Monday, 29 February 2016

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Union Budget 2016



Union Budget 2016:
Updates
In Jaitley's introductory speech as he presented the Union Budget, Jaitley focused on the difficulties and challenges faced by the country amid a global crisis. He said that the 🇮🇳 economy has held firm despite the global crisis.
🔰 Current Account Deficit declined to 14.4 billion US Dollars from 18.5 billion dollars
🔰 GDP growth has accelerated to 7.6%. CPI inflation has come down to 5.4%.
🔰 India's Forex reserves are at the highest level at $350 billion.
🔰 Union Budget to have 9⃣ pillars - agriculture sector, rural sector, social sector including healthcare, education & job creation, infrastructure, financial reforms, Ease of doing business, prudent government finances, tax reforms
🔰 Govt targets to cover 14 crore farm holdings by 2017, Paramparagat Krishi Vikas Yojana to bring 5 lakh acres under organic farming.
🔰 Big outlay for irrigation - ₹86500 cr over next 5 years. 28.5 lakh hectares to be brought under irrigation.
🔰 Dedicated irrigation fund of ₹20,000 crore to be set up under NABARD
🔰 ₹15,000 cr for loan repayment for farmers. Rs 19,000 crore to be allocated for Pradhan Mantri Gram Sadak Yojana
🔰 Rs 19,000 crore to be allocated for Pradhan Mantri Gram Sadak Yojana.
🔰 A path-breaking farm insurance scheme PM fasal bima yojana alloted ₹5500 cr
🇮🇳Union Budget💰 2016 Updates
🔰 2.87 lakh cr stationed as grants to gram panchayats for development of rural economy
🔰 Deendayal Antyoday Mission for drought affected blocks.
🔰 ₹38500 crore for MNREGA in 2016-17, highest ever in a year.
🔰 5542 villages have been electrified already & Govt targets 100% Rural electrification by 1st May 2018. ₹8500 Cr allotted.
🔰 ₹9000 crore allocated for Swachh Bharat Abhiyaan
🔰 2.87 lakh cr stationed as grants to gram panchayats for development of rural economy
🔰 Deendayal Antyoday Mission for drought affected blocks.
🔰 ₹38500 crore for MNREGA in 2016-17, highest ever in a year.
🔰 5542 villages have been electrified already & Govt targets 100% Rural electrification by 1st May 2018. ₹8500 Cr allotted.
🔰 ₹9000 crore allocated for Swachh Bharat Abhiyaan
🇮🇳Union Budget💰 2016: Updates
🔰 Digital Literacy mission to be launched to cover 60 million rural Indians
🔰 300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
🔰 Total Rural development spending in Budget2016 will be ₹87765 crore
🔰 ₹2000 crore for providing LPG connection to 1.5 crore BPL families in 2016-17
🇮🇳Union Budget💰 2016: Updates
🔰 National Dialysis Services program to be launched across district hospitals. They are to be funded in PPP model.
🔰 Health protection scheme to provide insurance up to ₹1 lakh per family. Additional ₹30000 for senior citizens. 3,000 stores to be opened for generic drugs.
🔰 Expansion of sarva shiksha abhiyaan. 20 institutions to be supported to become world-class research institutions ₹1000Cr allotted. 62 new navodaya vidyalayas to be set up. _ 
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🔰 ₹5000 cr Stand up India scheme approved for promotion of SC, ST and women entrepreneurs.
🔰 The govt will pay EPF contribution of 8.33% for all new employees for 1st three years for salary up to ₹15000 per month.
🔰 FM calls for small shops should be allowed to open 7 days a week. Model Shops and Establishments Bill to be circulated, for voluntary adoption by states.
🇮🇳Union Budget💰 2016: Infrastructure Sector
🔰 Govt to allocate ₹55000 cr for roads and highways. Total investment in Road Sector would be ₹97000 crore. A total of ₹2,18,000 cr allocation for roads and railways.
🔰 Around 70 languishing projects are 85% on track. Highest road building contracts given in 2015 - ₹55000 cr + ₹15cr NHAI bonds.
🔰 Govt to incentivise gas production, deep sea gas exploration
🔰 Govt to partner with state governments to revive some airports to increase regional connectivity. Govt drawing action plans for 160 airports and airstrips that can be developed at cost of ₹50-100 cr each.
🔰 Govt to amend Motor Vehicle Act to open up road passenger sector.
🔰 Total outlay for infrastructure is at ₹2.31 lakh crore.
🇮🇳Union Budget💰 2016: Financial Reforms
🔰 Reforms to FDI policy: insurance & pension, food processing and stock exchange. 100% FDI in the marketing of food products manufactured in India through FIPB route.
🔰 Central legislation to be introduced to deal with the menace of Ponzi schemes and finance related frauds.
🔰 Asset reconstruction companies regulations to be liberalised.
🔰 ₹25000 cr to recapitalise public sector banks. Banking Board Bureau and a road for consolidation of public sector banks will be spelled out in FY 2017.
🔰 Number of measures to be undertaken to deepen corporate bond market
🔰 Department of Disinvestment to be renamed as Department of Investment and Public Asset Management.
🔰 ATMs and micro ATMs to be rolled out in the rural areas through the post offices.
🔰 ₹1 lakh cr lent out so far under PM mudra yojana. A target of ₹1.8 lakh in 2016.
🔰 Disbursement of subsidies will be done through Aadhar.
💡 For the 1⃣st time, hard copies of Budget not distributed to journalists. FM going green🌏.
🇮🇳Union Budget💰 2016: Live Updates
🔰 Fiscal deficit targeted at 3.9% and 3.5% for the FY 16 and FY 17.
🔰 60,000 crore for water resources management.
🔰 Bill to amend the Companies Act to be introduced in the Budget Session. Aimed at easing norms for start-ups.
🔰 FY17 Plan Expenditure: ₹5.5 lakh cr, Non-Plan Expenditure -₹14.82 lakh Cr_ 
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🔰 FM to get rid of plan/non-plan classification to go away from 2017-18 😱
🔰 Debt recovery tribunals to be strengthened
🔰 Revenue deficit target to be 2.6% of Revenue expenditure
🇮🇳Union Budget💰 2016: Tax Reforms
🔰 Tax proposals to focus relief to small tax payers, measures to moving towards pension society, reducing litigation, simplification and rationalisation of taxation, use of technology. _ 
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🔰 Tax audit limit extended up to ₹2 crore.
🔰 House Rent Allowance relief raised from ₹24,000 to ₹60,000
🔰 Govt will assist startups through 100% deduction in profits for 3 out of 5 years.
🔰 Corporate tax: Phasing out of exemptions to continue.Corp tax rate for new manufacturing units at 25% + surcharge + cess, lowering of corporate income tax rate for companies with turnover less than ₹5cr to 29% + surcharge + cess
🔰 Customs & excise duty rates to undergo changes to improve competitiveness and boost Make In 🇮🇳.
🔰 Additional rebate of ₹50000 for 1⃣st time house buyers for loans up to 35 lakhs & reduction of service tax 4 affordable housing. 100% deduction for profits from building flats up to 30 square metres in metro cities.
🔰 Withdrawal up to 40% from NPS to be tax exempted
🇮🇳Union Budget💰 2016: Tax Reforms Contd.
🔰 Existing Income Tax slabs remain unchanged.
🔰 1% service charge on purchase of luxury cars over ₹10 lakh and in-cash purchase of goods and services over ₹2 lakh. 4% high capacity tax for SUVs. To introduce 1% infra cess on petrol cars, 2.5% on diesel cars. 1% cess on LPG, CNG and other such cars.
🔰 Excise duty on most tobacco products raised by 10-15%
🔰 Limited period compliance window (Sep 30th) for domestic taxpayers to declare undisclosed income. Declarations to have immunity from prosecutions.
🔰 CleanEnergy cess to be renamed as CleanEnvironment cess. To be increased from ₹200/ton to 400/ton on coal, lignite and peat.
🔰 Krishi Kalyan Cess to be imposed on all taxable services for the agricultural sector.
🔰 New dispute resolution scheme - taxpayer can settle cases by paying tax+interest. no penalty in cases where the dispute is less than ₹10 lakhs. 11 new benches for customs and service tax appeals tribunal. _ 
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🔰 Non-residents without PAN to get relief. Customs baggage rules for passengers to be simplified.
🔰 ₹19610 of net revenue gain from direct and indirect taxes
🔰 Removal of 13 different cesses with revenue collection less than ₹50 crores annually

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