Union
Budget 2016-17
Union Budget
2016-17 has been declared by the Finance Minister Arun Jaitley under the
Narendra Modi-led NDA govt.
Here on this page we are presenting the
highlights with latest updates about the Union Budget.
Finance Minister
Arun Jaitley today listed ‘nine pillars’ as well as tax reforms,
promoting simplicity of doing business and ensuring economic discipline,
that will transform India. In this Budget, Aiming to double farmer’s
income by 2022, the minister also announced an distribution of almost Rs 36,000
crore for the farm sector while raising the agriculture -credit target to Rs 9
lakh crore for the next financial.
In the below
section of this page of www.jobme.in we are highlights on the key factor of the
Union Budget 2016-17.
Highlights
of India Union Budget 2016-17:
Finance Minister Arun Jaitley
presented the India Union Budget for 2016-17. Naming that the CPI increase has
come down to 5.4% from 9 plus, he said it is huge relief for the public.
Tax:
Infrastructure and agriculture access 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 entrepreneurs
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
covers 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 centers.
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 hectares of land will 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 recapitalization 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
Automobiles:
The vehicle manufacturers are being
directed to get to Euro 6 by 2020 and vehicles contribute so little to
pollution.
Main pollutant in Delhi for example is PM
2.5, which is dust.
Cars only contribute 2 percent to that
according to IIT Kanpur study.
So why only cars are being targeted for
pollution, especially when they are being pushed to incur the higher cost for
Euro 6 is something which is difficult to understand and accept as being fair
and reasonable
0 comments:
Post a Comment