Union Budget 2014 In Detail


13:09 pm: Arun Jaitley ends the Budget speech.
13:08 pm: Radio Taxis have been brought under service tax.
13:08 pm: Bio-medical waste disposal exempted from service tax.
13:04 pm: Indian Tour Operators serving foreigners to tour outside India exempted from service tax.
13:04 pm: Service Tax for broadcast and online advertisements; print advertisements exempted.
13:01 pm: Excise duty on tobacco products increased to 22 pc.
13:01 pm: Excise duty on solar sheets exempted
13:01 pm: Concessional excise duty on smart cards withdrawn.
12:59 pm: Excise duty on food packaging reduced to 6 per cent.
12:58 pm:20 pc export duty on bauxite
12:58 pm: 2.5 per cent Customs duty on diamond, semi-precious stones
12:57 pm: Basic custom duty on all variety of coal made uniform.
12:54 pm: Custom duty on LCD, LED panels below 19 inches made nil.
12:54 pm: Cathode rays exempted from customs.
12:53 pm: 10 pc customs on telecom products outside the purview of IT sector.
12:52 pm: BCC reduced on methane, ethane.
12:51 pm: Basic customs duty on non-fatty acids, glycerine to be reduced
12:50 pm: 60 more IT Seva Kendras to be opened.
12:48 pm: Direct Tax Code Bill will be reviewed.
12:46 pm: Direct Taxes and Indirect Taxes target same as that in interim budget
12:45 pm: Jaitley provides investment allowance at 15% for 3 years to manufacturing company which invest more than Rs 25 cr in plant and machinery
12:44 pm: 10 year tax holiday for power firms
12:42 pm: Surcharge, Cess and tax rates remains the same.
12:42 pm: Housing loans exemption increased to Rs 2 lakh
12:42 pm: Investment limit under 80 (C) increaded to Rs. 1.5 lakh
12:40 pm: IT expemtion increased to Rs. 2.5 lakh; Rs 3 lakh for senior citizens.
12:39 pm: I propose to provide relief to individual tax payers.
12:38 pm: Now, comes tax proposals
12:38 pm: Revenue deficit to be 2.1 per cent of GDP
12:36 pm: Total expenditure stands at Rs. 17,94,892 crore
12:35 pm: Rs 150 cr for communication needs of A&N islands
12:35 pm: Rs 200 crore for power reforms and Rs 500 crore for water reforms in Delhi and NCR.
12:34 pm: New 24X7 channel, Arun Prabha, for northeast to be launched.
12:32 pm: Rs 1000 crore additional fund for developing rail connectivity in northeast.
12:32 pm: National Academy for Himalayan Studies to come up in Uttarakhand.
12:32 pm: Rs 500 crore for rehabilitation of displaced Kashmiri migrants.
12:31 pm: Rs 100 crore for training sportspersons for upcoming Commonwealth Games
12:31 pm: Sports University to come up in Manipur.
12:30 pm: Rs 200 crore for upgrading indoor and outdoor stadium in Jammu And Kashmir.
12:29 pm: Govt to set up National Sports Academy.
12:28 pm: Pune and Kolkata to get new clusters for S&T.
12:28 pm: Bio-tech clusters in Faridabad and Bangalore to be scaled-up.
12:27 pm: NRI fund for Ganga will be set up.
#FM announces “Namami Ganga”, an integrated Ganga Development Project; Rs. 2037 cr set aside for this

— PIB India (@PIB_India) July 10, 2014
12:26 pm: Rs 2037 cr for a mission on Ganga.
12:23 pm: Serious efforts for inter-linking of rivers will be made. Rs. 100 crore allocated for this purpose.
12:23 pm: Rs 100 cr for development of Archaeological sites. Gaya to be developed as world class tourism spot
12:21 pm: Annual PPF ceiling to be enhanced to Rs 1.5 lakh, from Rs 1 lakh
12:21 pm: Rs 100 cr set aside for development of Technology Development Fund
12:20 pm: Rs 100 cr for contruction of war memorial.
12:20 pm: Rs. 5000 cr additional outlay for Defence.
12:19 pm: SSC to promote girl child, which will mature at the time of her marriage, higher education will be introduced.
12:18 pm: FM proposes to revitalize small saving scheme.
12:18 pm: 6 New SEZ proposed.
12:17 pm: Banks can give long-term funding to infrastructure.
12:16 pm: Time-bound programme will be launched to provide two bank accounts in each household.
12:16 pm: Indian Accounting Standard will be revamped
12:15 pm: Introduce one integrated DEMAT Account; inter-usable KYC norms on the annvil
12:13 pm: Completely revamp Indian Repository Receipts and introduce Bharat Respository Receipts.
12:12 pm: Financial Sector Legilative Commission’s recommendations will be examined and adopted, in close consultation with RBI
12:11 pm: Investment in NHAI and state highways to the tune of Rs 37,887 crore, including Rs 3000 crore for North East
12:11 pm: Rs 500 crore for solar power development project in Tamil Nadu and Rajasthan
12:10 pm: Current impasse in mining sector will be resolved
12:09 pm: We have 15,000 km of gas pipeline in the country. It will be doubled by PPP model.
12:08 pm: Existing impasse of coal sector will be resolved
12:07 pm: Rs 100 crore for cleaner thermal power technology.
12:06 pm: New airports to be developed through PPP mode
12:05 pm: Allahabad-Haldia inland waterway on River Ganga for Rs 4200 crore.
12:04 pm: Budget Speech disrupted, resumes
12:03 pm: India has emerged as the largest PPP market in the world: Jaitley
12:03 pm:Rs. 200 cr for 6 more textile clusters in Bareily, Lucknow,Surat, Bhagalpur, Tamil Nadu
12:03 pm: Hastkala academy in Delhi for handloom and handicrafts; Rs 50 cr set aside for Pashmina Production prog in J&K.
12:02 pm: MSMEs are the backbone of the economy; to be revived through a Committee to examine and report in three months
12:01 pm: Trade facilitation Centre and Craft Centre to promote handloom sector.
12:01 pm: Rs 10000 crore venture capitalist fund to boost start-ups, entrepreneurship.
12:00 noon: 20 industrial clusters will be set-up.
11:59 am: Industrial Smart Cities will be created in 7 places.
11:58 am: All govt departments and ministries to be integrated through E-platform by 31 Dec this year
11:58 am: Kakinada port to be developed for handling hardware exports.
11:57 am: Rs. 100 cr set aside for Kisan Television to provide real time information on various farming and agriculture issues
11:56 am: National Industrial Corridor with headquarters in Pune will be set up. Rs. 100 crores alloted.
11:55 am: Rs. 200 cr for setting up 2000 producers’ organisations across the country
11:54 am: FM proposes to provide finance to 5 lakh landless farmers through NABARD
11:54 am: Govts to be encouraged to develop farming markets
11:54 am: Rs 5000 crore to improve agriculture storage infrastructure.
11:54 am: Farmers to get 3 per cent incentive for timely repayments. Farmers will get loans at 7 per cent.
11:53 am: Blue revolution in inland fisheries.
11:53 am: National Adaption Fund for climate change to be set up
11:52 am: Rs. 500 crore for price stabilisation fund.
11:51 am: Committed for growth of agriculture at the rate of 4 per cent.
11:50 am: 100 soil testing laboratories across the country.
11:50 am: House resumes. Budget Speech continues.
11:47 am: Meanwhile, sensex is trading flatly. The 30—scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 25,513.74 points, was trading at 25,5442.38 points (at 10.40 a.m.)
11:45 am: Farming has contributed one-sixth of the GDP.
11:45 am: House adjourned for five minutes.
#FM: Agriculture University in AP and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside

— PIB India (@PIB_India) July 10, 2014
11:41 am: AP, Rajasthan to get agriculture university; Haryana, Telangana to get horticulture university
11:41 am: Assam and Jharkhand to get Centre of Excellence on farming
#FM announces Rs. 100 cr for modernisation of madrasas

— PIB India (@PIB_India) July 10, 2014
11:41 am: Rs. 100 crores for modernisation of Madarasas.
11:40 am: Slum development will be part of CSR
11:39 am: Rs. 4000 crores for National Housing Bank for low-cost housing.
#FM announces development of Metro rails in PPP mode; Rs. 100 cr set aside for metro scheme in Ahmedabad and Lucknow

— PIB India (@PIB_India) July 10, 2014
11:38 am: Metro will be proposed in cities with over 2 million population. Metro will come up in Lucknow and Kanpur.
11:37 am: FM proposes National Rural Internet and Technology Mission; Rs. 500 crores set aside
11:37 am: Rs. 100 crores for Community Radios
11:36 am: Propose to set up Center of Excellence in MP named after Lok Nayak JaiPrakash Narayan in Chhattisgarh
11:35 am: 15 Model Rural Health Research centers to be set up for rural health issues.
11:34 am: Five more IITs, IIMs will be set up in Rs. 500 crores.
11:33 am: School assesment programme will be initiated. All girl schools will be provided with drinking water and sanitation.
11:33 am: Rs 8000 crores for national housing banking programme
11:33 am: An AIIMS will be created in every state.
11:32 am: All six new AIIMS are functional. Four more AIIMS under consideration. 12 more medical colleges will be added. Rs. 500 crore allocated for this.
11:31 am: Free diagnostic service and Free health service will be initiated.
11:30 am: MGNREGA programme will be made more productive
11:29 am: Crisis Management Center for women at Delhi
11:28 am: Start-up village at Rs 100 crore to promote entrepreneurship among rural youth.
11:28 am: Rs. 14,389 crores for PM Sadak Yojana
11:28 am: Gender sensitisation to be part of school curriculam.
11:27 am:Beti Bachao, Beti Padhao yojana launched. Rs. 100 crores set aside for this.
11:26 am:15 Braille press to come up.
11:25 am:Currency note with Braille-like signs
11:25 am:A large number of money lying unused in postal schemes etc. Propose to set up a committee to examine how this can be utilised
11:24 am:Government is committed to providing 24×7 electricity in all houses
11:23 am:Minimum pension of Rs. 1000 per month to all PP schemes.
11:23 am: Rs 50,548 cr proposed for SC development
11:21 am: Bharat Swach Yojna proposed for hygiene and cleanliness.
11:20 am: Rs. 200 crore for Statue of Unity, a statur of Sardar Patel in Gujarat.
11:20 am: Bharat Swach Yojna proposed for hygiene and cleanliness.
11:20 am: Rs. 1000 cr for irrigation plan named Pradhan mantri krishi sichayin yojana.
11:19 am: Skill India initiative to make youth employable and create more entrpreneurs.
11:18 am: Kisan Vikas Patra to be expanded.
11:17 am: e-visa for nine cities.
11:16 am: Rs. 7060 cr for creating smart cities.
#FM: GST will streamline tax administration and result in higher tax collection for center and states

— PIB India (@PIB_India) July 10, 2014
11:15 am: Greater autonomy banks
#FM: Transfer pricing is major area for litigation; proposes changes in transfer pricing regulation

— PIB India (@PIB_India) July 10, 2014
#FM: I propose to strengthen authority for advance ruling in tax

— PIB India (@PIB_India) July 10, 2014
11:14 am: FDI in housing: Low cost housings to be encouraged
#FM: FDI is several sectors provides additional resources

— PIB India (@PIB_India) July 10, 2014
11:13 am: 49 per cent FDI in defence with full management control with Indian side
11:13 am: We are committed to provide stable and predictable taxation regime which will be investor friendly
11:12 am: High-level committee will look after tax issues, clarifications.
11:11 am: Retrospective taxation: We are committed to providing industry-friendly tax reforms. A committee under CBDT will scrutinise tax disputes.
11:10 am: Subsidy, petro-economics and fertilizer subsidy will be re-looked.
11:09 am: Expenditure Management Commission will be set up to review the government expenditure.
11:08 am: Bold steps will be taken to revive economy.
11:07 am: Unpredicatble monsoon and Iraq crisis will affect Indian economy.
#FM emphasizes on fiscal prudence, need to generate more resources

— PIB India (@PIB_India) July 10, 2014
#FM: considering that we had two years of low GDP growth, a large subsidy burden, target of 4.1% fiscal burden is daunting

— PIB India (@PIB_India) July 10, 2014
11:06 am: Fiscal deficit of 4.1 % is daunting. I will accept it. Arun Jaitley retains fiscal deficit target at 4.1%
11:05 am: We must continue to be watchful of containing CAD
#FM: the steps I will announce are only the beginning of the journey we wish to take for macro economic stabilization

— PIB India (@PIB_India) July 10, 2014

11:04 am: Need to introduce fiscal prudence.
11:03 am: Should we be victims of mere populism and wasteful expenditure?
11:02 am: We have taken up this challenge. We will leave no stone unturned: Jaitley
11:02 am: Expecting a sustained growth of seven percent in five years: Jaitley
11:01 am: India desires to grow. People below poverty line anxious to free themselves: Arun Jaitley
11:00 am: We look forward to lower the level of inflation.
10:59 am: Union Budget speech begins.
10:58 am: Union Budget will be presented in shortly.
10:55 am: India Inc. is hoping for some clarity on on retrospective taxation. They are unhappy with the previous government’s move to retrospectively tax past transactions.
My #Budget Guesses: roll back of problematic new #CompaniesActRules especially on #IndependentDirector appointmt norms for unlisted cos.

— Puja Mehra (@pujamehra) July 10, 2014
10:53 am: Allocation for infrastructure needs to be closely watched. Its widely expected that the Narendra Moodi government is keen on pushing the infrastructure development.
10:51 am: A forward movement on GST can be expected in this budget. There will probably be a timeline set for this government to implement GST, and they will announce it in the budget.
10:50 am: Did you know that India has had 25 finance ministers since Independence in 1947 who have presented and passed in Parliament 83 Budgets — both interim and annual — so far.
10:49 am: Once the President goves consent, the Budget will be tabled in the Lok Sabha.
10:48 am: Finance Minister, MoS and other ministry officials brief the President about the salient features of the Budget.
10:47 am: All you wanted to know about the Budget

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