Budget Highlights 2015-2016

Budget highlights :

-The latest CPI inflation is 5.1 % and whole sale price inflation is negative

-Current Account Deficit For FY15 To Be Below 1.3% Of GDP

-Embraced States As Equal Partners Of Growth

-Union Budget 2015-16 GST To Be In Place By April 1 2016

-Union Budget 2015-16 12.5 Cr Families A Part Of Jan-Dhan Yojana Already 

-Economy set to grow in double-digits in coming days 

-GDP growth will accelerate to 7.4 per cent

-We will achieve the target of 6 crore toilets in India

-3 achievements of Govt: #JanDhanYojana, Coal auctions and #SwachhBharat

-Our objective is to keep inflation below 6 per cent & work towards substantial reduction of poverty

-JAM Trinity- #JanDhan, #Aadhaar Mobile & GST are game changing reforms

-TO MEET FISCAL DEFICIT OF 4.1% IN FY15

-Will Need To Build Additional 1 Lk km Of Roads

-To make India a manufacturing hub and support starups. Youth need to be from job seekers to job creators

-To See 6 Cr Units Of Rural & Urban Housing By 2020 

-GDP SEEN AT 8-8.5% IN FY16

-Agriculture incomes are under stress; public investment needs to step in to catalyse investment

-TO ACHIEVE 3.6% FISCAL DEFICIT IN FY17

-TO ACHIEVE 3% FISCAL DEFICIT IN 3 YEARS

-TO MEET FISCAL DEFICIT OF 4.1% IN FY15

-Transfer To States To Be 62% Of Total Receipts

-To Allocate Rs 5,300 Cr For Micro-irrigation

-Direct Transfer Of Benefits To Be Further Expanded

-To Look At Divestment Of Strategic & Non-strategic Cos

-To Allocate Rs.20,000 Cr For Mudra Bank For SMEs

-Committed To Rationalising Subsidies 

-Target of 8.5 lakh crore of credit for agricultural sector

-To Allocate Rs 25,000 Cr For Rural Infrastructure

-FM says expect CPI to remain near 5% by year-end, have concluded monetary policy agmt with RBI 

-To Bring In Comprehensive Bankruptcy Code

-PROPOSE Rs 1.25 LK CR PUBLIC INVESTMENT FOR FY16 

-To Allocate Rs 34,699 Cr For MNREGA

-To create senior citizens welfare fund via unclaimed PPFs

-proposes to give Rs. 2 lakh accidental insurance to the poor for a monthly premium of Re. 1

-Atal Pension plan launched; aimed at Indians above 60

-To utilize vast postal network for banking venture

-PM Surakhsha Bhima Yojana to increase the access to insurance

-Will launch Atal pension Yojna. Govt will contribute 50% towards the scheme

-Tax free infrastructure bonds for projects in Railways and roads: Finance Minister

-To Allocate Rs 1,000 Cr For Support To Start-ups

-NBFCs With Size Of Over Rs 500 Cr Will Get Access To SARFAESI

-Investment in Infrastructure to go up by 70,000 crores in 2015-16 over 2014-15.

-5 Ultra mega power projects announced

-Public sector ports will be converted to companies, once PPP model is tweaked.

-To allocate 1000 cr to enable IT start ups

-2nd unit of Kudankulam nuclear power station to be commissioned in 2015/16

-FMC to be merged in SEBI, long intended now implemented

-To Set Up Public Debt Management Agency

-Bring Bond Market as world Class Equity Market 

-Will set up 5 UMPPs in the pug-and-play mode

-FM to put in place direct tax regime

-Sovreign Gold Bond Alternative to Gold

-New gold monetization scheme

-To Amend Section 6 Of FEMA To Control Capital Flows 

-We plan to introduce direct tax regime that is internationally competitive on rates without exemptions

-To Incentivise Credit, Debit Card Transactions

-Indian gold coins with Ashok chakra on its face to be launched

-Gold monetization scheme to allow depositors to earn interest

-Gold monetisation scheme to replace deposit and metal loans

-Employees can opt for EPF or new pension fund; for employees below certain threshold EPF should be optional from his side

-#FPI and #FDI will not be differentiated:

-To support heritage sites, Churches Goa, Hampi, Elephanta in Mumbai, Sarnath, Jallianwalla Bag

-To introduce Indian made gold coin to reduce demand for foreign gold coins

-PROPOSE TO ALLOW FOREIGN INVESTMENT IN ALTERNATIVE INVESTMENT FUNDS

-After success of visas on arrival in 43 countries,I propose to increase the countries covered under this scheme to 150

- To Allocate Rs 75 Cr For Electric Vehicles

-To Introduce Regulatory Reform Law For Infrastructure

-Renewable energy target revised to 1,75,000 MW

-IIMs to be setup in J&K and Andhra Pradesh 

-IIT in Karnataka

- AIIMS to be set-up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam

-To set up educational loan scheme for higher education

-Bank Board Bureau An Interim Step In Forming A Bank Holding Co

-To Set Up Autonomous Bank Board Bureau For Selecting Bk Executives

-To allocate Rs 10,351 cr for Women and Child Development

-To set up holding investment company for #PSU banks

-National Skill Mission to be launched, to develop employability of youth, especially below 25 years of age

-ALLOCATE Rs 2.46 LK CR FOR DEFENCE IN FY16

- Earmarking Rs 1,200 Cr For DMIC Projects

-Allocate Rs 33,150 Cr Towards Healthcare

-TOTAL EXPENDITURE AT Rs.17.77 LK CR IN FY16

-PLAN SPEND AT Rs 4.65 LK CR FOR FY16 

-NON-PLAN SPEND AT Rs 13.12 LK CR FOR FY16

-GROSS TAX RECEIPTS AT Rs 14.49 LK CR

-reduce rate of corporate tax from 30% to 25% over next four years

-TO RATIONALISE & REMOVE EXEMPTIONS FOR CORPORATES

-Exemptions For Individual Tax Players To Continue

-To Enact New Law For Black Money 

-Concealment of income will attract 10 yrs of rigorous imprisonment

-Stringent penalties and jail for Black Money holders and evaders

-Benami property transaction bill to tackle black money transaction in real estate soon

-Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets

-FEMA Act to be amended to incorporate Black Money provisions: Finance Minister

-To Allow Tax Pass-through For Alternative Investment Funds 

-To Tighten Reporting Of Cash Transactions

-To Have Benami Transaction Prohibition Bill For Domestic Black Money 

-Quoting PAN a must for all purchases above One Lakh

-proposes to rationalise capital gains tax regime for real estate investment trusts

-TO DEFER GAAR BY 2 YEARS

-Tax pass through to be allowed in alternative investment funds to boost small firms, startups

-Propose To Rationalise Capital Gains Regime For REITs/InvITs

-TO REDUCE CUSTOMS DUTY ON 22 ITEMS 

-Rental Income from REITS to have pass through facility

-Income Tax On Royalty Fees For Technical Reduced To 10%

-TO ABOLISH WEATH TAX; 2% ADDL SURCHARGE ON SUPER-RICH

-Reduced taxes on Technical Services to 10% from 25%

Retrospective tax provisions will be avoided

-Tax dept to put out a clarification on indirect transfer of assets and dividend paid by foreign firms

-TO INCREASE EXCISE DUTY TO 12.5%

-Propose To Exempt SAD On All Items

-TO HAVE 100% TAX DEDUCTION FOR SWACHH BHARAT & CLEAN GANGA

-Service tax will be increased to 14%

-Excise duty on leather upper shoes cut to 6%

-Health Insurance Premium rebate up to 25,000 instead of 15,000

-Senior citizens health insurance incr from 20k to 30k

-Super senior citizens - 30k deduction on expenses

-Additional deduction of 50k in NPS

-Rs. 80,000 deduction for serious diseases for senior citizens

-NPS 1 lakh limit revised to 1.5 lakh

-Transport allowance doubled to 1,600/month from 800/month

-clean energy cess increased from 100 to  200 Rupees per metric ton of coal to finance Green Energy Fund

-Service Tax exemption for Varishta Bima Yojana

-Sukanya Samrithi Scheme : Interest on Deposit will be fully exempted from TAX

-An individual tax payer can now get exemptions up to Rs 4.4 lakh

-Yoga institutes to get charitable status.

-Service Tax Exemption Extended To Pre-cold Storage Warehousing