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BUDGET 2007-08: HIGHLIGHTS
GROSS BUDGETARY SUPPORT FOR PLAN TO BE INCREASED TO RS. 205,100 CRORE FROM RS. 172,728 CRORE
NON-PLAN EXPENDITURE TO GO UP BY 6.5% TO RS. 435,421 CRORE
ALLOCATION FOR BHARAT NIRMAN INCREASED BY 31.6% TO RS. 24,603 CRORE
ALLOCATION FOR EDUCATION INCREASED BY 34.2% AND FOR HEALTH & FAMILY WELFARE BY 21.9%
MID-DAY MEAL SCHEME TO COVER CHILDREN OF UPPER PRIMARY CLASSES IN 3,427 EDUCATIONALLY BACKWARD BLOCKS
NATIONAL MEANS-CUM-MERIT SCHOLARSHIP SCHEME INTRODUCED FOR STUDENTS FROM CLASS IX TO XII; 100,000 SCHOLARSHIPS TO BE AWARDED EVERY YEAR
NATIONAL RURAL EMPLOYMENT GUARANTEE SCHEME TO BE EXPANDED FROM THE CURRENT 200 TO 330 DISTRICTS
ALLOCATION FOR SCs AND STs SUBSTANTIALLY INCREASED
PROVISION OF RS. 108 CRORE FOR MULTI-SECTOR DEVELOPMENT PROGRAMME IN DISTRICTS WITH CONCENTRATION OF MINORITIES
INTEREST SUBVENTION SCHEME FOR SHORT-TERM CROP LOANS TO CONTINUE
NATIONAL AGRICULTURAL INSURANCE SCHEME TO CONTINUE IN PRESENT FORM
DEATH AND DISABILITY INSURANCE COVER THROUGH LIC TO BE EXTENDED TO RURAL LANDLESS HOUSEHOLDS UNDER AAM ADMI BIMA YOJANA
LIMIT OF LOANS UNDER DIFFERENTIAL RATE OF INTEREST SCHEME FOR WEAKER SECTIONS RAISED
NATIONAL HOUSING BANK TO INTRODUCE REVERSE MORTGAGE FOR SENIOR CITIZENS
ALLOCATION FOR DEFENCE INCREASED TO RS. 96,000 CRORE
ALLOCATION FOR E-GOVERNANCE INCREASED FROM RS. 395 CRORE TO RS. 719 CRORE
GOVERNMENT TO SUPPORT CREATION OF ABOUT 100,000 JOBS EVERY YEAR FOR PHYSICALLY CHALLENGED
FOR CURRENT YEAR REVENUE DEFICIT TO BE 2% AND
FISCAL DEFICIT 3.7% - BOTH LOWER THAN BUDGET ESTIMAES
REVENUE DEFICIT FOR 2007-08 ESTIMATED AT 1.5% OF GDP AND
FISCAL DEFICIT AT 3.3% OF GDP
PEAK RATE FOR CUSTOMS DUTIES FOR NON-AGRICULTURAL PRODUCTS REDUCED FROM 12.5% TO 10%
CUSTOM DUTIES ON MOST CHEMICALS AND PLASTICS REDUCED FROM 12.5% TO 7.5%
NO CHANGE IN GENERAL CENVAT OR SERVICE TAX RATES
AD VALOREM COMPONENT OF EXCISE DUTY ON PETROL AND DIESEL REDUCED FROM 8% TO 6%
EXCISE DUTY EXEMPTION LIMIT FOR SMALL SCALE INDUSTRY INCREASED FROM RS. 1 CRORE TO RS. 1.5 CRORE
SERVICE TAX EXEMPTION LIMIT FOR SMALL SERVICE PROVIDERS RAISED FROM RS. 400,000 TO RS. 800,000
SERVICE TAX EXTENDED TO SOME NEW AREAS
CENTRAL SALES TAX TO BE REDUCED FROM 4 TO 3%
NO CHANGE IN PERSONAL INCOME TAX RATES BUT THRESHOLD LIMIT OF EXEMPTION IN ALL CASES INCRASED BY RS. 10,000
MAXIMUM LIMIT OF DEDUCTION IN RESPECT OF MEDICAL INSURANCE PREMIUM TO BE INCREASED TO RS. 15,000; FOR SENIOR CITIZENS THE LIMIT IS RS. 20,000
CORPORATE INCOME TAX RATE REMAINS UNCHANGED; SURCHARGE ON INCOME TAX ON ALL FIRMS AND COMPANIES WITH A TAXABLE INCOME OF RS. 1 CRORE OR LESS REMOVED
FIVE YEAR INCOME TAX HOLIDAY FOR NEW HOTELS IN NCTD
TAX HOLIDAY FOR UNDERTAKINTGS IN JAMMU & KASHMIR EXTENDED UP TO MARCH 31, 2012
RATE OF DIVIDEND DISTRIBUTION TAX RAISED FROM 12.5% TO 15% ON DIVIDENDS DISTRIBUTED BY COMPANIES AND TO 25% ON DIVIDENDS PAID BY MONEY MARKET MUTUAL FUNDS AND LIQUID MUTUAL FUNDS
BANKING CASH TRANSACTIONS TAX EXEMPTION LIMIT FOR INDIVIDUALS AND HUFs INCRASED FROM RS. 25,000 TO RS. 50,000
ADDITIONAL CESS OF 1% LEVIED ON TAXES TO FUND SECONDARY AND HIGHER EDUCATION
EMPLOYEES’ STOCK OPTION PLAN TO BE BROUGHT UNDER FRINGE BENEFIT TAX
DURING THREE YEARS OF UPA GOVERNMENT, GDP GROWTH RATE IMPROVES FROM 7.5% IN 2004-05 TO 9.2% IN 2006-07; GROWTH RATE IN MANUFACTURING GOES UP FROM 8.7% TO 11.3% AND IN SERVICES FROM 9.6% TO 11.2%
AVERAGE GROWTH OF AGRICULTURE SECTOR DURING TENTH PLAN ESTIMATED AT 2.3%
AVERAGE INFLATION IN 2006-07 ESTIMATED AT 5.2-5.4%
BHARAT NIRMAN MAKES IMPRESSIVE PROGRESS
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