Headlines for Union Budget 2007-08
Highlights of P. Chidambaram' s Speech
» Budget & Mkt: Sensex recovers a bit. BSE at 13:05 IST 13,173.15(-305. 68).
» 11.22% MAT on I-T Companies
» MAT extended to companies under Section 10A and 10B.
» Extended svc tax to design services.
» General customs rate on medical equipment at 5%.
» Capital tax imposed on investment in works of art.
» No change in STT and capital gain tax rates.
» MAT extended to I-T Companies.
» Effective corporation tax to go up from 33.66% to 33.99%.
» Budget & Mkt: At 12:44 BSE 13, 027.44(-451. 39)
» Budget & Mkt: Market reacts negatively to Budget.
» No change in security transaction tax.
» ESOPs brought to FBT ambit.
» Cash withdrawal tax limit hiked to 50,000.
» 1% increase in secondary eduction cess.
» Free samples, displays exempted excluded from payment of FBT .
» Dividend distribution target raised to 15% from 12.5%.
» Pass through status for VCs for investment in Bio-Tech, IT, Pharma, Dairy, Production in Bio fuel etc.
» Tax benefit on R&D extended by 5 yrs.
» Threshold limit for women 1,45,000, for senior citizen 1,95,000.
» Zero Excise duty on biscuits below Rs. 50 kg.
» Surcharge removed for SMEs with less than 1 cr.
» No change in Corp Tax rates.
» Personal tax exemption limit hiked to 1.1 lakh.
» All coking coal exempted from excise duty.
» Excise duty on cement costing below Rs. 190/bag down to Rs. 350/mt, above Rs. 190/bag hiked to Rs. 600/mt.
» Excise on plywood cut to 8% from 16%.
» Tax concession for Gas networks and navigation.
» 5 year tax holiday for 2,3,4 star hotels.
» Bio-diesel fully exempted from excise duty.
» Edible oil exempt from CVD.
» Import duty of 3% on private air crafts.
» Excise duty on cigarettes hiked by 5%.
» Mouth freshners to become cheaper, cigarettes to cost more.
» Excise duty exempted on all ready-made food mixes.
» DoT to review Telecom tax structure.
» Bio-diesel fully exempted from excise duty.
» AD Velorem duty on Petrol and Diesel cut to 6%.
» No change in CENVAT and service tax rate
» Duty of Rs. 300/tonne on iron ore exports imposed.
» To cut peak customs rate down to 10%.
» Customs duty on polyster fibre and yarns cut from 10% to 7.5 %.
» Customs duty on plastic reduced to 7.6%
» Duty on seconds & defectives of steel from 20% to 10%.
» Budget & Mkt: To allow delivery based short-selling institutes.
» Budget & Mkt: MFs to launch dedicated infrastructure funds.
» Gross budgetary support raised to Rs 205100 cr from 154939 cr.
» PAN card sole identity for investors.
» 15k villages connected by telephone, 20k by year end.
» Additional grant of Rs. 20 cr to reposition Nehru Library and Museum at Delhi.
» Setting of new Expert committee to study climate changes in India.
» 31.6% increase of allocation for Bharat Nigam Program.
» Allocation of 96,000 cr for defence
» Higher Tourism allocation.
» 1800 cr allocated to NABARD
» 31.6% allocation for Bharat Nigam Program.
» Education allocation hiked by 34.2% to Rs. 32,352 cr.
» Budget & Mkt: Losers - RIL, ICICI Bank, Infy, ONGC, RCOM
» Budget & Mkt: Gainers - ITC, Navneet, M&Mfin, Pancea, Ttcofe, Mcleod.
» Road-Rail bridge Bogibil over river Brahmaputra in Assam taken up as National Project
» Sensex was at 13,165 at 11 am when the Budget speech started
» Record growth rate in electricity generation in Apr-Dec 7.5%.
» New 'Aam Admi Beema Yojana' for rural households
» AIDS control program allocation hiked to 989 cr
» Budget & Mkt: Cement stocks weak. ACC down 5%, Gujarat Ambuja down 3%.
» Budget & Mkt: At 11:33 BSE 13, 156.80(-322. 03)
» Emphasis on agricultural development, allocation of 225 lakh cr for rural credits
» Budget & Mkt: Rural focus may benefit PSU banks for agri advances
» Coffee, rubber to get similar fund benefits as tea industry.
» Outlay for irrigation » No new forward contracts in wheat and rice.
» Agri investment to go up by 2% of GDP.
» Govt to double the expenditures for secondary education.
» Health a primary concern-subsidy allocation increased
» Education allocation hiked by 34.2% to Rs. 32,252 cr.
» Economy at a stronger position than before.
» Per capita income up for 7.6% in FY06.
» More Scholarship programmes for SC/ST.
» IVRCL, HCC, Jain Irrigation up on proposed higher irrigation outlay.
» Computerisation of PDS by 2008.
» Drinking water allocation schemes hiked to 5850 cr vs 4680 cr.
» Allocated Rs. 4,000 cr for rural roads
» Higher outlays for roads, irrigation and health allocation hike
» Rs. 4,000cr earmarked for RIDF in FY08
» Sensex: At 11:12 am 13,210.30(+268. 53)- Educomp up on FM's commitment on primary education
» 5 lakh additional classrooms to be created
» 2 lakh teachers to be appointed
» Avg inflation for FY'07 estimated at 5.2-5.4%
» Savings rate estimated at 32.4%
» Until Feb 2007 forex reserves $180bn.
» Avg growth rate over 3yrs at 8.6%.
» Agri must top the agenda of policy makers.
» Growth rate has improved 9.27% for FY07
» Pre-budget jitters: Sensex crashes 677 pts, dips below 13k mark in early trade
» Union Cabinet meets to clear budget proposals
» Economic Survey: High growth on track, inflation remains a worry.