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Highlights of the Interim Budget for 2004-05
Friday, April 30 2004 17:01 Hrs (IST)
New Delhi:
Following are the highlights of the Interim Budget for 2004-05;
GDP growth projected at 7.5-8 per cent
Fiscal deficit for 2003-04 at 4.8 per cent, to come down further to 4.4 per cent in the next fiscal
50 per cent DA to be merged with basic of Central government employees
Stamp duty structure halved on Central government stamp papers
No changes in Income Tax Act but government to reconsider standard IT deduction
Long term capital gains tax exemption for listed equities extended
Free baggage allowance raised to Rs 25,000 from today, customs duty in such baggage reduced to 40 per cent
Estimated revenue receipts in 2004-05 is Rs 290882 cr
Antyodaya anna yojana extended to cover 2 crore BPL families
Four global convention centres to be established in Delhi, Mumbai, Jaipur and Goa
Accelerated drinking water supply scheme in mega cities
Capital gains on acquisition of agricultural land to be exempt from tax
Slew of measures to ensure timely credit to farmers
Scheme for revitalising cooperative credit structure prepared
Special measures for island territories and desert areas proposed
Non-relapsable Rs 25,000 crore Defence Modernisation Fund to be set up
Lok Nayak Jai Prakash Narayan Fund proposed to finance agriculture infrastructure
Measures for user-friendly tax administration announced
Simplified procedure outlined to reduce tax compliance cost on service tax and filing of return
Liberalisation of Laghu Udyami Credit Card scheme
IDBI to be lead development finance institution
IFCI to be merged with PSU bank
Medical colleges in six more states to be elevated to AIIMS (All India Institute of Medical Sciences) level
PTI
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