AT CURRENT PRICES THE ADVANCE GDP ESTIMATE OF 2014 - 15 IS ₹ Rs. 126,53,762 LAKHS CR AND AT 2011-12 PRICES ITS AT Rs. 106,56,925 LAKHS CR.
FY15 FISCAL DEFICIT AT Rs. 5,55,649 CR.
FY15 TOTAL SUBSIDES AT Rs. 2,43,811 CR.
FY15 TOTAL SUBSIDES AT Rs. 2,43,811 CR.
FY15 FERTILIZER SUBSIDIES AT Rs. 72,968 CR.
FY15 FOOD SUBSIDIES AT Rs. 1,24,000 CR.
FY15 OIL-PETROLUEM SUBSIDIES AT Rs. 30,270 CR.
FY15 NET MARKET LOANS OF Rs. 4,56,205 CR.
FY15 STATE PF OF Rs. 10,000 CR.
FY15 EXTERNAL AID OF Rs. 11,173 CR.
THE CENTER'S EXPENDITURE 2014-15 IS PROJECTED AT Rs. 17,77,477 Cr.
| INFLOWS (Rs. in Crs) | AMOUNT |
| CORPORATE TAX | 4,70,628 |
| INCOME TAX | 3,27,367 |
| CUSTOMS DUTY | 2,08,336 |
| EXCISE DUTY | 2,29,808 |
| SERVICE TAX | 2,09,774 |
| TAX OF UNION TERRITORY | 3,577 |
| GROSS TAX REVENUES | 14,49,490 |
| TAX RECEIPTS (net) | 9,19,842 |
| NON TAX RECEIPTS (Rs. in Crs) | AMOUNT |
|---|---|
| INTEREST RECEIPTS | 23,600 |
| DIVIDENDS & PROFITS | 1,00,651 |
| EXTERNAL GRANTS | 1,774 |
| OTHER NON TAX RECEIPTS | 94,413 |
| RECEIPTS OF UNION TERRITORY | 1,296 |
| TOTAL | 2,21,734 |
| DEBT RECEIPT (Rs. in Crs) | AMOUNT |
| MARKET LOANS | 4,56,405 |
| SHORT TERM BORROWINGS | 30,063 |
| Securities Issued against Small Savings | 22,408 |
| STATE PROVIDEND FUND (Net) | 10,000 |
| EXTERNAL ASSISTANCE (Net) | 11,173 |
| OTHER RECEIPTS (Net) | 13,559 |
| TOTAL | 5,43,608 |
| NON DEBT CAPITAL RECEIPTS (Rs. in Crs) | AMOUNT |
|---|---|
| RECOVERY OF LOANS & ADVANCES | 10,753 |
| MISC. CAPITAL RECEIPTS | 69,500 |
| TOTAL | 80,253 |
* Out of the Tax Receipts the Center has to keep aside States share of Rs. 5,24,000 cr & for Calamity & Contingency Fund of Rs. 5,690 crs.
| OUT FLOW (Rs. in Cr) | AMOUNT |
| PLAN EXPENDITURE | 3,30,020 |
| NON PLAN EXPENDITURE | 12,06,027 |
| OR | |
| REVENUE EXPENDITURE | 15,36,047 |
| CAPITAL EXPENDITURE | 2,41,430 |
| DEFENCE | 2,46,727 |
| SUBSIDIES | 2,43,811 |
| GRANTS TO STATES & UTs | 1,08,552 |
| PENSIONS | 88,521 |
| INTEREST PAYMENTS | 4,56,145 |
| OTHER GENERAL SERVICES | 30,936 |
| POSTAL DEFICIT | 6,665 |
| EXPENSES of UTs without Legislature | 4,998 |
| ECONOMIC SERVICES | 28,984 |
| OTHER NON PLAN CAPITAL OUTLAY | 10,582 |
| ECONOMIC SERVICES | 22,075 |
| GRANTS TO FOREIGN GOVT. | 4,342 |
| POLICE | 51,791 |
| SOCIAL SERVICES | 29,143 |
| LOANS TO STATE & UT GOVT | 79 |
| LOANS TO FOREGIN GOVT | 158 |
| OTHERS | 188 |
SOME MORE POINTS FROM BUDGET
® Govt. committed to achieve Fiscal deficit target of 4.1 % of GDP followed by fiscal deficit of 3.9 % for 2015-16 and to achived 3.00 % in next 3 years with target of 3.5 % in 2016-17 and 3 % in 2017-18.
® Rs. 2,46,726 Cr allocated to Defence sector and focus will be on Make In India for quick Manufacturing of Defence Equipment.
® Propose to merge commodity regulator Forward Market Commission with SEBI. Proposes to introduce a public contract resolution of disputes bill.
® To bring a new Bankruptcy Code in 2015-16. To establish an Autonomous bank board bureau to improve management of Public Sector banks.
® Abolition of Wealth Tax this will be a loss of Rs. 1008 cr but proposes additional 2 % surcharge for the super rich with income of over Rs. 1 Cr.
® Abolition of Wealth Tax this will be a loss of Rs. 1008 cr but proposes additional 2 % surcharge for the super rich with income of over Rs. 1 Cr.
® No Changes in Tax Rates & Slabs for Individuals, but proposes rate of corporate tax to be reduce to 25 % over next four years.
® Total exemption of upto Rs. 4,44,200 can be achieved; Service Tax increased to 14 %.
® Total exemption of upto Rs. 4,44,200 can be achieved; Service Tax increased to 14 %.
® Announced a universal security system that would require half the corpus being contributed by the Union. And the premium woould be as low as Rs. 12 per annum.
® Announced the Atal Pension Yojana, where the government will contibute 50 % of premium limited to Rs. 1000 per year and a Prime Minister Jeevan Jyoti Bima Yojana which will provide insurance cover of Rs. 3 lakh with a premium of just Rs, 330 per year. The Pradhan Mantri Suraksha Bina Yojna will cover accidental death risk of Rs. 2 Lakh for a premium of just Rs. 12 per year. Proposes to create a Universal Social Security System for all Indians.
® To introduce Prime Minister Jeevan Jyoti Bima Yojana which will provide insurance cover of Rs. 3 lakh with a premium of just Rs, 330 per year. The Pradhan Mantri Suraksha Bina Yojna will cover accidental death risk of Rs. 2 Lakh for a premium of just Rs. 12 per year. Proposes to create a Universal Social Security System for all Indians. To introduce new schemes for physical aids and assisted living devices for people aged over 80. Govt to use Rs. 9,000 Cr unclaimed funds in PPF/EPF accounts for Senior Citizens Fund.
® Transport allowance has been raised from Rs. 800 per month to Rs. 1600 per month. Health Insurance premium deduction has been hiked from Rs. 15,000 to Rs. 25,000.
® To allow Rs. 80,000 as deduction for serious diesases for senior citizens, Super senior citizens to get 30,000 deduction on medical expenses.
® Announced the Atal Pension Yojana, where the government will contibute 50 % of premium limited to Rs. 1000 per year and a Prime Minister Jeevan Jyoti Bima Yojana which will provide insurance cover of Rs. 3 lakh with a premium of just Rs, 330 per year. The Pradhan Mantri Suraksha Bina Yojna will cover accidental death risk of Rs. 2 Lakh for a premium of just Rs. 12 per year. Proposes to create a Universal Social Security System for all Indians.
® To introduce Prime Minister Jeevan Jyoti Bima Yojana which will provide insurance cover of Rs. 3 lakh with a premium of just Rs, 330 per year. The Pradhan Mantri Suraksha Bina Yojna will cover accidental death risk of Rs. 2 Lakh for a premium of just Rs. 12 per year. Proposes to create a Universal Social Security System for all Indians. To introduce new schemes for physical aids and assisted living devices for people aged over 80. Govt to use Rs. 9,000 Cr unclaimed funds in PPF/EPF accounts for Senior Citizens Fund.
® Transport allowance has been raised from Rs. 800 per month to Rs. 1600 per month. Health Insurance premium deduction has been hiked from Rs. 15,000 to Rs. 25,000.
® To allow Rs. 80,000 as deduction for serious diesases for senior citizens, Super senior citizens to get 30,000 deduction on medical expenses.
® Allocates Rs. 5,000 Cr additional allocation for MGNREGA. Also Proposes 100 % exemption for contribution to Swachch Bharat apart from CSR.
® To allocate Rs. 25,000 Cr for Rural Infrastructure Development Bank, to allocate Rs. 5,300 Cr to support Micro Irrigation Programme and sets Farmers credit to be Rs. 8.5 lakh Cr. To allocate Rs. 70,000 Cr to Infrastructure sector. To issue Tax Free Bonds for projects in Rails & Irrigation. To Allocate Rs. 150 Cr for Research & Developement. Proposes to set up 5 Ultra Mega Power Projects each of 4,000 MW.
® To allocate Rs. 25,000 Cr for Rural Infrastructure Development Bank, to allocate Rs. 5,300 Cr to support Micro Irrigation Programme and sets Farmers credit to be Rs. 8.5 lakh Cr. To allocate Rs. 70,000 Cr to Infrastructure sector. To issue Tax Free Bonds for projects in Rails & Irrigation. To Allocate Rs. 150 Cr for Research & Developement. Proposes to set up 5 Ultra Mega Power Projects each of 4,000 MW.
® Atal Innovation Mission to be established to draw on expertise of entrepreneurs and researchers to foster scientific innovation.
® Visas on arrivals extended from 43 countries to 150 countries. Development schemes for Churches and Convents in Old Goa, Hampi, Elephanta Caves, Forests of Rajasthan, Leh Palace, Varanasi town, Jallianwala Baugh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme.
® GAAR deferred for two years. And Financial Inclusion of 12.5 Cr families now financially mainstreamed in 100 Days. To introduce Sovereign Gold Bond as an Alternative to purchasing metal gold. New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts. To Develop an Indian Gold Voin, which will carry Ashok Chakra on its face to reduce the demand for foregin coins and recycle the gold available in the country.
® To allocate Rs. 75 Cr for Electric Car Production. Targets 100 KMW in Solar, 60 KMW in Wind, 10 KMW in biomass and 5 KMW in small hydra in renewable enrgy by 2022. Clear Energy Cess increased from Rs. 100 to Rs. 200 per metric ton of Coal to Finance Green Energy Fund.
® Government to construct 50,000 toilets under Swachh Bharat Abhiyan. Two programmes to be introduced - GST & JAM Trinity. GST will be implemented by April 2016. Gov. targets Housing for all by 2020. To have upgradation of 80,000 Secondary schools.
® MUDRA bank will refinance micro finance orgs to encourage first generation SC/ST entrepreneurs.
® MUDRA bank will refinance micro finance orgs to encourage first generation SC/ST entrepreneurs.
® Direct Benefits Transfer will be further expanded from 1 Cr to 10.3 Cr people.
® To Allocate Rs. 33,150 Cr to healthcare. To Construct AIIMS in J&K, Punjab, Tamil Nadu, Himachal Pradesh, Bihar & Assam. And proposes IIT in Karnataka Indian Institute of Mines in Dhanbad to be upgraded to IIT. To construct Post Graduate Instiute of Horticulture in Amritsar. To construct Centre of Film production, animation and gaming to come up in Arunachal Pradesh.
® Plans to set up national Investment Infra Fund. And will need to build additional 1,00,000 Km of Road and need to encourage Public Ports to corporatize under companies act.
® Prosposes to do away with different types of Foregin Investment & Replace them withh composite caps. To allow Foregin investment in Alternative Investment Funds.
® Excise duty on footwear with leather uppers and having retail price of more than Rs. 1000 per pair reduced to 6 % from 10 %. Proposed to Exempt SAD on all items. Increase excise duty to 12.5%. Reduced custom duty on 22 items. Custom Duty on commercial Vehicals raised from 10 % to 40 %.
® Excise levy on Cigarettes and the compounded levy Scheme applicable to Pan Masala, Gutkha and other Tobacco products also changed.
® Clean Energy cess increased from Rs. 100 to Rs. 200 per metric tonne of coal .etc to finance clean Environment.
® Proposes to rationalised capital gains tax regime for real estates investmetn trusts. Rental Income from REITS to have pass through facility.
® Quoting PAN a must for all Purchase or Sale above Rs. 1,00,000. Acceptance of re-payment of an advance of Rs. 20,000 or more in Cash for Purchase of Immovable Property to be prohibited. Benami Transaction (Prohibition) Bill to curb domestic black money be introduced in current session of Parliament. Provision will be made to tackle splitting of reportable transaction.
® Additional Investmetn allowance (@15%) and additional depreciation (@35%) to new manufacturing units set up during the period 01-04-2015 to 31-03-2020 in notified backward areas of Andhra Pradesh and Telangana. Rate of Income Tax on royalty and fees for technical services & support reduced from 25 % to 10 % to facilitate technology inflow.
® FY15 disinvestment target Rs. 69,500 Crs and 26,353 Cr through disinvestments in PSUs. Market Stabilisation Scheme of Rs. 20,000 Cr, Communication receipt Rs. 42,865 Cr
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