IT remains UNCHANGED: Union Budget 2016-17
Posted on: 29/Feb/2016 9:39:27 AM
Honorable Indian Finance Minister Mr.Arun Jaitley started the presentation of UNION BUDGET 2016-17.
Live Updates of UNION BUDGET 2016-17:
- Indian GDP growth is increased to 7.6%.
- CPI inflation has come down to 5.4%.
- Forex reserve level increased to $350 billions.
- FY 16-17 have burden of implementing VII pay commission and defense OROP.
- CAD is 104% of GDP.
- Jaitley announces the nine pillars of his Budget
- Agriculture and farmers welfare,
- Rural sector,
- Social sector including healthcare,
- Education,
- Skills and Job creation,
- Infrastructure,
- Financial sector reforms,
- Ease of doing Business,
- Fiscal Discipline,
- Tax reforms to reduce compliance burden.
- Double farmer income in five years.
- 28.5 Lakh hectares brought under irrigation.
- Paramparagar Krishi Vikas Yojana for Organic farming for 5 lakh acres.
- On Ambedkar`s Birthday, unifies e-platform for farmers be inaugurated.
- 9lakh Crore target for agricultural credit.
- Four Schems for Animal Welfare.
- 2.87 Lakh crore for gram panchayats recommended for 14th finance commission.
- MNREGA - 38,500 crore.
- Highest for Rural Development scheme.
- 5,542 villages be electrified more than last three years.
- 9,000 Crore for Swachch Bharat Abiyan.
- Two Schemes for Digital Literacy for Rural India.
- 87,769 Crores for Rural Sector Allocation.
- 3,000 stores opened for generic drugs.
- Rs.1 Lakh per family to be provided as Health Insurance.
- PPP Model for National Dialysis Service Program.
- LPG connections for Women members in rural homes.
- HUB to support SC/ST entrepreneurs.
- 10 Public ad 10 Private educational institutions be made as world-class.
- Digital repository for all school leaving certificates and diplomas.
- 1,000 crores for Higher Education Financing.
- Small shops should be opened for all 7 days as choice.
- 70,000 road projects were languishing at the starting of this year.
- 85% of the projects has been put on the track.
- Rs.97,000 crores for roads.
- 2.80 Lakh crore for both roads and rails.
- 10,000 Kms of National Highways in 2016-17 and 50,000 Km State Highways be converted to NH roads.
- 2.31 Lakh crore for Infrastructure.
- Motor Vehicles Act be amended to enable entrepreneurship.
- 160 airports and airstrips be revived.
- In Power Sector, government drawing up a plan for 15-20 years augment investment.
- 3,000 crore per annum as investment in power.
- 100% FDI in FAPB (Marketing of Food Products produced ans Manufactured).
- RBI Act be amended to set monetary policy committee.
- New Amendments to boost Assets Reconstruction Companies to manage NPAs of Public Sector Banks.
- 25,000 crore for recapitalation of Public sector banks.
- EPF at 9.33% for new employees joining the scheme.
- Department of Disinvestment renames as Department of Investment and Public Asset Management.
- 900 Crore for buffer stock of pules.
- Amendment in Companies Act to ensure speedy registration and boost start-ups.
- Fiscal Defict at 3.5% of GDP in 2016-17.
- Classification of expenditure as plan and non-plan be done.
- 100 Crore for Deendayal Upadhyay`s Birthday Celebrations and Guru Gobind Singh 300th Birth Anniversary.
- Ceiling under 87A be inceased by Rs.3,000.00 HRA dedcution up from Rs.24,000 to Rs.60,000 P.A
- Lowering of Corporate IT rate for companies not exceeding Rs.5 Crore turnover to 25% surcharge.
- 40% of withdrawal at the time of retirement under NPS be tax exempt.
- Additional Exemtionof Rs.50,000 to Rs.35 Lakh for housing loans, be provided cost of house not above Rs.50 lakh.
- 1% service charge on luxury cars purchase over 10 Lakh and in-cash purchase of goods and services over 2 lakhs.
- Infrastructure cess be levied.
- No Change has been made to existing income tax slabs.
- Limited Compliance window for domestic tax payers.
- 4% high capacity tax for SUVs.
- Excise Duty on tobacco increased by 10-15%.
- No Service Tax for houses built under 60 Sq.m
- 13 Different cesses levied by various ministries.
- 1,060 Crores revenue loss through direct tax proposals.
- 20,670 Crores revenue loss through Indirect tax proposals.
Indian Finance Minister Arun Jaitely finished his third union Budget for 2016-17 in Lok Sabha. Union Budget (FINANCE BILL) passed in Lok Sabha.
