The Union Budget-2015-16 is the most "look forward to" for the Common man as it can prove the biggest event of the year for him. Finance Minister Mr. Arun Jaitley has announced the budget, committing transparency, faster growth of the Economy and curbing black money. The summarized highlights of the Union Budget 2015-16 are:
Finance Minister Mr. Arun Jaitley presenting the Union Budget 2015-16 in Parliament
ACHIEVEMENTS OF THE GOVT: 3 main achievements of the Government - Jan Dhan Yojna, Coal Auction and Swachh Bharat.
GDP: GDP is expected to grow 8 to 8.5% in the next fiscal year starting from April 1. In the current year, the growth rate is expected to be 7.4%.
INFLATION: The Inflation will remain below 6% and expected to be 5% till the end of next fiscal year March 2016.
FISCAL TARGET: Mr. Jaitley sets the target to cut the deficit to 3% in 2016-18, 3.6% in 2016-17 and 3.9% in 2015-16.
- No change in Tax Slabs for Individuals.
- Transport allowance exemption increased from Rs.800 to Rs.1600.Medical Insurance exemption increased from Rs.15000 to Rs.25000.
- Extra Cess of 2% for ‘Swacch Bharat Abhiyan’.
- Corporate Slab rate changed from 30% to 25% for forthcoming 4 years. Abolishment of Wealth tax.2% surcharge for Super rich individuals (having annual income more than Rs. 1 Crore).
- Increase in the limit of deduction of Health Insurance Premium from 15000 to 2000 rupees.
- For Senior Citizens, it will be Rs. 30000.
- Pension Scheme deduction will be 150000 rupees from 1 lakh.
- Sukanya Smridhi Scheme eligible for Section 80C and interest would be tax-free. PAN card mandatory for transaction above Rs. 100000.
- Service tax: Proposed changes in ‘Negative List of Service tax’. Service tax rate increased from 12.36% to 14%.
- Custom Duty: SAD (Special Additional Duty) abolished.
- Launching of Gold Monetizing Scheme.
- Indian Gold Coin will be developed by recycling the gold available in the country.
GAAR: GAAR (General Anti-Avoidance Rules) postponed for 2 years. It will be applied from April1, 2017.
GST: GST will be implemented from next year.
GIFT OF INSTITUTES: AIIMS in Jammu and Kashmir, Punjab, Himachal Pradesh, Tamil Nadu, Assam. AIIMS-like institution in Bihar. IIT in Karnataka. IIMs in Jammu and Kashmir and Andhra Pradesh. Centre for Film Production and Animation in Arunachal Pradesh.
GLIMPSES OF MODINOMICS: The ambitious projects of our PM, Digital India, Make in India, Swachh Bharat Campaign have got a boost and support from Mr. Arun Jaitely's Budget.