Thursday, February 20

Interim Budget 2014 Highlights

Interim Budget 2014 Highlights

Fiscal Deficit for 2013-14 at 4.6 percent of GDP
Revenue Deficit for 2013-14 at 3.3 percent
The current account deficit (CAD) projected to be at USD 45 billion in 2013-14 down from USD 88 billion in 2012-13.
WPI inflation down to 5.05 percent and core inflation down to 3.0 percent in January 2014.
Food inflation down to 6.2 percent from a high of 13.8 percent
GDP growth Q3 and Q4 of FY 14 expected at 5.2 percent and that for FY 2013-14 estimated at 4.9 percent

Through the Direct Benefit Transfer (DBT) Scheme, a total of Rs 628 crore (54,20,114 transactions) has been transferred directly to the beneficiaries till 31st January 2014 under 27 Schemes.

Excise Duty
Item Description
Old Rate
(Excise)
New Rate
(Excise)
Notes
Small Cars, Motorcycle, Scooters and commercial vehicles
12%
8%
Applicable till 30-Jun-14
SUVs
30%
24%
Applicable till 30-Jun-14
Large and Mid-segment Cars
24%
20%
Applicable till 30-Jun-14




Domestic Handsets

6% with Cenvat (1% without Cenvat)

All goods falling under Chap 84 and 85 of Schedule to Central Excise Tariff Act
12%
10%






Income Tax
No change in income tax slabs

Service Tax
New Exemptions:
·         Rice transport and process
·         Blood Banks

Misc News
Aim to create 1 million jobs
Govt will pay interest of the education loans till Dec-13 for loans taken before Mar-09 (PSU banks have 25,05,500 student loan accounts)
Banks to lend Rs 8 lakh crore
Appeal to pass Goods and Services Tax (GST) and Direct Taxes Code (DTC)
Committed to promote AADHAAR
Committed to reduce inflation, increase Growth through FDI flows and stable currency




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