Affirming
that the economy is right on track, Finance Minister Arun Jaitley presented the
Union Budget for 2016-17. Citing that the CPI inflation has come down to 5.4%
from 9 plus, he said it is huge relief for the public.
Tax
Infrastructure
and agriculture cess to be levied.
Excise
duty raised from 10 to 15 per cent on tobacco products other than beedis
1
per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash
purchase of goods and services over Rs. 2 lakh.
SUVs,
Luxury cars to be more expensive. 4% high capacity tax for SUVs.
Companies
with revenue less than Rs 5 crore to be taxed at 29% plus surcharge
Limited
tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at
45% incl. surcharge and penalties
Excise
1 per cent imposed on articles of jewellery, excluding silver.
0.5
per cent Krishi Kalyan Cess to be levied on all services.
Pollution
cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel
cars of certain specifications; 4 per cent on higher-end models.
Dividend
in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.
Personal
Finance
No
changes have been made to existing income tax slabs
Rs
1,000 crore allocated for new EPF (Employees' Provident Fund) scheme
Govt.
will pay EPF contribution of 8.33% for all new employees for first three years
Deduction
for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those
living in rented houses.
Additional
exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of
house is not above Rs. 50 lakh.
Service
tax exempted for housing construction of houses less than 60 sq. m
15
per cent surcharge on income above Rs. 1 crore
Social
Rs.
38,500 crore for Mahtma Gandhi MGNREGA for 2016-17
Swacch
Bharat Abhiyan allocated Rs.9,500 crores.
Hub
to support SC/ST entrpreneurs
Government
is launching a new initiative to provide cooking gas to BPL families with state
support.
LPG
connections to be provided under the name of women members of family: Rs 2000
crore allocated for 5 years for BPL families.
2.87
lakh crore grants to gram panchayats and municipalities - a quantum jump of
228%.
300
urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
Four
schemes for animal welfare.
Health
2.2
lakh renal patients added every year in India. Basic dialysis equipment gets
some relief.
A
new health protection scheme for health cover upto 1 lakh per family.
National
Dialysis Service Prog with funds thru PPP mode to provide dialysis at all
district hospitals.
Senior
citizens will get additional healthcare cover of Rs 30,000 under the new scheme
PM
Jan Aushadhi Yojana to be strengthened, 300 generic drug store to be opened
Education
Scheme
to get Rs.500 cr for promoting entrepreneurship among SC/ST
10
public and 10 private educational institutions to be made world-class.
Digital
repository for all school leaving certificates and diplomas. Rs. 1,000 crore
for higher education financing.
Rs.
1,700 crore for 1500 multi-skill development centres.
62
new navodaya vidyalayas to provide quality education
Digital
literacy scheme to be launched to cover 6 crore additional rural households
Entrepreneurship
training to be provided across schools, colleges and massive online courses.
Objective
to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna-FM
Jaitley
National
Skill Development Mission has imparted training to 76 lakh youth. 1500
Multi-skill training institutes to be set up.
Energy
Rs.
3000 crore earmarked for nuclear power generation
Govt
drawing comprehensive plan to be implemented in next 15-20 years for exploiting
nuclear energy
Govt
to provide incentive for deepwater gas exploration
Deepwater
gas new disc to get calibrated market freedom, pre-determined ceiling price
based on landed price of alternate fuels.
Investments
and infrastructure
Rs.
27,000 crore to be spent on roadways
65
eligible habitats to be connected via 2.23 lakh kms of road. Current
construction pace is 100 kms/day
Shops
to be given option to remain open all seven days in a week across markets.
Rs.
55,000 crore for roads and highways. Total allocation for road construction,
including PMGSY, - Rs 97,000 crore
India's
highest-ever production of motor vehicles was recorded in 2015
Total
outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore
New
greenfield ports to be developed on east and west coasts
Revival
of underserved airports. Centre to Partner with States to revive small airports
for regional connectivity
100
per cent FDI in marketing of food products produced and marketed in India
Dept.
of Disinvestment to be renamed as Dept. of Investment and Public Asset
Management
Govt
will amend Motor Vehicle Act in passenger vehicle segment to allow innovation.
MAT
will be applicable for startups that qualify for 100 per cent tax exemption
Direct
tax proposals result in revenue loss of Rs.1060 crore, indirect tax proposals
result in gain of Rs.20,670 crore
Agriculture
Total
allocation for agriculture and farmer welfare at Rs 35984 crores
28.5
lakh heactares of land wil be brought under irrigation.
5
lakh acres to be brought under organic farming over a three year period
Rs
60,000 crore for recharging of ground water recharging as there is urgent need
to focus on drought hit areas cluster development for water conservation.
Dedicated
irrigation fund in NABARD of Rs.20.000 cr
Nominal
premium and highest ever compensation in case of crop loss under the PM Fasal
Bima Yojna.
Banking
Banks
get a big boost: Rs 25,000 crore towards recapitalisation of public sector
banks. Jaitley says: Banking Board Bureau will be operationalised, we stand
solidly behind public sector banks.
Target
of disbursement under MUDRA increased to 1,80,000 crore
Process
of transfer of government stake in IDBI Bank below 50% started
General
Insurance companies will be listed in the stock exchange
Govt
to increase ATMs, micro-ATMs in post offices in next three years
Source
: thehindu.com
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