Here are the detail updates on Indian Union Budget 2015 announced today by finance minister Arun Jaitley. It’s clearly shows a straight growth in agriculture income, fiscal discipline and infrastructure investment. Obtain financial statements for all major Govt sectors like corporate, education, cultivation, defense separately.
This year annual financial statement clearly shows a firm focus on MNREGA, child development and security plans and rural development fund.
Indian Union Budget 2015-16 Key Points
Growth in agriculture income, fiscal discipline, etc. as the first checklist
Enhancement in the infrastructure investment
Hope for active exports from the country and increase in the rate of manufacturing
Meeting fiscal target of 4.1% of GDP and deficit of 3% in the next two years
Public Investment needs to step in to catalyze the investment in PPP.
Rationalizing subsidies to reduce subsidies leakage and not the subsidies
Introduction Statement Stated by Arun Jaitley
While addressing to the house by presenting Annual Financial Statement, finance minister Arun Jaitley stated – “I present this Budget in an economic environment which is far more positive than in the recent past. When other economies are facing serious challenges, India is about to take-off on a faster growth trajectory once again. “
Further he added “The International Monetary Fund (IMF) has downgraded its earlier forecast of global economic growth by 0.3%, and the World Trade Organization has revised its forecast of world trade growth from 5.3% to 4%.”
For Corporate Sectors
- Corporate tax reduced by 5%
- Service tax reduced to 14%
- No change in individual tax
- Bank funds to small entrepreneurs
- Soil health card to improve soil fertility
- 25000 crore as rural development fund
Employment through MNREGA, 34699 crore allocation
3 Achievements in Last 9 Months
- Jan Dhan Yojna
- Coal Auctions
- Swachh Bharat
Launch of Social Security Schemes
- MUDRA bank with an amount of 20000 crores
- ‘PM MUDRA Yojana’ to prioritize SC, ST and OBC.
- ‘Atal Pension Yojana’ for people at 60
- ‘Nayi Manzil’ for youth minorities
Additional Funds Allocation for the Following
- MNREGA – Rs. 5,000 crore
- Child development scheme – Rs. 15,00 crore
- Child security scheme – Rs. 500 crore
- Setting up IIT in Karnataka
- IIMs in J&K and Andhra Pradesh
- AIIMS in J&K, Punjab, Himachal Pradesh and Assam
Indian Union Budget for Other Govt Sector
Employees’ contribution to the EPF should be optional
Budget allocation for the Defence Sector for the year 2015-16 increased from Rs. 2 lakh crore to 246727 crore.
Corporate tax reduced from 30% to 25% over coming 4 years.
New law to be implemented to deal with black money
PAN is mandatory for a sale that is more than Rs. 1 lakh.
Increase in Visa On Arrival facility from 43 to 150 countries
Wealth tax replaced with 2% surcharge on super rich with annual income of Rs. 1 crore.
Custom Duties reduced on 22 items.
Technical Services tax reduced from 25% to 10%.
If the excise duty on footwear is having retail price of more than 1000 per pair, it has been reduced by 6%.
Transport allowance limit increased from Rs. 800 to Rs. 1600 per month for all tax payers.
Health insurance premium exemption rose from Rs. 15,000 to Rs. 25,000.
Mr. Arun Jaitley finally told “Kuch to gul khilaye hain, kuch abhi khilane hain, par baagh mein ab bhi kaante kuchh puraney hain”.