Rs.5300 crores to be spent on micro-irrigation.Individual tax payer will benefit to the extent Rs.4,44,200/- from the exemptions announced.All contributions to Sukanya Samridhi Scheme to be tax free.Increase in limit of deduction of health insurance premium from Rs.15,000 to Rs.25,000 It will be Rs.30,000 for senior citizens:.For contribution to National Pension Scheme, exemption raised from Rs.1,00,000 to Rs.1,50,000.to introduce Gold Monetization Scheme, Sovereign Gold Bonds and Gold coins with Ashok Chakra Direct tax proposals will lead to loss of Rs.8,315 cr Indirect proposal will yield Rs.23,383 cr.Renewable energy target revised to 175,000 Mw. Clean energy cess increased from 100 to 200 Rupees per metric ton of coal to finance Green Energy Fund.Custom duty on raw materials and intermediaries to be reduced.This will net an additional tax revenue of Rs.9,000 crores Wealth Tax to be abolished 2% surcharge on super-rich having income over Rs.1 crore.Basic rate of Corporate Tax to be reduced from 30% to 25% in next 4 years to be accompanied by reducing exemptions.Applicability of GAAR deferred by two years will only apply prospectively after Apr 2017.Internationally competitive Direct Tax regime to be put in place, which will be stable and non-discriminatory.GST to put in place state of art indirect tax system by April 1st 2016.Direct Tax collection to be 14.49 lakh crore rupees.77 lakh cr, of which Non Plan is 13.12 lakh cr, and Plan is 4.65 lakh crores 68% of total revenues will now be in the hands of states, ushering in an era of cooperative federalism. Following 14th Finance Commission recommendations, states will get higher resources.Roadmap to achieve Fiscal deficit of 3% of GDP in three years: Target is 3.9% in 2015-16, 3.5% in 2016-17, 3% in 2017-18. 4.1 % target being met this year, despite tax buoyancy being lower. Fiscal deficit target of 3% to be achieved over next three years, instead of two. Foreign Exchange reserves at $340 billion. Real GDP expected to accelerate to 7.4% during the current fiscal. India set to be the fastest growing large economy in the world.
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