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 Jaitley
Budget 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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