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January 07, 2009

  
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Duty on small cars reduced to 12 per cent from 16 per cent and hybrid cars to 14 per cent.
PERSONAL TAXATION: SLABS CHANGED
General Centvat on all goods to be reduced from 16 per cent to 14 per cent. Excise duty reduced from 16 per cent to eight per cent on all pharmaceutical goods manufacture.
Duty on crude and unrefined sulphur reduced from five to 2 per cent to help raise domestic fertiliser production.
CIGARETTES TO BE TAXED MORE
Tax to GDP ratio increased from 9.2 per cent in 2004-05 to 12.5 per cent 2007-08.
No change in peak rate of customs duty for non agriculture imports.
Excise duty on two-wheelers cut from 16% to 12%
Excise duty on small cars cut.. might become cheaper
Special Countervailing Duty on power imports.
Duty withdrawn on naptha for production of polymers.
No excuse duty on wireless data cards, composting machines
Customs duty on specified life saving drugs reduced from ten per cent to five per cent.
Customs duty on specified sports goods machinery down from 7.5 per cent to five per cent.
TAX: helicopter similators, customs duty cut
EXCISE DUTIES: GENERAL CENVAT RATE CUT ON ALL GOODS FROM 16% TO 14%. This is being done to boost the manufacturing segment
TAX: Customs duty exemption on Naphtha withdrawn, execpt for that used for making fertilizers
TAX: SOME SPORTS GOODS raw materials exempt from duty
TAX: Convergence products, duty cut from 10% to 5%
HOWEVER, CUSTOMS DUTIES TO BE REDUCED ON SOME POWER PROJECTS, STEEL MELTING SCRAP, ON SOME LIFE-SAVING DRUGS.
TAX: no duty on set-top boxes
CUSTOMS DUTY: NO CHANGE IN PEAK RATE OF CUSTOMS DUTY
TAXATION: promises tax payer friendly regime.
Fiscal deficit pegged at 3.1 per cent and revenue deficit at 1.4 per cent.
Rs 624 crore allocated for Commonwealth Games.
DEFENCE: Allocation for defence to be increased by 10 per cent from Rs 96,000 crore to Rs 1,05,600 crore.
PROTECTING THE TIGER: One time grant of Rs 50 crore for the National Tiger Fund Authority, to deploy a special tiger protection force.
DEFENCE: Allocation to be increased by 10%
Three schemes to be introduced for providing social security to unorganised sector workers.
6th Pay Commission to table report by March 31 2008.
Rs 750 crore for upgradation of 300 ITIs in 25 districts.
Rs 32,676 crore as subsidy to Public Distribution System.
PDS -- Public Distribution System -- through smart cards in Haryana and Chandigarh to start on pilot basis.
Chidambaram said that according to estimates, 3 crore marginal and small farmers would benefit from the overnment's amnesty. Under the one-time settlement scheme that will benefit another one crore farmers, the government will give a rebate of 25 per cent on payment of outstanding loans. The agricultural credit of scheduled banks is estimated at Rs 2,40,000 crore in the current fiscal and it would go up to Rs 2,80,000 crore in 2008-09.
PAN requirement to be extended to all transactions in capital market subject to a threshold.
Presenting his fifth Budget and the last one before the general elections, Chidambaram announced waiver of Rs 50,000 crore worth of loans to small and marginal farmers and a settlement scheme for other farmers that would cost the exchequer another Rs 10,000 crore.
Finance Minister P Chidambaram today announced a Rs 60,000-crore relief package for farmers, including complete waiver of loans given to small and marginal farmers.
PAN NEEDED FOR ALL MARKET TRANSACTIONS.
Risk Capital Fund to be set up in SIDBI, the Small Industrial Development Bank of India.
GOOD NEWS FOR TEXTILES: Allocation for Textile Upgradation Fund to be more than doubled.
SMEs TO BENEFIT: Micro, small and medium enterprises to continue to get special attention, says the finance minister.
75 lakh people to be covered by health insurance schemes, says FM.
OIL EXPLORATION: Foreign investment of $3.5 billion to $8 billion expected for exploration and development of new oil blocks.
MORE ON FARMERS' LOAN WAIVER: The loan waiver scheme will benefit 3 crore (30 MILLION) small and medium farmers and cover loans totalling Rs 50,000 crore (Rs 500 billion). One crore (10 million) other farmers will benefit to the tune of Rs 10,000 crore (Rs 100 billion) in the waiver.
Rs 800 crore for accelerated power reforms programme.
National Fund for Transmission and Distribution Reforms to be launched.
More reforms needed in coal and electricity sectors to ensure double digit growth in manufacturing sector.
The corpus of rural infrastructure development fund to be raised to Rs 14,000 crore, the FM says.
By loan waiver scheme, the country is discharging a deep debt and sense of gratitude to farmers, says Chidambaram.
Loan waiver scheme to involve loans liability of Rs 60,000 crore and to benefit four crore farmers.
Stock market benchmark Sensex today dropped by over 200 points, in the middle of Finance Minister P Chidambaram announcing loan waivers worth Rs 60,000 crore for farmers in his budget speech.
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