Union Budget 2016-17

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Union Budget 2016-17



Union Budget 2016-17

12:41 The Finance Minister Mr. Arun Jaitley concluded his Budget Speech.
12:40 Buying cars will be costly for India now. 
12:38 Exemption of Service tax  for services provided under Deen Dayal Upadhaya Grameen Yojana.
12:36 Government to take measures to support export sector: Arun Jaitley
12:34 E-Sahyog will be expanded by Income Tax Department to help small tax payers.
12:32 Clean energy cess increased from RS. 200/ton to 400/ton on coal, lignite and peat: FM
12:30 No changes have been made to existing income tax slabs
12:28 4% high capacity tax for SUVs.
12:26 To increase Excise Duty on Tobacco Products from 10 to 20 per cent.
12:25 Levy of infrastructure Cess of 1% on small petrol cars, 2.5% on diesel cars, and 1% on luxury goods and cars
12:22 Service tax exempted for housing construction of houses less than 60 square metre: FM
12:21 Tax relief on rent now Rs 60,000 per annum
12:19 Service tax exempted for general insurance schemes under Niramayi Swasthya Bima Yojana: FM
12:18 GAAR will be rolled out from April 1, 2016.
12:17 Procedure will be simplified for Custom and Excise Duty Rates.
12:15 First-time home buyers to get additional deduction of Rs 50,000 on interest for loan up to Rs 35 lakh
12:14 Deduction for rent payers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses: FM
12: 13 Presumptive income tax scheme to be extended to all professionals with income of Rs 50 lakh with presumption of 50% profit: FM
12:12 Start-ups set up during April 2016 to March 2019 will get 100% profit in income. MAT will apply.
12:10 Income not exceeding 5 lakhs, the taxpayers will  get a relief of 3000 Rupees.
12:09 Ceiling of tax rebate for tax-payers with up to Rs 5 lakh annual income to be raised to Rs 5000 from Rs 2000: FM
12:08 Tax Reforms: Relief to small taxpayers
Help Make in India
Measure for improving Pension Society
Reducing Litigation and providing certainty in taxation

12: 06 The role of the taxpayers has been acknowledged by the government: FM

12:04 To set up a committee to review the implementation of FRBM Act.
12:03 We will introduce a bill on targeted delivery of financial services using Aadhar Card. 
12:02 The fiscal target has been set 3.5% of the GDP.
12:01 “Ek Bharat Shreshath Bharat” will be launched to connect the states and districts of the country in an organized manner.
12:00 The Company Act Bill will be improved to provide the ease in doing business for startups
11:59 Automation to 3 lakh fair price shops will be provided
11:58 Rs. 25,000 crore for recapitalisation of public sector banks. General insurance companies owned by the govt to be listed in stock exchanges.
11:57 Government in ease of doing business: IT enabled Government agencies.
11:56 Pradhanmantri Mudra Yojna – Rs 1.86K crore is the target
11:55 RBI Act to be amended to set up monetary policy: FM
11:54 A vibrant financial sector is critical to the growth of the Indian economy: FM
11:53 Financial sector Reforms: The quotes in financial firm regulations will be presented as a bill in the parliament.
11:47 Rs 3000 crore for nuclear power generation.
11:46 India has rich natural resources like Gas and Oil. The government will focus on Gas Productivity from Ultra Water Resources, deep sea. 
11:44 We have added the highest ever capacity in major ports. Rs 800 crore for this initiative.
11:43: Passenger Traffic on roads has been made better for the common man. The government will improve the motor vehicle act. : FM
11:42 Infrastructure and Investment:  For roads and highways, total investment would be Rs. 97,000 crores including “Gram Sadak Yojna”.
11:40 50,000 km of state highways to be taken up for upgradations as national highways: FM
11:37 The state employment exchanges will be connected to National Employment Panel.
11:36  A higher education Financing Agency to be set up, with a fund of Rs 1000 crore: FM
11:35 Education Sector and Job Creation:  The Government will pay the Employee Pension Fund for all new employees for the first three years. Rs. 1000 crore for Job Creation Scheme.
11:34 Rs 9,000 crore allocated for Swachh Bharat: FM
11:33 500 Crore Rupees  for SC, ST and women entrepreneurs in Stand Up India Program
11:32 National Dialysis Program in the country; funds will be  made available
11:31 “Jan Aushidhi Yojna” to introduced in 2016: Arun Jaitley
11:29 100% rural electrification by May 1, 2018: FM
11:25  Aim to double the income of farmers in 5 years: FM
11:22 We need to spread digital literacy in rural areas: FM
11:20 2.87 lakh crore grants to gram panchayats and municipalities – a quantum jump of 228%: FM
11:18 The Agriculture Sector got Rs 35,984 crore for Agriculture in 2016-17
11:17 Rs 20,000 crore to be set up in a dedicated irrigation fund under NABARD: FM
11:15 Budget 2016 is made by considering 9 Pillars:

  1. Agri/Farm and welfare
  2. Rural Focus
  3. Social Healthcare
  4. Education and Job creation
  5. Investments to improve quality of Life
  6. Infrastructure Focus
  7. Ease of Business 
  8. Fiscal discipline
  9. Tax Reforms
11:13 FM Arun Jaitley recited Hindi couplets means “we converted every challenge into opportunity”.
11:12 28 lakh hectares will be added in the new Farm Irrigation Scheme
11:09 Recapitalization of the banks will be done by next fiscal year: FM
11:07 GDP Growth has gain speed to 7.4 per cent.
11:06 CPI Inflations has come down to 5.4 per cent.
11:04 FM Arun Jaitley: IMF has hailed India as a bright spot
11:04 AM FM Jaitley: Indian economy has held its ground firmly
11:03 Presenting the budget when the global economy is in a serious crisis: Arun Jaitley
11:02 The Budget Speech has been started.
10:55 Finance Minister Arun Jaitley to present Union Budget. Stay connected.