Highlights of Budget for 2014-15

 Highlights of Budget for 2014-15

* To hike FDI in defence to 49%

* NDA policy to encourage FDI in selective sectors

* Domestic defence mfg sector at nascent stage

* FDI in selected sectors to help larger interest of country

* Plan to enlarge scope of income tax settlement commission

* To provide certainty in tax laws

* Propose changes in transfer pricing rules

* Propose to strengthen authority for advance ruling in tax

* High level panel to interact with industry on indirect tax

* Clarification on tax issues to be given

* Plan law, administrative changes to reduce tax disputes

* Resident tax payer to get facility of advance tax ruling

* Propose changes to resolve ongoing direct tax disputes

* Aim stable, predictable investor-friendly tax regime

* Tax demands worth 4 trln rupee currently under litigation

* GST to result in higher tax mop-up for Centre, states

* Committed to stable, practical tax regime

* All cases of retrospective tax to be studied by CBDT panel

* GST to streamline tax administration

* Tax regime to be investor friendly

* Assure states govt to be more than fair on GST

* Won't ordinarily bring in tax changes retrospectively

* Govt's right for retrospective legislation unquestionable

* Retrospective taxes should be done with caution

* Hope to bring final solution to GST issue in FY15

* Aim to make food subsidy better directed, more inclusive

* Hope to have final solution on GST this yr

* GST debate must come to an end

* To review food, fuel subsidy

* Food, oil subsidy to be more targeted

* Committed to minimum govt, maximum governance

* New urea policy will be formulated

* To constitute expenditure mgmt panel

* No option but to undertake bold steps to enhance econ

* Time has come to revive efficiency of govt spend

* Today's measures are directional

* Must address problem of black money

* Still not out of the woods on inflation

* Seen gradual moderation in WPI inflation recently

* Aim 3.0% fiscal gap in FY17

* Aim 3.6% fiscal gap in FY16

* Accepted FY15 4.1% fiscal deficit target as a challenge

* Reduction in fiscal deficit achieved by spending cuts

* Jaitley: Aim of 4.1% of GDP fisc gap indeed daunting

* Need fisc prudence that will lead to fisc consolidation

* Jaitley: To continue to remain watchful on CAD front

* Must improve tax-GDP ratio

* Need to revive growth in infra, manufacturing sectors

* Non-tax revenue must be increased

* Must reduce wasteful expenditure

* Urgent need to generate more resources for econ

* Tax GDP ratio must be improved

* Steps today start of macro economic stabilisation

* Fisc prudence of paramount importance

* Cannot spend beyond our needs

* Can't leave behind legacy of debt

* Should we be victims of mere populism?

* Fiscal prudence of paramount importance

* Not wise to expect too much from new 45-day govt

* Task before me today is very challenging

* Need to revive growth in mfg, infra sectors

* Econ situation presents a grave challenge

* Won't leave any stone unturned for vibrant, strong India

* Not wise to expect anything major in first budget

* Higher growth is a sine qua non

* Have to ensure anti-poverty plans are well aimed

* Can't be oblivious that large population below poverty line

* Budget is the most comprehensive action plan