Union Budget 2015: GST to be implemented by 2016; estimated GDP to be between 8- 8.5%
FM Arun Jaitley reiterated the government's commitment to GST, which he assured would be implemented by April 2016. Corporate tax rate to be reduced from 30% to 25% over a period of 4 years starting next financial year. Investment in infrastructure will go up by Rs 70,000 crore in 2015-16
Finance Minister Arun Jaitley’s maiden Union Budget went through without raising too much of a hue and cry from the opposition benches. Though there will be a bit of a disappointment that there was not much for the individual tax payer, FM Jaitley presented a focused budget with incentives for the poor and the industry.
Let’s take a look at some of the salient points from Budget 2015.
Starting off his speech, FM Jaitley highlighted, “We have embraced the states as equal partners in the process of economic growth. The credibility of the Indian economy has been re-established.”
The minister also reiterated the government’s commitment to GST, which he assured would be implemented by April 2016. He also pointed out another program the government has embarked on; namely JAM Trinity.
The estimated GDP for 2015-16 will be between 8 and 8.5 per cent (the best in 5 years), said the FM. Meanwhile, the CAD for the year is expected to be below 1.3% of GDP. Foreign exchange reserves have risen to $340 billion. Investment in Infrastructure will go up by Rs 70,000 crore in 2015-16.
The FM also proposed to create Mudra Bank with corpus of Rs. 20,000 crore for microfinance. "We are banking the unbanked and funding the unfunded," he said. Rs 1,000 crore has also been set aside for establishing a mechanism for techno-financial incubation and facilitation programme.
In terms of taxation, the FM said that some of the main themes of the tax policy would be measures to curb black money, job creation, encourage manufacturing, benefits for middle class tax payers and the promotion of Swach Bharat Abhiyan.
A Direct Tax regime, which is internationally competitive in terms of rates, has been proposed. The FM also said that the government will do away with distinction between FPI and FDI and replace them with a comprehensive type. Fiscal deficit is expected to be around 3.9 per cent of the GDP. The FM also said that progress was being made with the Digital India initiative and states have been given the option of going ahead with digitization and get reimbursed by central government later. FM Jaitley informed that Andhra Pradesh has become the first state to take up this option.
One of the more important decisions was to reduce corporate tax rate from 30 per cent to 25 per cent over a period of 4 years starting next financial year. “Basic rate of corporate tax is 30% but the effective collection is only 23 per cent. We have a high corporate tax regime but we do not get the tax due to excessive exemptions. I propose to reduce corporate tax to 25 per cent over the next 4 years accompanied by elimination of various exemptions,” he said. However, exemption to individual tax payers will continue.
The FM has also proposed to abolish Wealth Tax and replace it with additional 2 per cent surcharge as super rich tax for taxable income of Rs 1 crore. Basic custom duty rate reduced for 22 items.
Other tax changes include; 12.36% general rate of central excise rate including CESS to be rounded to 12.5%. Online excise and service tax registrations will be allowed. Service tax rate is to be raised to a consolidated rate of 14%. Educational CESS and higher educational CESS to be subsumed as a part of GST. These tax measures are expected to help the individual taxpayer get benefits up to Rs. 4,44,200; said the FM.
“We will meet the challenging fiscal target of 4.1 per cent of GDP which we had inherited and I will meet the fiscal deficit of 3 per cent in the next two years,” he said. The net impact of tax proposals is expected to be Rs 15,068 crore.
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Madan Bahal joins enba jury panel
Bahal is the Co-Founder and Managing Director of Adfactors PR
By exchange4media Staff | Mar 18, 2023 8:30 AM | 1 min read
Madan Bahal, Co-Founder and Managing Director of public relations firm - Adfactors PR, has joined the exchange4media News Broadcasting Awards (ENBA) jury panel. Over the past 25 years, Bahal has served as a lead communication counsel in many of the milestone events of Corporate India, including fundraises, M&As, disputes, litigations, issues, and crises.
Bahal is known for providing leadership to the Indian PR industry during major events such as the global financial meltdown in 2008, and the two years of the Covid-19 pandemic. He is also a member of the governing council of The Yoga Institute, Mumbai – the world's oldest body of organised yoga teaching.
In September 2022, the Arthur W. Page Society inducted Bahal into its Hall of Fame. In October 2020, PRovoke recognised his firm Adfactors PR as one of the seven global agencies of the decade.
enba was formulated by the exchange4media Group in 2008 with the objective of recognizing the best in television news, and for rewarding industry leaders who have shaped the future of television broadcasting in India. This year, enba is in its 15th edition, and the jury will be led by Sunil Arora, a senior bureaucrat and former Election Commissioner of India.
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Free Dish e-auction: 7 slots of Bucket D sold out for over Rs 79 cr
Zee Chitramandir, Zee Punjabi, Fakt Marathi, Shemaroo MarathiBana, Manoranjan Movies, Sanskar TV and Sun Marathi picked up the slots
By exchange4media Staff | Mar 18, 2023 7:50 AM | 1 min read
Prasar Bharati has mopped up over Rs 79 crore from the sale of seven slots under Bucket D of the DD Free Dish e-auction.
This bucket comprises all other remaining genres of Hindi, Devotional/ Spiritual/Ayush, all genres of Marathi, Punjabi and Urdu channels and news and current affairs (English) channels. The base price was Rs 6 crore.
Sources close to the development confirmed six channels that picked up the slots were Zee Chitramandir (Rs 13.40 crore), Zee Punjabi (Rs 12.45 crore), Fakt Marathi (Rs 12.65 crore), Shemaroo MarathiBana (Rs 13 crore), Manoranjan Movies for Rs (13.4 crore), Sanskar TV (Rs 14.6 crore) and Sun Marathi.
Bucket D has eight slots, out of which seven have been sold out. Bidding for the eighth slot will continue today.
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Free Dish e-auction: ABP News picks up 6th slot for Rs 17 cr
The six slots under Bucket C category have been secured by News18, Republic Bharat, TV9, Zee News, NDTV and ABP News
By exchange4media Staff | Mar 17, 2023 12:23 PM | 1 min read
ABP Network has picked the last slot on DD Free Dish. According to sources, ABP News secured the last slot on DD FreeDish for Rs 17.10 crore.
Under Bucket C, which comprises news and current affairs (Hindi) channels, News18, Republic Bharat, TV9, Zee News, NDTV and ABP News bagged the slots. The base price for the bucket was Rs 7 crore.
Prasar Bharati has now made Rs103.15 crore from the six slots under Bucket C.
The highest price paid in this category was Rs 19.85 crore.
As reported earlier by exchange4media, News18 bought the first slot for Rs 19.85 crore, Republic Bharat secured the second one for Rs 16.55 crore, TV9 took the third slot for Rs 14.55 crore, Zee News bought the fourth slot for Rs 15.5 crore and NDTV bought the slot for Rs 16.55 crore.
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ZEEL likely to settle IndusInd Bank's dues: Reports
News agencies say the media company could pay Rs 83.7 crore to the bank on Friday
By exchange4media Staff | Mar 17, 2023 8:56 AM | 1 min read
ZEEL is likely to repay IndusInd Bank's dues, according to media reports.
The media network is looking to resolve the insolvency proceedings for completing the merger with Sony.
As per media reports, dues amounting to Rs 83.7 crore may be settled on Friday, prompting the bank to withdraw the insolvency proceedings thereafter.
It may be noted that in February the National Company Law Appellate Tribunal stayed the insolvency order against ZEE.
ZEEL CEO Punit Goenka had said that the focus was now on the timely completion of the proposed merger.
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Free Dish Auction Day 4: News channels defy boycott call, buy 5 slots for Rs 83.05 crore
Prasar Bharati collected Rs 116.9 crore from the sale of seven slots
By Sonam Saini | Mar 17, 2023 8:33 AM | 1 min read
On the fourth day of the e-auction for DD Free Dish MPEG-2 slots on Thursday, Prasar Bharati collected Rs 116.9 crore for seven slots. So far, the pubcaster has collected Rs 407.95 crore from the sale of 23 slots.
According to sources, under Bucket B category, which comprises music, sports and Bhojpuri language channels, the last two slots were picked by Zee Ganga for Rs 16.65 crore and Zing for Rs 17.20 crore.
Meanwhile, in an important development, despite the News Broadcasters Federation (NBF) and the News Broadcasters & Digital Association (NBDA) announcing their decision to boycott the auction, News18, Republic Bharat, TV9, Zee News and NDTV bought slots.
As reported earlier by exchange4media, News18 bought the first slot for Rs 19.85 crore, Republic Bharat secured the second one for Rs 16.55 crore, TV9 took the third slot for Rs 14.55 crore, Zee News bought the fourth slot for Rs 15.5 crore and NDTV bought the slot for Rs 16.55 crore. The base price for Bucket C, which comprises news and current affair (Hindi) channels, is Rs 7 crore.
The public broadcaster made Rs191 crore on the second day from 11 slots and Rs 100 crore on the third day from five slots. The first day of the auction was washed out because of a technical glitch.
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Free Dish auction: Despite boycott call, News18, Republic Bharat, TV9, Zee News buy slots
News18, Republic Bharat, TV9 & Zee News paid Rs 19.85 crore, Rs 16.55 crore, Rs 14.55 crore and Rs 15.5 crore respectively, shared sources
By Sonam Saini | Mar 16, 2023 6:16 PM | 1 min read
News18, Republic Bharat, TV9 and Zee News have secured slots on DD Free Dish on the third day of the MPEG-2 e-auction, e4m has learnt from reliable sources. The channels participated in the bidding despite News Broadcasters Federation (NBF) and the News Broadcasters & Digital Association (NBDA) announcing their decision to boycott the process.
According to the sources, News18 bought the first slot for Rs 19.85 crore, Republic Bharat secured the second one for Rs 16.55 crore, TV9 took the third slot for Rs 14.55 crore and Zee News bought the fourth slot for Rs 15.5 crore. The base price for Bucket C, which comprises news and current affair (Hindi) channels, is Rs 7 crore.
On March 14, the NBF and NBDA, which represent almost all national and regional news channels of the country, decided not to participate in the -auction. In a letter written to I&B Minister Anurag Thakur, the NBF and NBDA stated that the auction procedure was skewed against all news and current affairs channels.
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DD Free Dish: News channels bid in e-auction despite broadcaster boycott
The first two slots under Bucket C, for news & current affairs (Hindi) channels, has been picked up for Rs 19.85 crore and Rs 16.55 crore say sources
By Sonam Saini | Mar 16, 2023 4:46 PM | 1 min read
Despite broadcasters' decision to opt out of the DD Free Dish e-auction for the vacant slots of MPEG-2, sources told exchange4media that some news channels have started bidding for them. The first slot under Bucket C, which is for news & current affairs (Hindi) channels, has been picked up for Rs 19.85 crore and the second slot picked up for Rs 16.55 crore. The bidding for the third slot has started.
On March 14, the News Broadcasters Federation (NBF) and the News Broadcasters & Digital Association (NBDA), which represent almost all the national and regional news channels of the country, decided not to participate in the ongoing DD Free Dish MPEG-2 e-auction. In a letter to I&B Minister Anurag Thakur, NBF and NBDA stated that the auction procedure was skewed against all news and current affairs channels.
This is a developing story.
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