Union Budget 2014-15: What Finance Minister said

  • Transport allowance increased to Rs 1600 per month
  • 100 per cent tax deduction for contribution to Swachh Bharat Fund
  • Service tax hiked to 14 per cent
  • To increase clean energy cess to Rs 200/tonne of coal
  • Online excise & service tax registrations in 2 working days
  • Rs 9000 crore from additional 2 per cent surcharge on the super rich
  • Wealth tax abolished, replaced by 2 per cent cess on super rich
  • Total wealth tax collection in the country is Rs 1008 crore
  • GAAR to be deferred by 2 years
  • To curb benami transactions in property deals
  • 7-yr imprisonment for non filing of return on foreign asset
  • 300 per cent penalty on concealing income
  • Undisclosed income to be taxed on maximum marginal rate
  • New law to tackle black money
  • Exemptions for individual tax payers to continue
  • Reduce corporate tax from 30 to 25 per cent
  • Gross tax receipts Rs 14.49 lakh crore
  • Rs 13,12,200 crore non planned expenditure
  • Rs 2,46,726 crore allocated for defence
  • Centres for film production in Arunachal Pradesh
  • Set up AIIMS in J&K, Tamil Nadu, Himachal Pradesh and Assam
  • To amend law under FEMA on capital account transactions
  • National skill development mission to be launched
  • Plan 175,000 MW renewable energy by 2022
  • Visa on arrival extended to 150 countries
  • Rs 1000 crore more to the Nirbhaya fund
  • Develop sovereign gold bond with fixed rate of interest
  • Introduce a gold monetisation scheme
  • Direct tax regime which is internationally competitive
  • Highest ever allocation to MNREGA
  • Public debt management agency
  • Pre existing regulatory policies instead of prior permissions
  • 5 ultra-mega power projects, each of 4000MW
  • Under new PPP model Govt to absorb majority of the risk
  • New scheme called Nayi Manzil to enable minority youth
  • Investment in infrastructure to go up by Rs 70, 000 crore
  • Integrated education and livelihood scheme for minorities
  • New scheme for assisted living devices for BPL senior citizen
  • To create a senior citizens' welfare fund
  • To increase access to formal credit system
  • Universal social security system to be created
  • To create micro unit development finance unit MUDRA Bank
  • Rs 25,000 crore for rural infrastructure development fund
  • National unified market for farm produce
  • Initial allocation of Rs 34699 crore under MNREGA
  • Rs 5300 crore for micro irrigation & PM's irrigation scheme
  • Fiscal gap target of 3 per cent to be met in 3 years
  • Increasing investment in infrastructure is a challenge
  • Our objective is to keep inflation below 6 per cent
  • Total transfer to the states will be 62 per cent
  • Need to be mindful of fiscal discipline
  • Will Form A Monetary Policy Committee
  • At least 1 member of each family to have job by 2022
  • Electrification of remaining 20,000 villages by 2020
  • GST will put in place a state of the art taxation system
  • Aiming for double digit growth
  • Growth In FY16 Seen Between 8-8.5 per cent
  • Growth expected between 8 and 8.5 per cent
  • To Roll Out GST On 1 April , 2016
  • GST To Put In Place State Of Art Indirect Tax System By Apr, 2016
  • Conquering inflation is an achievement of my govt
  • FY15 Real GDP Growth Seen At 7.4 per cent
  • FY15 CAD Seen Lower Than 1.3 per cent
  • 50 lakh toilets constructed, target 6 crore toilets
  • India's Economic Credibility Re-established
  • 12.5 crore families under Jan Dhan Yojna
  • 2015 GDP seen at 7.4 per cent
  • We have lived up to people's trust
  • Dramatically established macro economic stability
  • World is predicting it is India's chance to fly
  • States empowered more than before