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Indian Fiscal Budget 1997-98: Highlights

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Highlights of the Indian Fiscal Budget 1997-98

At a Glance

• Sharp decrease in import duty on computer software
• Dereservation of 14 items originally reserved for the SSI
• Sharp reduction of Corporate Tax Abolition of corporate surcharge
• FII's and NRI's allowed to invest upto 30% over 24% previously allowed in Indian companies
• Sharp reduction on Tax on royalties to foreign companies
• Substantial reduction in Personal Income Tax
• Seven year Tax holiday to the Telecommunicatin industry. Now denoted as infrastructure.
• No increase in oil prices
• Health insurance opened to private sector.

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