Highlights of Union Budget 2016-17 (For all Defence Aspirants )
For all Candidates preparing for their upcoming S.S.B.’s
Confirming that the Indian economy is on the right path, Finance Minister Arun Jaitley brought out the Union Budget for 2016-17. Quoting that the CPI inflation has come down to 5.4% from 9% plus, which he said was a huge relief to the public
1. Infrastructure and agriculture cess tax will be collected.
2. Excise duty will be raised from the present value of 10 to 15 per cent on all tobacco products other than beedis. (cigarettes to get expensive )
3. 1%service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh. ( All Cars to get more expensive)
4. SUVs, Luxury cars to be more expensive. with 4% high capacity tax for SUVs. ( The so called rich people’s favourite wagons to get expensive)
5. Companies with revenue less than Rs 5 crore will be taxed at 29% plus the surcharge
6. Limited tax compliance window from Jun 1 – Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties ( So as to get undeclared deposits within the preview of the government).
7. Excise of 1 per cent to be imposed on articles of jewellery, excluding silver.
8. 0.5 per cent Krishi Kalyan Cess to be levied on all services.
9. The Pollution cess of 1 per cent on all small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher-end models.(Prices of cars to rise)
10. Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.
1. No changes have been made to the present income tax slabs.
2. Rs 1,000 crore to be allocated for new EPF (Employees’ Provident Fund) scheme.
3. Govt. will pay EPF contribution of 8.33% for all new employees for first three years
4. Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.
5. Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.
6. Service tax to be exempted for housing construction of houses less than 60 sq. m
7. 15 per cent surcharge on income above Rs. 1 crore
1. Rs. 38,500 crore for Mahtma Gandhi or what we call as the MGNREGA for 2016-17
2. The Swacch Bharat Abhiyan has been allocated a total sum of Rs.9,500 crores.
3. There is to be Hub support for the SC/ST entrpreneurs
4. Government is launching another new initiative which is to provide cooking gas to BPL families with the help of state support.
5. LPG connections are to be provided under the name of women members of family an additional money of Rs 2000 crore allocated for 5 years for BPL families.
6. A total of 2.87 lakh crore grants has to be allocated by gram panchayats and municipalities – a quantum jump of 228%.
7. 300 urban clusters are to be set under the Shyama Prasad Mukherji Rurban Mission
8. A total of Four new schemes for animal welfare are to be pushed through.
1. A total of 2.2 lakh renal patients added every year in India. Basic dialysis equipment are to get some extra relief.
2. A new health protection scheme for health cover which is upto Rs. 1 lakh per family.
3. National Dialysis Service Prog. which will be funder through PPP(Private public Partnership) mode to provide dialysis at all district hospitals.
4. Senior citizens are to get an additional healthcare cover of Rs 30,000 under this new scheme
5. PM Jan Aushadhi Yojana is to be strengthened, and more than 300 generic drug store to be opened
1. The Scheme is to get about Rs.500 cr for promoting the entrepreneurship among SC/ST
2. 10 public and 10 private educational institutions are to be made world-par.
3. Digital repository for all school leaving certificates and diplomas. Rs. 1,000 crore for higher education financing.
4. Rs. 1,700 crore for developing over 1500 multi-skill development centres.
5. Induction of about 62 new navodaya vidyalayas to provide quality education
6. The Digital literacy scheme is to be launched so as to cover about 6 crore additional rural households
7. Entrepreneurship training is to be provided across all schools, colleges and provide for massive online courses.
8. The Objective is to provide skill to 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna-FM Jaitley
9. The National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi-skill training institutes to be set up.
1. A total of Rs. 3000 crore has been kept for nuclear power generation
2. The Govt drawing comprehensive plan has to be implemented in next 15-20 years for exploiting the nuclear energy as much as possible
3. The Government has to provide incentive for the deepwater gas exploration
4. The Deepwater gas new disc has to get marked according to the market freedom, pre-determined ceiling price based on landed price of alternate fuels.
Investments and infrastructure
1. A total of Rs. 27,000 crore to be spent on roadways
2. 65 eligible habitats are to be connected via 2.23 lakh kms of road. Current construction pace stands at 100 kms/day
3. The Shops are to be given option to remain open all seven days in a week across all the markets.
4. Rs. 55,000 crore for roads and highways. Total allocation for road construction, including PMGSY, so be at a mammoth Rs 97,000 crore
5. Interesting feature India’s highest-ever production of motor vehicles was recorded in 2015
6. The Total outlay for infrastructure in Budget 2016 now stands at mammoth Rs. 2,21,246 crore
7. The New greenfield ports are to be developed on east and west coasts.
8. Revival of underserved airports. Centre to Partner with States to revive small airports for regional connectivity
9. 100 per cent FDI in marketing of food products produced and marketed in India
10. The Department of Disinvestment is to be renamed as Department of Investment and Public Asset Management
11. Govt will amend The Motor Vehicle Act in Passenger Vehicle Segment to Allow innovation.
12. Direct tax proposals result in revenue loss of Rs.1060 crore, indirect tax proposals result in gain of Rs.20,670 crore
1. A Total allocation for agriculture and farmer welfare to be out at Rs 35984 crores
2. A total of 28.5 lakh heactares of land will be brought under irrigation in this financial year.
3. A total of 5 lakh acres to to be brought under organic farming over a time period of three years.
4. Rs 60,000 crore for recharging of the ground water since there is an urgent need to focus on drought hit areas cluster development for the water conservation.
5. A Dedicated irrigation fund under NABARD of Rs.20.000 cr
6. A Nominal premium and highest ever compensation recorded in the case of crop loss under the PM Fasal Bima Yojna.
Banks get a big boost: Rs 25,000 crore towards recapitalisation 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