Indian Budget 2014-15 News

Finance Minister Arun Jaitley presented the national budget for this fiscal and proposed to hike the tax exemption limit by Rs 50,000 for all individuals.

India's economy is expected to grow between 5.4 percent and 5.9 percent in the current fiscal year, the new government`s first Economic Survey said on Wednesday.

Consultancy firm PwC has called for removal of minimum alternate tax (MAT) in the coming budget as a sop for the IT industry.

Industry body Assocham has sought tax incentives, market-linked tariff rates and grant of infrastructure status to the port industry in the upcoming budget for turning India's coastline into a growth catalyst.

The schedule for the Budget session of Parliament will be finalised on Monday amid indications that it will start from July 7 with presentation of the Union Budget 2014-15 on July 11.

The government earlier proposed imposing the GAAR from April 1, 2016, for those claiming tax benefit of over Rs 3 crore.

The Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold and silver to 2 percent from 10 percent.

Industry has been demanding raising FDI limit to 49 percent from 26 percent at present so that they get the much needed capital to enhance their business.

In the interim Budget, excise duty on small cars, scooters, motorcycles and commercial vehicles were cut to 8 percent from 12 percent earlier.

Corporate tax rate in India must be brought down to the global average of 25 per cent to regain the growth momentum, Indian Chamber of Commerce said in its pre-budget suggestions.

The new Government is unlikely to substantially enhance the Plan expenditure for 2014-15 in the Budget to be unveiled next month because it needs to keep fiscal deficit in check.

The Budget session of Parliament is expected to start from the second week of July amid indications that the Union Budget 2014-15 could be presented by July 11.