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March 1, 2000
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Cement
Overall impact: Positive
Positive features
- HUDCO to receive equity support to the tune of Rs 3.5 billion for the construction of 900,000 houses in rural areas.
- Budgetary allocation of Rs 15.01 billion for the construction of 1.2 million houses for people below poverty line.
- Budgetary allocation to provide assistance for construction of 100,000 houses under the credit-cum-subsidy scheme for families with an annual income of less than Rs 32,000.
- Tax-free status on interest on bonds issued by municipal bodies to fund urban infrastructure projects.
- Charitable trusts permitted to make long term investments for urban infrastructure projects.
- Exemption from long term capital gains tax granted under Section 54EC of Income Tax Act, 1961 for investments made in bonds issued for funding highway infrastructure development.
- Extension of time limit for tax incentives under Section 80IB will encourage new housing projects.
- Extension of time limit for tax incentives provided to individuals in respect of interest on housing loans and enhancement of incentives on housing loan repayments will encourage home construction activity.
Negative features
- Customs duty brought down to 38.5 per cent from 40 per cent.
- Hike in railway freight by 2 per cent on cement.
ALSO SEE:
BUDGET IMPACT
The first cut
A matter of life and debt
On the MAT
How will your tax outgo change?
SECTOR IMPACT:
PRELUDE TO THE BUDGET
What will Yashwant Sinha do?
How will personal taxes change?
Fiscal report card
PRE-BUDGET SECTOR ANALYSIS:
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