Epic Union Budget 2015-16 Simplified – Laying The Foundation For Vibrant India

Budget  4


 CAD to be below 1.3% of GDP, based on new growth calculator FY15 real GDP is expected to be 7.4%.
 Fiscal Deficit target for FY15-16 is 3.9% and to 3.5% and 3% in next two years respectively. Revenue deficit to be 2.8% of GDP
 CPI to reduce to 5.1% by year end, FOREX reserves increased to $340 billion.
 Introduction of Gold Monetization Scheme with fixed interest rate and redeemable in cash to curb imports.
 Corporate Tax rate to be reduced to 25% from current 30% in next four years, starting next year while withdrawing the subsidies.
 Abolishing of wealth tax with additional surcharge of 2% on super rich with annual income over 1 Cr.
 Hike in Service Tax from 12.36% to 14%, followed by hike in Excise Duty to 12.5% from 12%

Budget Estimates

 Planned Expenditure– 4,65,277 Cr; Non Planned Expenditure– 13,12,200 Cr
 Expenditure on defense for FY15-16: 2,46,727 Cr
 Gross total receipts estimated at 14,49,490 Cr
 Devolution to states estimated at 5,23,958 Cr
 Share of Central Government 9,19,842 Cr
 Non– Tax Revenues for next fiscal are estimated to be 2,21,733 Cr

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