Finance Minister Arun Jaitley presented his Union Budget in Parliament today.
Where Jaitley Surprised
&bull No increase in Service Tax&bull No changes to Long Term Capital Gains tax on equities &bull Redressal mechanism for infrastructure projects&bull Stayed with the fiscal consolidation road map&bull Steps to open up the road transportation sector (abolish permit raj over time)&bull Reduced corporate tax for new companies&bull High net worth dividend earners (earning more than Rs 10 lakh as dividend income) to pay additional 10 percent tax&bull STT increased&bull Domestic tax amnesty scheme announced
Where he disappointed&bull Not a bold budget&bull No out of the box measures to boost growth&bull Public sector investment may not be enough to kick start the investment cycle&bull Just Rs 25,000 crore for PSU bank recapitalisation seen as inadequate &bull No major announcement on banking sector reforms &bull Infra cess on cars (they will now turn costlier, especially diesel cars which carry a higher cess)&bull No across the board reduction in corporate tax that was keenly anticipated&bull Divestment target on the lower side, raises concerns about revenue mobilisation Forbes India Budget stories: Here are the new tax proposals announced by FM JaitleyBudget 2016: Reactions Budget 2016: Where it surprised, where it disappointed Union Budget 2016: Highlights
First Published: Feb 29, 2016, 11:04
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