KEY HIGHLIGHTS OF BUDGET 2015-16
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%
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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