union budget 2015-16

HIGHLIGHTS UNION BUDGET 2015-16

HIGHLIGHTS UNION BUDGET 2015-16

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Following are the highlights of the Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Parliament on Saturday:

  • Allocation of Rs. 2, 46,726 Crore; an increase of 9.87 per cent over last year
  • Wealth tax abolished
  • No change in personal Income Tax
  • People will have to quote their PAN for all purchases above 1 lakh rupees
  • Gross tax receipts of 14.49 lakh crore rupees
  • Non-planned expenditure was 1312200 crore rupees
  • Corporate tax was reduced to 25 percent over next four years from existing 30 percent
  • Additional 2% surcharge for the super rich with income of over Rs. 1 crore.
  • Rs 25,000 crore for Rural Infrastructure Development Bank
  • Rs. 5,300 crore to support Micro Irrigation Programme
  • Farmer’s credit – target of 8.5 lakh crore
  • Rs. 70,000 crores to Infrastructure sector
  • Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore
  • Health Insurance Premium deduction hiked from Rs 15,000 to Rs 25,000; for senior citizens to Rs 30,000
  • Direct Taxes Code (DTC) dropped
  • GAAR implementation deferred by 2 years to April 2017
  • Service Tax rate hiked to 14%, from 12.36%
  • 2015-16 growth between 8-8.5%
  • To achieve fiscal deficit of 3% of GDP by 2017-18
  • Fiscal Deficit target 3.9% in 2015-16, 3.5% in 2016-17
  • Revenue Deficit to be 2.8% in 2015-16
  • Current Account Deficit for 2014-15 to be below 1.3% of GDP
  • 100% deduction for contribution to Swachh Bharat, Clean Ganga projects
  • GST to be put in place by April 1, 2016
  • AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam
  • PG institute of Horticulture in Amritsar
  • IIM for Jammu and Kashmir and Andhra Pradesh
  • Centres for film production will be created in Arunachal Pradesh
  • At least 1 member of each family to have job by 2022
    Electrification of remaining 20000 villages by 2020
  • Housing for all by 2020
  • Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro
  • Forward Markets Commission to be merged with the Securities and Exchange Board of India
  • NBFCs with asset size of Rs 500 crore and above to be considered as ‘financial institution’ under Sarfaesi Act, 2002.

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