The Union Budget-2015-16 is the most “look ahead to” for the Common man as it can prove the largest event of the year for him. Finance Minister Mr Arun Jaitley has declared the budget, pledging transparency, a faster increase of the Economy, and curbing black money. The reviewed highlights of the Union Budget 2015-16 are:
Finance Minister Mr Arun Jaitley offering the Union Budget 2015-16 in Parliament
Achievements Of The Govt:
Three 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% until the end of the next fiscal year, March 2016.
Financial 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.
Taxation:
- No change in Tax Slabs for Individuals.
- Transport fee exemption raised from Rs.800 to Rs.1600.
- Medical Insurance exception boosted from Rs.15000 to Rs.25000.
- Extra Cess of 2% for ‘Swacch Bharat Abhiyan.’
- Corporate Slab rate changed from 30% to 25% for the forthcoming four years.
- Abolishment of Wealth-tax.2% surcharge for Super-rich individuals (having annual income more than Rs. 1 Crore).
- Progress in the purpose of deduction of Health Insurance Premium from 15000 to 2000 rupees.
- For Older Citizens, it will be Rs. 30000.
- Pension Scheme discount will be 150000 rupees from 1 lakh.
- Sukanya Smridhi Scheme available for Section 80C and interest would be. PAN card necessary for transactions above Rs. 100000.
- Service tax: Recommended changes in the ‘Negative Roll of Service tax.’ The service tax rate grew from 12.36% to 14%.
- Custom Duty
Gold Market:
- Launching of Gold Monetizing Scheme.
- Indian Gold Coin will be produced by recycling the gold possible in the country.
GAAR:
GAAR (General Anti-Avoidance Rules) postponed for two years. It will be applied from April 1, 2017.
GST:
GST will be implemented from next year.
Gift Of Institutes:
AIIMS in Jammu and Kashmir, Punjab, Himachal Pradesh, Tamil Nadu, Assam. An 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:
Our PM’s ambitious projects, Digital India, Make in India, Swachh Bharat Campaign, have got a boost and support from Mr Arun Jaitely’s Budget.
To read the whole story, Catch the Live Updated Arun Jaitley’s Budget Speech.
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