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Jaitley presents Union Budget 2016-17

news
29 February 2016

Finance minister Arun Jaitley today announced the nine pillars on which Budget 2016 would be focussing.

These are -  agriculture and farmer welfare; rural sector with a view to improve employment; social sector with focus on primary healthcare; education sector with a focus on improving skills; infrastructure and investment with a view to improve quality of life; financial sector reforms; governance and ease of doing business; fiscal discipline and delivering benefits to needy; and tax reforms.

Highlights:

  • Revenue gains of Rs19,600 crore from indirect and direct tax changes
  • Propose 45% tax on undisclosed income under new scheme
  • Abolition of cesses levied by 13 ministries to simplify busineses
  • Expansion of benches for customs, excise and service tax tribunal
  • Limited period compliance window for declaring undisclosed income
  • Penalty in cases of concealment of income
  • Move towards low tax regime with non litigious approach
  • Excise duty on tobacco products 10-15%
  • Clean energy cess on coal doubled to Rs. 400/tn
  • SUVs, luxury cars to be more expensive
  • Service tax exemption under rural electrification plans
  • No service tax for houses being built in less than 60 sq metres
  • Withdrawal upto 40% from NPS to be tax exempt
  • Committed to implementing GAAR from April 2017
  • Rationalisation of customs & excise duty rates to boost Make in India
  • Relief for small tax payers:Ceiling of tax rebate increased by Rs. 3,000
  • Taxation norms for professionals eased
  • Tax rebate on rent up from Rs24,000 to Rs60,000 per annum
  • Relief for those who stay in rented houses
  • Relief for small tax payers
  • Role of tax payer in nation building
  • FDI policy: Changes in insurance, pension, asset reconstruction
  • Prudence lies in adhering to fiscal targets
  • Debt recovery tribunals to be strengthened
  • 300,000 fair price shops to be automated by March '17
  • 25,000 crore for bank recapitalisation in 2016-17
  • Financial data management centre for integrated data analysis
  • Govt. stands firmly behind public sector banks
  • 100% FDI in marketing of food products made in India
  • RBI Act to be amended to provide for monetary policy panel
  • New credit rating system for infra to be developed
  • To incentivise gas production from deep sea
  • Rs3000 crore allocated for nuclear power
  • To partner with state govts to rejuvenate under served airports
  • NHAI to raise Rs15,000 cr via bonds in 2017
  • 10,000 km of national highways in 2016-17
  • Outlay of Rs2,18,000 crore for railways, roads in 2017
  • 85% of stalled road projects back on track
  • Rs1000 crore set aside for higher education financing
  • 3000 drug stores to be opened under PM Aushadi Yojna
  • 9,000 crore allocated to Swacch Bharat Abhiyaan
  • Rs2000 crore set aside for LPG connection to BPL families
  • To provide Rs130,000/yr health cover for senior citizens
  • Propose national dialysis service programme
  • LPG connection to woman member of rural homes
  • Aim for 100% village electrification by May 1, 2018
  • Digital literacy scheme for rural India
  • 5 lakh acres to be brought under organic farming over 3 years
  • To launch 4 new dairy programmes
  • 38,500 crore allocated for MNREGA
  • Rs5000 crore allocated for crop insurance scheme
  • Allocation of Rs35,984 crore for farm sector
  • Rs19,000 cr in 2017 for PM's Gram Sadak Yojna
  • To spend Rs. 60,000 crore for water resources management
  • To allocate Rs. 17000 crore for irrigation schemes in 2017
  • Infrastructure for irrigation will be created
  • Rs.28.5 lakh hectares will be brought under irrigation
  • Double income of farmers in 5 years
  • Farm, rural sectors to have more govt spending
  • Risk of global slowdown mounting
  • Growth has acclerated to 7.6 % in 2015-16
  • 3 schemes to address weaker sections
  • 2016: Current account deficit seen at 1.4% of GDP
  • Forex reserves are at highest level at $350 billion
  • Converted difficulties into opportunities




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