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