To cheer up lakhs of Central Government employees the Finance Minister announced that the 6th Pay Commission will submit its report by the end of next month.
To broaden the base of service tax, the Finance Minister proposed four more sectors to be brought under it. These are Asset management services provided under the ULIP , services provided by stocks/commodity exchanges and clearing houses and right to use goods where VAT is not payable. He proposed to bring customised software at par with packaged software and other IT services for the purpose of Service Tax.
Focussing on higher education, the Finance Minister proposed establishing 16 Central Universities and three IITs, among other institutes of higher education. The IITs are proposed to be set up in Andhra Pradesh, Bihar and Rajasthan. Dealing at length about the success story of India’s economy, the Finance Minister proposed to increase allocation for various schemes across the board. The allocation for Bharat Nirman programme is proposed to get over 31,000 crore rupees, an increase of 16 per cent.
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