BUDGET HIGHLIGHTS – 2008-09

  • Welfare programme National Food Security Act promised
  • Twelve million jobs promised each year
  • Income Tax Exemption limit raised by 15000 rupees for senior citizens and 10000 rupees for other individual tax-payers
  • Fringe Benefit Tax abolished
  • Employees’ Stock Option schemes and super-annuation benefits now brought under tax net
  • Enactment of National Security Act promised providing 25kgs of rice or wheat per month to poor people at a subsidized rate of Rs3/- per kg
  • People Below Poverty Line will get 40% hike in health insurance scheme
  • 45% hike in funds for Bharata Nirman
  • The Universal Identity Card Plan will become operational within 12-18 months 
  • Commodities Transaction Tax abolished
  • MAT(minimum alternate tax) is hiked to 15% of book profits from 10%
  • A nation-wide uniform goods and service tax will come into effect from April next year
  • 100^ tax deduction on political donations
  • Customs, excise and service tax rates remain unchanged
  • Gold, silver and textile products will be costly due to revision in duties.
  • LCD TV and branded jewelries will cost less
  • Excise duties slashed on large vehicles and trucks
  • GDP is targeted at 6.8% as against 6% during 2008-09
  • Surcharge on income tax (Rs10 lack or more) abolished
  • Nine life-saving drugs made cheaper
  • Lawyers brought under service tax net
  • Rupees 190 crore budgetary support for civil aviation
  • Rs 1000 crore allotted for Aila-hit areas of West Bengal

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