Important Highlights of Union Budget
Finance Minister Arun Jaitley has announced Union Budget 2016-2017 on Monday, 29th February 2016. The budget outlines the government’s priorities and vision of the Prime Minister. We have created this page to aware you with Important Highlights of Union Budget 2016. By reading this page completely you will be able to observe detailed Key Highlights of it.
But defaulters for amnesty for small taxpayers with modest discounts focuses on rural infrastructure, Finance Minister Arun Jaitley set new limit of Rs 19.78 lakh for 2016-17 unveiled budget, health, literacy and set more money for roads on Monday. We have provided section wise Union Budget 2016-2017 in below part of this page.
Important Highlights of Union Budget
- Cess to infrastructure and agriculture
- Excise duty on tobacco products other than bidi raised by 10-15 per cent
- 1 per cent of service charge on purchase of cars more than Rs 10 lakh and purchase of services in cash above Rs. 2 million.
- Limited compliance window from June 1 – Sept. 30, to declare undeclared income including 45% Surcharges and penalties
- 1 per cent excise levied on articles of jewellery except silver.
- 0.5 percent of agricultural welfare cess can be imposed on all services.
- Small petrol, LPG and CNG cars pollution has cess of 1 per cent; 2.5 percent on diesel cars to certain specifications; 4 percent on higher-end models.
- Dividend of Rs. Rs 10 lakh to be taxed at the rate of 10 percent
- The new 1,000-crore scheme allocated to new EPF (Employees’ Provident Fund)
- Government will pay 8.33% interest on EPF for all new employees for the first three years
- Pay the rent reduction for the benefit of people living in rented houses from Rs 20,000 to Rs 60,000 will be raised
- Other deduction of Rs 50,000 for housing loans up to 35 lakh, provided the cost of the house is not above Rs. 50 million
- Service Tax for housing construction less than 60 sq. m homes is exempt class
- Rupees 38,500 crore for 2016-17 for Mahatma Gandhi MGNREGA for 2016-17
- Clean India Campaign allocated Rs.9,500 crore
- With the support of the state government, center govt. is launching a new initiative to provide cooking gas to BPL families
- LPG connections to be provided under the name of women members of family: Rs 2000 crore allocated for 5 years for BPL families
- Four schemes for animal welfare
- 300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
- 2.87 lakh crore grants to gram panchayats and municipalities – a quantum jump of 228%.
- Rs.1 lakh health cover plan per family for a new health protection scheme
- With funding through PPP mode jamming National dialysis service in all district hospitals to provide dialysis
- Seniors, health care covered under the new plan will get an additional Rs 30,000
- PM drug plan can be used to strengthen public drug plan, generic drug store 300 to be opened
- National Dialysis Service Prog with funds thru PPP mode to provide dialysis at all district hospitals
- Planning SC / ST to promote entrepreneurship amongst get Rs 500 crore
- Digital repository for all school leaving certificates and diplomas Rupees 1,000 crore for funding higher education
- Entrepreneurship training schools, colleges and massive online courses will be provided throughout
- National Skill Development Mission 76 million youth have been trained 1500 multi-skill training institute will be established
- 10 public and 10 private educational institutions to be made world-class
- 62 new navodaya vidyalayas to provide quality education
- Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna-FM Jaitley
- Digital literacy scheme to be launched to cover 6 crore additional rural households
- Rupees 3,000 crore earmarked for nuclear power generation
- Drawing up a comprehensive plan for the government to tap nuclear energy to be implemented in the next 15-20 years
- The government prepared a comprehensive plan to harness nuclear energy to be implemented in the next 15-20 years
- Deepwater gas new disc market freedom, based on pre-set ceiling price of alternative fuels calibrated down to price
Investments and Infrastructure:
- Rupees 27,000 crore to be spent on roadways
- 2.23 lakh eligible residence 65 kilometers of the road will be connected through. The current construction speed of 100 km / day
- Shops open seven days a week in the markets given the option to stay
- Rupees 55,000 crore for roads and highways and total allocation for road construction, including the Pradhan Mantri Gram Sadak Yojana, – Rs 97,000 crore
- Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore
- New greenfield ports to be developed on east and west coasts
- Revival of underserved airports Centre to Partner with States to revive small airports for regional connectivity
- 100 per cent FDI in marketing of food products produced and marketed in India
- Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management
- Rs. 35 984 crore of the total allocation for agriculture and farmers’ welfare
- 2.85 million hectares of land will be brought under irrigation
- 5 million acres in a three-year period to be brought under organic farming
- 60,000 crore for recharging groundwater recharging drought is an urgent need to focus on the areas of water conservation as hit cluster development
- Rs.20.000 crore in NABARD funds dedicated irrigation
- Nominal premium and prime crop insurance scheme, the highest ever compensation in case of crop loss
- Recapitalization of public sector banks Rs 25,000 crore from the bank to get a big boost. Jaitley says: Banking Board Bureau will be operated; we stand strong behind the public sector banks.
- MUDRA increased Rs. 1, 80,000 crore, an increase of the distribution target
- Insurance companies will be listed on the stock market
- Weapons, micro ATMs, in post offices increase in the next three years
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