Finance Minister concludes the Union Budget 2016.
- Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
- Hike of 10-15 % in excise duty on cigarettes
- Our Govt is completely committed to removing black money from the economy.
- Krishi Kalyan Cess of 0.5% on all taxable services.
- Surcharge on income tax for those with incomes exceeding 1 crore per annum increases from 12% to 15%
- No change in tax slabs.
- Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana
- Corporate income tax: Incentives for new manufacturing companies and relatively small enterprise companies
- Relief to those in rented houses: deduction raised from INR 24,000 to INR 60,000 under Section 88G.
- Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual come to be raised to Rs 5000 from Rs 2000 currently
- Necessary interim provisions made for implementation of 7th Pay Commission recommendations
- Revenue deficit estimate for FY 2015-16 down to 2.5% from earlier estimates.
- Fiscal deficit at 3.9% in 2015-16 and at 3.5% in 2016-17; no deviation from fiscal deficit roadway.
- INR 900 crore rupees for Market Stabilization Fund for Pulses
- Public Money should reach the poor and deserving without any leakage, emphasizes finance minister Arun Jaitely.
- A National Dialysis Services Program will be introduced under National Health Mission- FM Jaitley
- 100% FDI through FAPB route in marketing of food products produced and manufactured in India
- INR 1,000 crore allocated for new EPF(Employees’ Provident Fund) scheme
- Public Utility Resolution of Disputes Bill for resolution of disputes in infra sector:
- INR 1,000 crores set aside for higher education financing
- INR 3000 crore earmarked for nuclear power generation.
- Target of 10,000 kms of national highway and up-gradation of 50,000 kms of state highways in 2016/17
- INR 55,000 crore for roads and highways. 50000 km of state highways to be taken up for upgradation as national highways.
- A national careers service was launched in July 2015. We propose to make 100 model career centres operational by end of 2016
- Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna
- Senior citizens will get additional healthcare cover of INR 30,000 under the new scheme.
- A new health protection scheme for health cover upto 1 lakh per family
- INR 9,000 crores allocated to Swaccha Bharat Abhiyaan. 500 crores for startup India.
- I have set aside a sum of INR 2000 crores in this year’s budget to meet the initial cost of providing these LPG connections-
- Massive mission to be launched to provide LPG connections to BPL households
- INR 2.87 lakh crore grants to gram panchayats and municipalities a quantum jump of 228%.
- Govt is committed to achieve 100% village electrification by 1st May 2018: Arun Jaitley
- MGNREGA to get INR 38,500 crore. INR 2.87 lakh crore grants to gram panchayats and municipalities a quantum jump of 228%.
- A unified agriculture market e-platform will be dedicated to the nation on birthday of Dr BR Ambedkar
- INR 19000 crore rupees allotted for Pradhanmantri Gram Sadak Yojna
- 5 lakh acres to be brought under organic farming over a three year period
- INR 35,984 crores allocated for Agriculture in 2016-17
- Aim to double the income of farmers in five years INR 35,984 crores total allocation for farmers’ welfare
- We need to prioritize our expenditure, given recommendations of 7th CPC and OROP implementation
- Govt. has to prioritize expenditure. Focus on the rural and social sectors, infrastructure and recapitalization of banks
- Forex Reserves have reached their highest mark at $350 billion.
- Financial Year 2017 will be challenging for Government expenditure
- Growth of GDP has accelerated to 7.6% .CPI inflation has declined to 5.4%
- Foreign exchange reserves are at highest ever level, says Finance Minister.
- The CPI inflation has come down to 5.4% from 9 plus, bringing big relief to the public:
- Amidst global headwinds, the Indian economy has held its own.
- I am presenting Budget when the global economy is in a serious crisis.
- Lot of confidence and hope continues to be build around India: Arun Jaitely
- FM Arun Jaitley begins Budget speech in Parliament
- Finance Minister to present Union Budget 2016 shortly.
- Meeting in Parliament ends, cabinet approves Union Budget 2016.
- Prime Minister Narendra Modi reaches Parliamnet, cabinet meeting begins.
- Copies of Union Budget 2016 brought to Parliament
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