National Budget 2016 Live: Arun Jaitley tables the Union Budget 2016

BUDGET-WEFORNEWS

Finance Minister Arun Jaitley is presenting his third National Budget, The Government is expected to unveil a road map for India’s development for the year 2016-2017.

Live Updates#UnionBudget2016 :

Finance Minister Arun Jaitley tables the Union Budget 2016 and the Finance Bill.

 Rs. 1,060 crore revenue loss through direct tax proposals.

No Service Tax for houses built under 60 square metres.

Excise duty on tobacco increased by 10-15 per cent.

4% high capacity tax for SUVs.

Limited compliance window for domestic tax payers who have undeclared income.

No changes have been made to existing income tax slabs.

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.

Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.

40% of withdrawal at the time of retirement under National Pension Scheme to be tax exempt.

Tax holiday for startups for three of five years of setting up the company.

Lowering of Corporate IT rate for companies not exceeding Rs. 5 crore turnover to 25% plus surcharge.

Ceiling under 87A to be increased to Rs. 3,000.

Rs. 100 crore for Deendayal Upadhyay’s birthday celebrations and Guru Gobind Singh 300th birth anniversary.

Classification of expenditure as plan and non-plan to be done away with.

Fiscal deficit at 3.5% of GDP in 2016-17.

A bill on targeted delivery of financial services using Aadhar to be introduced.

Amendment to the Companies Act to ensure speedy registration and boost start-ups.

RBI Act to be amended to set up monetary policy committee.

90 percent domestic honey being exported.

Construction of 10,000 km of new national highways targetted.

There are 160 airports and airstrips which can be revived.

Motor Vehicles Act to be amended to enable entrepreneurship in the road transport sector.

Total outlay for infrastructure is at Rs. 2.31 lakh crore.

Small shops should be given the choice to remain open on all 7 days a week.

Rs 87,765 cr allocated for rural development.

1500 Multi skill training institutes will be set up: Finance Minister Arun Jaitley

A higher education Financing Agency to be set up, with a fund of 1000 crores 

National SC/ST Hub to support SC/ST entrepreneurs- FM

Total rural sector allocation Rs. 87,769 crore.

Government to provide health insurance of upto Rs. 1 lakh per family. 3,000 stores to be opened for generic drugs.

Two schemes for digital literacy for rural India to cover 6 crore households in the next three years.

Rs. 9,000 crore for Swachch Bharat Abhiyan.

Rs. 38,500 crore for MNREGA. Highest ever for the rural employment scheme.

Govt is committed to achieve 100% village electrification by 1st May 2018: Arun Jaitley

2.87 lakh crore to be given grant-in-aid for gram panchayats and municipalities; it is quantum jump of 228 per cent: FM.

We will work for passage of insolvency and bankruptcy laws. We will undertake significant reforms: Jaitley.

Since foreign markets are weak we must rely on domestic demand and Indian markets to ensure that Indian growth doesn’t slow down: Jaitley.

Finance Minister says, We must strengthen firewalls against risks through structural reforms; rely on domestic market so that growth does not slow down.

CPI inflation was 9.4 per cent in the last 3 years of previous government. It has come down to 5.5 per cent now, says Finance Minister.

Wefornews Bureau

Total
0
Shares
Related Posts