Feb 12, 2016 06:16 PM IST | Source: Moneycontrol.com

Budget 2015: Reform Based Focus

Fiscal deficit target for FY16 set at 3.9 per cent of GDP and Revenue Deficit at 2.8 per cent of GDP.

Budget 2015: Reform Based Focus
Key proposals of Budget 2015

* Fiscal deficit target for FY16 set at 3.9 per cent of GDP and Revenue Deficit at 2.8 per cent of GDP

* Direct Transfer of Benefits to be extended further to increase number of beneficiaries from 1 crore to 10.3 crore

* National Investment and Infrastructure Fund (NIIF), to be established with an annual flow of Rs 20,000 crores to it

* Corporate tax to be reduced from 30% to 25% over the next four years, starting FY16

* Limit of deduction of health insurance premium increased from Rs 15000 to Rs 25000, for senior citizens limit increased from Rs 20000 to Rs 30000

Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of Rs 20,000 crore, and credit guarantee corpus of Rs 3,000 crore to be created

Tax free infrastructure bonds for the projects in the rail, road and irrigation sectors

Forward Markets Commission to be merged with SEBI

Visas on arrival to be increased to 150 countries in stages

National skill mission to consolidate skill initiatives spread across several ministries to be launched

New All India Institute of Medical Science (AIIMS) to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam

Evasion of tax in relation to foreign assets to have a punishment of rigorous imprisonment upto 10 years

Wealth-tax replaced with additional surcharge of 2 per cent on super rich with a taxable income of over Rs 1 crore
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