Indian Union Budget 2007-2008
Some highlights of the Indian Union Budget 2007-2008:
- Personal income tax exemption hiked to Rs 1.5 lakh
- Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
- Tax exemption for women increased to Rs 1.8 lakh
- New tax slabs: 10 per cent for 1,50,000 to 3,00,000, 20 per cent for 3,00,000 to 5,00,000 and 30 per cent above 5,00,000
- Excise on packaged software to be lower from 8% to 12%
- No excise duty on refrigerating equipments
- Anti-Aids drug exempted from excise duty
- Small cars to become cheaper
- Reduced excise duty on two, three wheelers
- Excise duty on hybrid cars cut from 24 pct to 14 pct
- Excise on small cars cut to 12 pct from 16 pct
- Rs 50 cr for tiger conservation
- Sixth Pay Commission report by March 2008
- Defense allocation up by 10% from Rs 96,000 cr to Rs 1,56,000 cr
- 22 Sainik schools get Rs 44 crore
- Rs 624 cr for Commonwealth Games
- PAN sole identification in securities market
- Debt waiver scheme and relief to small and marginal farmers
- Duty reduced on life saving drugs
- Rs 750 crore for upgradation of 300 ITIs in 25 districts.
- No change in peak customs duty
- Central sales tax cut from 3% to 2%
- Govt withdraws banking transaction tax
- Revenue implication of Indirect taxation to be 5900 cr
- Direct taxation changes to be revenue neutral
- Levy on STT only on option premiums
- Commodities transaction tax introduced like STT
- Short term capital gains to be taxed at 15%
- No change in surcharge of corporate tax
- Money changers and people running gains of chance and tour operators to be brought under service tax net
- Revenue Deficit is Rs 55,184 cr at 1% of GDP and fiscal deficit is Rs 1,33,287 cr at 3.1% of GDP
- Estimated planned expenditure at Rs 2,43,086 cr and non-panned expenditure Rs 57,409 cr
- Central Plans Scheme monitoring system under Plan Panel to be unveiled
- Non-agri peak rates for customs raises to 10% from 2% in 2004
- Tax to GDP ratio at 9.2% in 2004 up by 12.5% in 2007-08
- Custom duty on steel scrapped
- Set-top boxes to become cheaper
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