INDIAN BUDGET 96:
Fiscal Budget 1996-97 HIGHLIGHTS
NABARD share capital to be increased from Rupees 500 crores to rupees 2000 Crore.
Number of benefits for farmers.
Rupees 250 Crore allocated for slum dwellers welfare.
Infrastructural Development Company with a capital of Rupees 5000 Crore.
A Technology Development Board to be set up.
Government to restructure the public distribution system.
5 Crore allocated to old age homes.
10 Crore provided to states which have or will set up Women's development corporations.
High level expenditure management and reform commission to be set up.
LIC to launch a pension scheme called Jeevan Suraksha.
GIC to launch new medical policy called Jan Arogya.
Food subsidy increased from Rupees 5500 crore to Rupees 5884 crore.
Cochin and Tuticorin ports to be made trans-shipment ports for container traffic.
Members of Parliament Local Area Development schemes to continue.
Subsidies for phosphatic and potassic fertilizers to go up from Rupees 500 crore to Rupees 1724 Crore.
Allocation for Education Department raised from 1825 Crore to 3388 Crore.
Central assistance for states and Union Territories stepped up from 19,506 crore to 21,972 crore for implementing 7 basic minimum services.
Plan allocation for surface transport ministry increased by 240 crores to 1322 crores to provide enhanced support for the national highways.
Defence budgets increased to 27,798 Crore, from 26,879 Crore.
Marginal relief to income tax payers at bottom level
A woman in the Rupees 60,000 income tax bracket will not pay any income tax
Tax relief to property owners on interest on loans raised.
Surcharge of corporate tax reduced from 15% to 7.5%.
Minimum tax imposed on zero-tax companies
Special tax relief for cancer and AIDS patients.
North-east Finance Corporation exempted from taxation
Duty on chemicals reduced from 50% to 40%
Duty on non-coking coal reduced from 35% to 20%
Zero rate of duty on life-saving drugs to continue
Duty on plastic reduced from 40% to 30%
Duty on plastic articles reduced from 50% to 40%
Duty in sporting goods reduced from 50% to 30%
Customs duty on electronics raw material reduced from 15% to 10%
Duty on color television tubes reduced by 10%.
Reduction in duty of signalling equipment for railway and airports from 50% to 25%
Customs duty on cellular telephones reduced to 30%
Journalists and cameramen exempted from customs duty for import of professional equipment upto Rupees 1 Lakh.
Import duty on edible oil reduced from 30% to 20%.
Excise duty on PF yarn reduced from 50% to 40%.
Four-rate excise duty structure to be introduced.
Crude oil customs duty to be reduced from 35% to 25%
Unified duty of 20% fixed on all types of yarn except nylon filament and cotton yarn.
No change in duty on two-wheelers and tractors.
Duty on motorcars carrying upto 6 passengers unchanged at 40%
Excise duty on cigarettes to be increased by 5% to 7.5%
Excise duty on motor vehicles carrying 6 to 12 passengers fixed at 20%.
Excise structure to be modified with effect from 1st October.
Courier services, paging services and advertising agencies brought under tax net.
Printed post cards to cost Rupee 1.
Penalties in excise and customs acts to be made more stingent to prevent fraud and supression of facts.
Postal registration charge increased from Rupees 6 to Rupees 8.
Postcards for TV competitions to cost Rupees 2.
Copyright © 1996
, except where otherwise noted.
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