Union Budget 2015 -16
Union Budget 2015 -161Who prepares budget Dept. of economic
affairs Eco survey(2013-14) : Dept. of Economic Affairs & CSO
Chief Economic Adviser to FM : Arvind SubramanianFinance Secretary
+ FMTheme : Creating opportunity & Reducing vulnerability
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4Appropriation bill: to get permission of parliament, to take
out cash from Consolidated fund of India- Art 266.Finance Bill: to
get permission of parliament to collect taxes from people. Art
265.Annual financial statement:to show the parliament data about
his incoming and outgoing money. Art 112
5Achievements Success of Jan Dhan Yojana Coal Auction
Transparent process where coal bearing states are going to
benefitSwatch Bharat Abhiyan : Regenerate India , 50 lakh (13-14)
toilets already continued, 6 crore target (14-15)challenges1 )
Agricultural incomes are under stress2 ) Manufacturing has declined
18 % to 17 % of gdp , Manufacturing exports have remained stagnant
@ 10 % gdp 3) Mindful of the need of fiscal discipline insite of
rising demand of public investment (42 %) 4) Maintaining fiscal
discipline : 4.1 % of GDP 5 ) Investment in Infrastructure (PPP)
public investment to catalyse transformation Taxation Abolition of
wealth textAdditional 2 % surcharge for the super rich with in come
over Rs 1 croreRate of corporate tax to be reduced to 25 % in next
4 yearsNo change in text slabsTotal exemption of up to Rs. 4,44,
200 can be achievedService tax from 12.6 to 14 % Type 1 Taxes on
income & expenditure : Centre Type 1 : Taxes on income : State
Corporate taxIncome TaxFringe benefit tax (abolished)Interest Tax
(abolished)Hotel recipe Tax (abolished)Agriculture Income
taxProfessional tax Type 2 : Taxes on propertiesLand revenuesStamp
dutyProperty tax in urban areas
Direct Taxes : 9Type 2 : property, Assets , capital transaction
: CentreSecurities Transaction Tax (STT)Capital gains taxWealth
taxBanking Transaction TaxEstate dutyGift tax
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12100 % deduction on donationsSwatch bharat koshClean Ganga
fundNational fund for control of drug abuse
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14Indirect Taxes CentreState Custom duty Excise dutyService
taxCST
Sales taxExcise duty on liquor & narcoticsMotor vehicle
taxEntertainment taxAdvertisement taxLuxury taxBatting gambling
tax15 Service Tax : Art 268, 88th ,2003 , > 10 lakhNegative
valueExemptedService tax doesnt apply to these servicesTo change
this list, need to amend finance act17 categories : post , RBI
services , residential house for rent , road transportAgri : Labour
, sericulture , pissiculture Bank loans, deposits
By gov. NotificationBudget 2015 : varishta Bima yojana
16 Budget 2015 :Service tax
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23Gross Vs Net
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25Subsidies
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28 FRBM ACT
29Agriculture Pradhan Mantri Krishi Sinchai Yojana Effective
& hassle free loans for small & marginal farmers 25,000
crore RIDF NABARD15,000 crore long term rural credit16,000 crore
short term cooperative credit Total 8.5 lakh crore credit
Pradhan mantra Gram vikas Yojana Gram Sinchai Yojana : per drop
, more crop Paramparagat Krishi vikas Yojana (Organic farming)
Deregulate fertiliser sector (Shanta kumar committee rec.)National
Agri Market (unified Market ) Rs. 5,300 crore to support Micro
Irrigation Programme.Soil Health Card (Swasth Dhara , Khet hara),
card to display soil fertility 14 crore cards in next 3 years 100
mobile testing lab.Mridaprikshak : digital mobile soil test kit
ICAR Bhopal Test soil parametersInfrastructureRs. 70,000 croreTax
free bonds for projects in rail /road (PMGSY , golden qudrilat ,
)PPP model for infra. Dev to be revitalised and gov to bear more
risk Atal Innovation Mission to be established to draw on expertise
of entrepreneurs and researchers to foster scientific innovations;
allocation of (Rs. 150 crore)Gov. proposes to set up 5 ultra mega
power projects Amrut mahotsav 2022
Housing for all : 2 crore urban , 4 crore ruralElectricity:
Govt. proposes to set up 5 ultra mega power projects, each of
4000MW , Din dayal gramin vidhyutikaran Yojana Job : skill India
Education: 1 ssc school in 5 km Agriculture : irrigation , Value
Adition IT Education AIIMS in Jammu and Kashmir, Punjab, Tamil
Nadu, Himachal Pradesh, Bihar and AssamIIT in Karnataka; Indian
School of Mines in Dhanbad to be upgraded to IITPG institute of
Horticulture in Amritsar.Kerala to have University of Disability
Studiescentre of film production, animation and gaming to come up
in Arunachal PradeshIIM for Jammu and Kashmir and Andhra
Pradesh.Welfare SchemeJAM trinity (Jan Dhan Yojana, Aadhaar and
Mobile) to improve quality of life and to pass benefits to common
man.Six crore toilets across the country under the Swachh Bharat
AbhiyanMUDRA bank will refinance micro finance orgs. to encourage
first generation SC/ST entrepreneurs.DBT will be further be
expanded from 1 crore to 10.3 croreFor the Atal Pension Yojana,
govt. will contribute 50% of the premium limited to Rs. 1,000 a
year.
Rs. 5,000 crore additional allocation for MGNREGA.Govt. to use
Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens
FundNew scheme for physical aids and assisted living devices for
people aged over 80 .Housing for all
Renewable energyRs. 75 crore for electric cars
production.Renewable energy target for 2022: 100K MW in solar; 60K
MW in wind; 10K MW in biomass and 5K MW in small hydroTourism
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