In Budget 2015, Finance Minister Arun Jaitley on Saturday announced a 5 per cent reduction in corporate tax over next four years, abolished wealth tax and replaced it with an additional 2 per cent surcharge on super-rich individuals, while increasing service tax that will result in higher cost of variety of services.
Here are the five key numbers in the Budget 2015:
1. GDP growth in 2015-16, projected to be between 8 to 8.5%.
2. Fiscal deficit target of 3% will be achieved in 3 years
3. Devolution to the States is estimated to beRs5,23,958
4. Govt to gain Rs 15,068 crore from the tax proposals
5. GAAR to be deferred for 2 years
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Budget 2015-16: In numbers
#Budget2015:Those are the key figures of the budget, at a glance pic.twitter.com/ZcBtYk61yZ
— PIB India (@PIB_India) February 28, 2015