sales Tax up from 2% to 5%
Misc.: Bank cash transaction tax to be exempted
The release of Union Budget 2008-09 by Finance Minister P Chidambaram on 29 Feb'08 might intend to bring about some paradigm changes. Lets have a quick look at the gainers:
Farmers have been granted a package of Rs 60,000-cr
Rs 44 crore for 22 Sainik schools
300 more ITIs to be elevated with an investment of Rs 750 cr Ï Setting up of 3 new IITs, 16 central universities
Power sector would be given national fund for transmission, distribution reforms
Hike of Rs 12,966 cr from Rs 10,866 cr in NHDP allocation
Govt would now cost Rs 50,000 cr on farm loan waiving
Tea would get Rs 400 mn special support fund
Agri loans would be reconstructed in 2004-06 under special packages to be waived
Tea Research association would be allocated Rs 20 cr
Micro irrigation scheme allocated Rs 500 cr
Agriculture share in total investment would be raised to 16% from 10.2%
Grant for ministry of minorities would be raised to Rs 1,000 cr
Planned schemes for woman to get Rs 11,460 cr this fiscal
Child related schemes would be granted Rs 33,434 cr
288 branches of public sector banks would be set up in 2008
Affected items after the Union Budget 2008-09
Expensive Cheaper
Non filter cigarettes
Unbranded petrol and diesel
Anti-AIDS drugs
Two wheelers
Small cars
Bulk drugs
Crude sulphur
Buses, Chassis
Water Puriifier
Refrigeration Components
Paper and its products
Naptha
Pharma goods
BUDGET SPEECH ENDS
Corporate surcharge tax: unchanged
Indirect tax proposals to incur a loss of Rs 5,000 cr
Direct tax proposals would be revenue neutral
Dividend of subsidiary company will be released from DDT
Banking transaction tax to be exempted
Central sales tax: Reduced to 2%
15% rise in short term capital gains tax
5-yr tax holiday for building hospitals in tier-II, tier III regions
Short-term capital gains rises to 15 pc
Excise duty of Rs 1.35/litre applied on unbranded petrol
Excise duty of Rs 4.6/litre applicable on unbranded diesel
Introduction of Commodities Transactions Tax
Securities Transaction Tax would be considered like deductible expenditure
Star hotels: 2,3,4 star hotels to get 5-yr tax holiday in UNESCO's heritage sites
FBT exempted on creche, employee sports, guest houses facilities
Duty on two wheelers slashed from 16 to 12 pc
Tax slab for Rs 3-5 lakh would be 25 pc
TAX: exemption raised from Rs 1,10,000 to Rs 1,50,000
TAX: Women exemption threshold streched from Rs 1,45,000 to 1,80,000
TAX: Senior citizens' exemption raised from Rs 1,95,000 to 2,25,000
TAX: Coporate income tax unchanged
Hike of duty on non filter cigarettes
Excise duty reduced to 8% on water purification items
Duty taken off on naptha for production of polymers
Refigeration components to get less expensive
Reduction of excise duties on anti-AIDS drugs
Tax-GDP ratio higher at 12.5%
Step down of excise on paper and its products
Reduction of excise duties on buses, chassis
Excise on small cars stepped to 14%
Excise on pharma goods reduced to 14%
General CENVAT rate: dipped from 16% to 14%
5% cut of customs duty on some bulk drugs
Crude sulphur: duties stepped down to 5%
Relieve of duties on coral
Fiscal Deficit & Revenue Deficit: pegged at 3.1% & 1.4%.
Duties on convergence products dipped to 5%
Set top boxes: 100% exemption
COMMONWEALTH GAMES: allocated Rs 624 cr.
Steel melting & aluminum scrap: duties reduced
Peak rate of customs duties unchanged
Sixth central pay commission would submit report by March
Revenue Deficit would be 1.4 % agt Budget Estimate of 1.5%
Planning Commission to assess major schemes
PROTECT TIGER: Rs 50 cr to Natl Tiger Conservation Authority to get Rs 50 cr
Rs 75 cr for ICCR for cultural development
Defence allocation raised by 10% to Rs 1,05,600 cr
PDS to get Rs 32,676 as subsidy
Smart-card based PDS system to come up in Haryana, Chandigarh
PDS to be toned up
Grant of Rs 44 cr to 22 Sainik schools each
Rs 75 cr to given to Agri Ministry to set up soil testing labs in 250 districts
Rs 15,000 cr to be given for a non-profit body for dev programme
Set up a world-class skilled development programme
PAN requirement extended to all securities transactions
Set up bond, derivative market
More clarity in Derivative market
Risk Capital Fund to be established in SIDBI
Allocation of Rs 12,966 cr for National Highway Dev programme
Rs 8,000 cr for accelerated power development programmes
Ultra mega power project to come up at Tilana shortly
NHDP to get Rs 12,956 Cr
Banks would be bucked up to embrace total financial inclusion
Foreign invt: Oil block exploration anticipated to get up to $8 bn
Setting up of Coal regulator
Health Insurance for 17 lakh families of weavers
Approval of State data centres scheme and gets Rs 275 cr
1 lakh broadband-enabled common service centres to be set up in villages
Better allocation of NHDP programme
Power distribution to get Rs 800 cr
Public Sector Bank: Around 288 branches to be opened in districts with minority community concentration.
Manufacturing rate of growth planned to be doubled
RIDF corpus to be raised to Rs 14,000 cr
Education: 20% hike from Rs 28,674 cr to Rs 34,400 cr
Total amount of loans being waived is Rs 50,000 cr
Debt waiver scheme to end up by June 30
Minority Affairs Ministers alloted Rs 1000 cr.
Total amount of loans being waived is Rs 50,000 cr
Debt waiver scheme to end up by June 30
Interest subvention would prove negative for banks
Waiver forms up to 4% of total bank loans
Sensex dipped to 210 points
500 soil testing labs would be established in the country
Marginal,small farmers gets 100% waiver on all loans. Benefit to 4 crore farmers
Farmers would provided with scheme of debt waiver and debt relief
Allocation for NRHM hiked to Rs 12,050 cr
National Horticulture Mission would be allocated Rs 1,100 cr
Rs 50 cr for Weather based crop insurance scheme
Tea Research Association would be given a special grant of Rs 20 cr
Rashtriya Krishi Vikas Yojana would be allocated Rs 2,80,000 cr.
53 minor irrigation programmes would come into action
Coffee, cardamom growing gets more funds
Child specific schemes would be given Rs 34,334 crores
Rs 2.80 lakh cr has been set for agri-credit in 2008-09
Ministry of Woman and Child Development to be alloted Rs 7,200 cr
24% hike in allocation for child development
Border area development gets Rs 500 cr
Anti-Polio drive gets Rs 1,042 cr
Hospital sector likely to gain Interest subvention has been increased in the year 2007-08
Jawaharlal Nehru Urban Renewal Mission would be alloted Rs 6,865cr
Development of agri-credit has been impressive
Minority Affairs Ministry fund raised to Rs 1,000 cr
Setting up of 288 PSU bank branches in minority districts
Rs 540 cr to be given for the development plan for minority districts
LIC would entail all women SEGs
Rs 200 crore to be given for potable water in schools
Rural health services would be alloted Rs 12,050 cr for its development
Publishing market would gain from education boost
Sanitation programmes would be alloted Rs 1200 cr
More number of minority placements in central para-military forces
Higher Education: more institutions in the 11th plan.
Anganwadi helpers & workers remuneration hiked to Rs 750 & Rs 1,500
National Programme for elderly citizens at Rs. 400 crore
Rajiv Gnadhi Natl Fellowship Programme would be alloted rs 75 cr
Rs 9 cr for Nat Handicap Development Corp
Natl Minorities Development Corp would be alloted Rs 75 cr
Rs. 500 crore for Arunachal and north eastern states
Education spend to be raised by 20% to Rs 34,400 cr
NE region would be granted Rs 1, 350 cr for development
Rajiv Gandhi Drinking Water mission allotment would be raised
NREG scheme to be implemented in 596 districts
National Rural Health Mission allocation raised by 15%
Rs 30,000 health cover allotment for every worker in unorganised sector
Increase of Health allocation to 15%
supply safe drinking water as per Rajiv Gandhi's plan
3 IIScs would be set up in Bhopal and Trivandrum
National Programme for the Elderly to be set up
Secondary education Scheme: Rs 4,554 crore
2 schools would be set up for planning and architecture
Rs 4,554 crore Secondary education Scheme
Rs 100 cr would be given to Ministry of Science and tech for Natl Knowledge Network
All knowledge bodies would be connected through broadband
Rs 85 crore for the setting up of a knowledge society
Scholarships would be given for science and research
Education and Health allocation up 20%
Service Sector to rise at 10.7%
Setting up of 3 IITs in AP, Bihar and Rajasthan
16 central universities would come up
Mid-day meal scheme: for upper primary classes also. Budgetary allocation Rs 8,000
Navodiya Vidyalayas to start up in 6,0-00 districts
6,000 model high schools to be established
Agricultural growth rate planned at 2.6%
reforms for Education, health remains a major concern
2008-09 would be a year of integration
He remains to be convicted to sustain 8% growth
Effect of global mkts on local mkts is hazy
Govt, RBI will to take a conjoint step to manage capital inflow
Govt to monitor all foreign fund inflow
Govt. to check foreign inflow to stabilise Indian mkts
Rashtriya Krishi Vikas Yojna launched
Food grains overall output is 219.32 mn tonnes
We should remain wakeful for downside risk
Crude oil has seen a step down
Agriculture condition was disatisfactory
Capital inflows proves to be point of consideration against monetary management
Growth rate at 8.8%
Service sector remains the propelling force for Budget
Since Aug 2007 financial economies has seen a great ups and downs 2007-08 has been a challenging year
Chaos in the parliament as Opposition interrupts speech
Finance Minister P Chidambaram starts up to address Parliament
This Union Budget 2008-09 would be UPA government's last Budget before elections next year.
The next Union Budget will be a vote-on-account because of general elections.
FM might not deliver a populist Budget as against the general speculations.
Budget Expectations
Complete waiver of loans owed by small and marginal farmers, landholding below 5 acres.
Duties on life-saving medicines may be exempted.
Excise duty may not change: 16 per cent
Duties on consumer electronics may be slashed down to 12% from 16%.
Individual Tax Payers: standard deduction limit may be raised 20 per cent to Rs120,000.
Surcharge on corporate tax is expected to be abolished.
10-year tax exemption under the Software Technology Parks of India (STPI) scheme may be extended. It ends in March'09.
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