Union Budget 2014-15: Breaking the 'Status-Quo'
Gross Domestic Product: 7.4%
FPI: Rs 2,77,459 cr
FDI: $30,931 mn
MF Inflows: Rs 68,121 cr
*Relaxation of foreign direct investment norms for defence, insurance, housing and manufacturing sectors
*Income arising out of transactions in securities market to be treated as capital gains and not business income for taxation purpose
*Skill India programme to train the youth with an emphasis on employability and entrepreneur skills was launched
*Income tax exemption limit raised by Rs 50,000 to Rs 2,50,000 and to Rs 3,00,000 for senior citizens
*Decided not to change rules on taxation with retrospective effect
*Rs 10,000-crore fund announced with an aim of creating "a conducive ecosystem" for venture capital in the medium and small industry
*A much sought after 10-year tax holiday for developer of power projects was announced to rekindle investor sentiment in the sector.
*A fresh push for creating a national market for agricultural produce and other reforms were planned through restructuring of the Food Corporation of India.
Union Budget 2015-16: Corporate Tax Cut, Mudra
Gross Domestic Product: 8.2%
FPI: – Rs 18,175 cr
FDI: $40,001 mn
MF Inflows: Rs 67,611 cr
*Proposed reduction of corporate tax rate over the next four years to 25 per cent from 30 per cent, which has not happened fully yet. 2018-19 Budget had extended the reduced rate of 25 per cent for companies with turnover of less than Rs 50 crore (in FY16) also to companies reporting turnover up to Rs 250 crore.
*Service tax plus education cess increased from 12.36 per cent to 14 per cent. Wealth tax abolished, 2 per cent surcharge on inpiduals with taxable income of Rs 1 crore and above.
*Proposed to create a Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of Rs 20,000 crore, and credit guarantee corpus of Rs 3,000 crore to refinance microfinance institutions through Pradhan Mantri Mudra Yojana.
*Proposed to introduce Gold Monetisation Scheme and Sovereign Gold Bond.
*Announced launch of Pradhan Mantri Suraksha Bima Yojana to cover accidental death risk of Rs 2 lakh, Atal Pension Yojana for a defined pension, depending on the contribution and Pradhan Mantri Jeevan Jyoti Bima Yojana which covers both natural and accidental death risk of Rs 2 lakh.
Union Budget 2016-17: Focus on Farm, Rural India
Gross Domestic Product: 8.2%
FPI: Rs 48,411 cr
FDI: $43,478 mn
MF Inflows: Rs 59,006 cr
*This was pitched as budget for agriculture sector and rural India with enhanced allocations for rural roads, irrigation, interest subsidy on farm loans and schemes aimed at improving farmers' welfare. Proposed creation of a dedicated Long Term Irrigation Fund (LTIF)
*The Budget has also increased allocation to the Pradhan Mantri Krishi Sinchai Yojana, and announced the Pradhan Mantri Fasal Bima Yojana, for which the Budget has allocated Rs 5,500 crore, more than the Rs 2,954.65-crore under all existing crop insurance schemes in 2015-16.
*Proposed to tax 60 per cent of the corpus of provident fund at the time of withdrawal, on prospective basis, to bring its tax treatment in line with the National Pension System. This was subsequently withdrawn after opposition from several quarters including Employees' Provident Fund Organisation.
*Imposed a Krishi Kalyan cess of 0.5 per cent on all taxable services, proceeds from which were to be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers. This was subsequently abolished after introduction of GST.
Union Budget 2017-18: 'Transform, Energise, Clean'
Gross Domestic Product: 7.2%
FPI: Rs 1,44,680 cr
MF Inflows: Rs15,675 cr
*The Finance Minister proposed to bring down anonymous or unnamed cash donations by inpiduals to political parties from the current Rs 20,000 to Rs 2,000 in line with the recommendation of the Election Commission. The proposal was subsequently implemented.
*The government halved the tax rate to 5 per cent for taxable income between Rs 2.5 lakh and Rs 5 lakh thereby providing tax saving of up to Rs 12,500 to all inpiduals.
*Proposed to increase tax burden for the high income category and levy a surcharge of 10 per cent on inpiduals with net taxable income between Rs 50 lakh and Rs 1 crore.
*While the government refrained from cutting the tax rate for large corporates, it announced a 5 percentage point reduction in tax rate for companies with annual turnover of up to Rs 50 crore, which would benefit medium and small enterprises.
*The government announced abolition of the Foreign Investment Promotion Board, the body which cleared foreign direct investment plans up to Rs 5,000 crore.
Union Budget 2018-19: Showpiece: Insuring Health
Gross Domestic Product: 7.2%
FPI: Rs 1,01,252 cr
FDI: $12,752 mn
MF Inflows: Rs 81,201 cr
*The showpiece of the Budget was an ambitious National Health Protection Scheme (NHPS) for over 10 crore poor and vulnerable families, an estimated 50 crore inpidual beneficiaries, with coverage of up to Rs 5 lakh per family per year. This scheme was subsequently launched.
*Imposed long-term capital gains tax of 10 per cent on gains exceeding Rs 1 lakh arising from sale of listed equity shares or units of equity-oriented mutual funds. Proposed 10 per cent tax on pidend income distributed by equity-oriented mutual funds. Both these taxes are in place.
*Promised that the minimum support prices for all crops will be fixed so as to guarantee farmers a 50 per cent return over their production cost. The government has announced hike in MSP of various farm crops.
*Announced introduction of e-assessment for taxpayers to cut discretion at the hands of income tax officials and promote transparency.
*Cut corporate tax rate from 30 per cent to 25 per cent, for companies with turnover of up to Rs 250 crore. The decision benefited micro, small and medium enterprises.