HIGHLIGHTS OF BUDGET 2015
Highlights of Budget 2015 : we brings you the Highlights of Budget 2015 which can be understood by a layman. Comment your Queries regarding budget we will resolve it as soon as possible
The budget was introduced for the first time in India on April 7, 1860 by the East India Company to the British Crown.
- GST to be in place by April 1, 2016
- Target of providing each and every village by 2020
- House for all by 2022
- Investment in infrastructure will go up by Rs 70,000 crore in 2015-16
- Target of reducing fiscal deficit to 3 % by 2018
- Establishment of Expert panel to prepare draft on easing permissions for doing business
- Government to bring a new bankruptcy code in 2015-16
- Rs 34,699 crore allocated to MNREGA.
- Rs 1000 crore allocated to push IT start-ups
- Government decided to provide another 1000 crores to Nirbhaya fund
- New scheme of providing physical aids for senior citizens living below poverty line.
- Up gradation of 80,000 secondary schools.
- Launch of new ‘Atal pension yojana’, which will provide a defined pension
- FM proposes to introduce a gold monetization scheme
- GDP growth in 2015-16 to be 8-8.5% and target of double-digit growth in later years
- Public procurement law to be introduced
- Public contracts resolution bill will be introduced
- NBFCs With Size Of Over Rs 500 Cr Will Get Access To SARFRAESI
- Aim For Farm Credit Of ‘8.5 Lk Cr In FY16
- New IIT in Karnataka and IIM in J&K and Andhra Pradesh
- Set Up Expert Committee For Legislation On Single-window to Encourage Ports In Public Sector To Corporatise
- Unplanned expenditure for 2015-16 is estimated at 13 lakh 12 thousand and 200 crores
- Visa on arrival to be extended to 150 countries.
- Rigorous imprisonment of 10 years under Black Money Law.300% penalty on concealing income.
Tax Policies :
- No changes in Individual Taxes.
- Corporate tax slashes by 5% from 30 to 25 for next 4 years.
- Government To enact New Law For Black Money
- Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets.
- New Benami Transaction Prohibition Bill For Domestic Black Money
- Wealth tax to be abolished, 2% Extra surcharge on Super richs.
- PAN number quoting made compulsory for transactions for more than 1 Lakh
- Service tax to be increased from 12.36 to 14 %
- Increase exemption on health insurance premium to Rs 25,000 from current Rs 15,000.
- Transport allowance has been increased to 1600 per month, which is currently 800 per month.
- Exemption Of Rs 1.5 Lk Under New Pension Scheme. Additional Deduction Of ‘50,000 For Contribution To NPS
- 100% tax deduction for contribution to Swachh Bharat Fund.
- Online excise and service tax registrations in 2 working days.
- Service Tax Exemption Extended To Pre-cold Storage Warehousing and Yoga classes.
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