HEPC/EP/Policy/2014-15

February 28, 2015

To all Members

 

Sub: Highlights of Union Budget 2015-16-reg.

 

Sir/Madam,

 

We are furnishing the highlights of Union Budget presented by Honble Finance Minister for the year 2015-16 in the Parliament on February 28, 2015. Features having relevance to export sector in general are given below for kind perusal of Member Exporters:

 

Funding the Unfunded

  • MUDRA Bank will be responsible for refinancing all Micro-finance Institutions which are in the business of lending to such small entities of business through a Pradhan Mantri Mudra Yojana.

  • A Trade Receivables discounting System (TReDS) which will be an electronic platform for facilitating financing of trade receivables of MSMEs to be established.

  • Comprehensive Bankruptcy Code of global standards to be brought in fiscal 2015-16 towards ease of doing business.

  • Postal network with 1,54,000 points of presence spread across villages to be used for increasing access of the people to the formal financial system

Infrastructure

  • Ports in public sector will be encouraged, to corporatize, and become companies under the Companies Act to attract investment and leverage the huge land resources.

  • An expert committee to examine the possibility and prepare a draft legislation where the need for multiple prior permission can be replaced by a pre-existing regulatory mechanism. This will facilitate India becoming an investment destination.

Financial Market

  • Forward Markets commission to be merged with SEBI

  • Section-6 of FEMA to be amended through Finance Bill to provide control on capital flows as equity will be exercised by Government in consultation with RBI.

  • India Financial Code to be introduced soon in Parliament for consideration.

  • Vision of putting in place a direct tax regime, which is internationally competitive on rates, without exemptions.

  • Government to bring enabling legislation to allow employee to opt for EPF or New Pension Scheme. For employees below a certain threshold of monthly income, contribution to EPF to be option, without affecting employers contribution.

Tourism

  • Visas on arrival to be increased to 150 countries in stages.

Skill India

  • Less than 5% of our potential work force gets formal skill training to be employable. A national skill mission to consolidate skill initiatives spread across several ministries to be launched.

  • An autonomous Bank Board Bureau to be set up to improve the governance of public sector bank.

Tax Proposal

  • Efforts on various fronts to implement GST from next year.

  • Proposal to reduce corporate tax from 30% to 25% over the next four years, starting from next financial year.

  • Rationalisation and removal of various tax exemptions and incentives to reduce tax disputes and improve administration.

  • Broad themes:

  • Job creation through revival of growth and investment and promotion of domestic manufacturing a�?Make in Indiaa�?.

  • Improve ease of doing business – Minimum Government and maximum governance.

Make in India

  • Revival of growth and investment and promotion of domestic manufacturing for job creation.

  • Basic Custom duty on certain inputs, raw materials, inter mediates and components in 22 items, reduced to minimise the impact of duty inversion.

Ease of doing business Minimum Government Maximum Governance

  • Simplification of tax procedures.

  • Penalty provision in indirect taxes are being rationalised to encourage compliance and early dispute resolution.

  • Central excise/Service tax assesses to be allowed to use digitally signed invoices and maintain record electronically.

  • Tax Administration Reform Commission (TARC) recommendations to be appropriately implemented during the course of the year.

  • Online central excise and service tax registration to be done in two working days.

  • Time limit for taking CENVAT credit on inputs and input services increased from 6 months to 1 year.

  • Service-tax plus education cesses increased from 12.36% to 14% to facilitate transition to GST.

Swachh Bharat

  • Services by common affluent treatment plant exempt from Service-tax.

Others

  • Service-tax exemption:

     

  • Transport of goods for export by road from factory to land customs station.

     

  • Enabling provision made to exclude all services provided by the Government or local authority to a business entity from the negative list.

     

Members may kindly download the full text of the highlights at the link https://indiabudget.nic.in/index.asp.

We request Member Exporters to kindly furnish comments on the Union Budget before March 3, 2015.

Thanking you,

Yours faithfully,

R.Anand,

Executive Director

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