Budget Analysis 2014 

The Union Budget 2014-2015 outlined significant tax reforms and proposals aimed at fostering economic growth and investor confidence in India. The introduction of Goods and Service Tax (GST) was prioritized, signaling the government’s commitment to streamline taxation.

In direct tax proposals, income tax exemptions were increased for individuals and HUFs, along with deductions under section 80C and interest on housing loans. Corporate tax proposals included incentives for manufacturing undertakings and power generation projects. Transfer pricing rules were strengthened, and dispute resolution mechanisms were to be legislated separately.

Indirect tax proposals targeted service tax and excise duty reforms, with adjustments in negative lists, exemptions, and CENVAT credit provisions. Customs duty changes included revisions in baggage rules and extended advance ruling facilities. Mandatory pre-deposits were introduced for appeals, aiming to streamline dispute resolution processes.

Overall, the budget aimed to create a conducive environment for investment, simplify tax procedures, and stimulate economic growth across various sectors.