Budget 2015 changes and highlights
MAKE IN INDIA BUDGET 2015
Overall the budget is really positive and more emphasis was put on growth of local businesses, especially businesses using technologies. Funds and schemes are announced for Startups and skill development.
Here are some changes which finance minister announced in the budget.
Corporate Tax rates lowered from 30% to 25%
Tax on Royalty lowered from 25% to 10%
Wealth Tax abolished
Surcharge of 2% on income above 1 crore, this is to cover the losses forgone by abolishing wealth tax.
Excise and Service tax registration now in 2 days.
Health insurance exemption increased from 15000 to 25,000 and for senior citizens 30,000.
Very super senior citizens can claims expenditure of 30,000 incurred on health.
Increase in exemption limits of different pension funds.
Transport allowances increased from 800 Pm to 1600 Pm.
Service Tax rates increased from 12.36% to 14%.
A very good budget. But, still some more changes could have been done to make ease of doing buisness.
Service tax reverse charges etc. are untouched, indirect taxes are still a pain.
Looking at the inflation, some relief should have been given to individuals. Let government collect taxes from rich people.
Atleast minimum exemption limit should have been made 5 lakh, so that we have something to spend and fund the economy.
Service tax rate increased from 12.36% to 14.28% .The biggest looser from this union budget is the Common man on the street which will include the poor of the poorest. Be ready to shelve out more on your mobile bills, credit card, bank charges , internet bills and a hots of other services. This budget is a mockery of the poor and middle class society.
We have to understand the concept behind increase in service tax rates. GST is planned to be rolled out in April 2016 and this increase in rate due to plans to streamline the tax rates as per GST regime.