New Delhi, Feb 28: Union Finance Minister Arun Jaitley on Saturday abolished the wealth tax and replaced it with an additional 2 per cent surcharge on the super rich of the country. He also extended the income tax exemptions benefit to Rs 4.44 lakh for the personal tax payers in the first full-fledged budget of the Narendra Modi government that came to power in May last year. [Union Budget 2015: Highlights]
Jaitley said the government will reduce the corporate tax to 25 per cent from the current figure of 30 per cent to encourage spending and job creation. [Interview: Union Budget 2015 a realistic one, feels IIMB professor]
The finance minister proposed raising the service tax rate and education cess to 14 per cent from 12.36 per cent.
He also projected that the growth would accelerate to between 8 and 8.5 per cent.