Union Budget Full text of FM Arun Jaitley's speech The credibility of the Indian economy has been re-established. The world is. Appendix C support for . Underlying cash balance ($b)(a) India is expected to become the. Union Budget An analysis. India. Union Budget An Insight. March 2, Prepared By: - , - ,. 6th Floor, DLF South Court.
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The Union Budget for has been announced by Mr Arun Jaitley, Union Minister for Finance, Government of India, in Parliament on. Credibility of Indian economy has been re-established in the last nine months. ➢ GDP growth in , projected to be between 8 to %. Key to Budget Documents PDF File Opens in a new window Union Budget of India. The Budget documents presented to Parliament comprise, besides the.
Pakistani media". Mimimum government and maximum governance to improve the ease of design business I. Job creation through revival of growth and investment and promotion of domestic manufacturing and 'Make in India';. Retrieved 10 March Further, the low paid worker suffers deductions greater than the better paid workers, in percentage terms. Launched the 'Make in India' campaign and combined it with a detailed process and policy re-engineering to make India a Global Manufacturing Hub for creation of job opportunities for millions of youth;. Subsidies are needed for the poor and those less well off.
Devolution to the States is estimated to be Rs. Share of Central Government will be Rs. Non Tax Revenues for the next fiscal are estimated to be Rs.
With the above estimates, fiscal deficit will be 3. Sabka Budget - External website that opens in a new window Key Features of Budget KB - PDF file that opens in a new window Budget Speech - External website that opens in a new window Budget at a glance - External website that opens in a new window Economic Survey - External website that opens in a new window Rail Budget Three Key achievements Financial Inclusion - Transparent Coal Block auctions to augment resources of the States. Swachh Bharat is not only a programme to improve hygiene and cleanliness but has become a movement to regenerate India.
Game changing reforms on the anvil: Five major challenges: Agricultural income under stress, increasing investment in infrastructure, decline in manufacturing, resource crunch in view of higher devolution in taxes to states, maintaining fiscal discipline.
To meet these challenges public sector needs to step in to catalyse investment, Make in India programme to create jobs in manufacturing, continue support to programmes with important national priorities such as agriculture, education, health, MGNREGA, rural infrastructure including roads.
Challenge of maintaining fiscal deficit of 4. Make In India to promote entrepreneurship by making our youth job creators than being job seekers. PPP model to be revised and revitalized. Public investment to be stepped up to catalyze private investments. It will fund the unfunded entrepreneurs. Government to utilize vast postal network for increasing access to institutional banking in order to promote financial inclusion.
Governance Comprehensive new law to track black money to be framed. Benami transaction prohibition Bill to be introduced in this session Forward Markets Commission to be merged with SEBI to create a better integrated regulatory system. Direct Benefit Transfer scheme to be scaled up many folds to ensure plugging of leakages.
Senior citizens welfare fund to subsidise the premium for elderly people. Exemption to individual tax payers to continue to facilitate savings.
Make in India Revival of growth and investment and promotion of domestic manufacturing towardsjob creation. Rental income of REITs from their own assets to have pass through facility.
Permanent Establishment PE norm to be modified to encourage fund managers to relocate to India. GAAR to apply to investments made on or after April 1, , when implemented. Additional investment allowance 15 per cent and additional depreciation 35 per cent to new manufacturing units set up during the period April 1, to March 31, in notified backward areas of Andhra Pradesh and Telangana.
Rate of income tax on royalty and fees for technical services reduced from 25 per cent to 10 per cent to facilitate technology inflow. Benefit of deduction for employment of new regular workmen to all business entities and eligibility threshold reduced.
Basic custom duty on certain inputs, raw materials, inter mediates and components in 22 items, reduced to minimise the impact of duty inversion.
SAD reduced on import of certain inputs and raw materials. Excise duty on chassis for ambulance reduced from 24 per cent to Balance of 50 per cent of additional depreciation 20 per cent for new plant and machinery installed and used for less than six months by a manufacturing unit or a unit engaged in generation and distribution of power to be allowed immediately in the next year. Applicability of indirect transfer provisions to dividends paid by foreign companies to their shareholders to be addressed through a clarificatory circular.
Education cess and the Secondary and Higher education cess to be subsumed in central excise duty. Specific rates of central excise duty in case of certain other commodities revised. Online central excise and service tax registration to be done in two working days.
Service tax plus education cesses increased from Excise duty on sacks and bags of polymers of ethylene other than for industrial use increased from 12 per cent to 15 per cent. Enabling provision to levy Swachh Bharat cess at a rate of 2 per cent or less on all or certain services, if need arises.
Services by common affluent treatment plant exempt from Service-tax. Concessions on custom and excise duty available to electrically operated vehicles and hybrid vehicles extended upto March 31, Yoga to be included within the ambit of charitable purpose under Section 2 15 of the Income-tax Act. Others Increase in basic custom duty: Metallergical coke from 2. Tariff rate on iron and steel and articles of iron and steel increased from 10 per cent to 15 per cent.
Tariff rate on commercial vehicle increased from 10 per cent to 40 per cent. Basic custom duty on digital still image video camera with certain specification reduced to nil. Excise duty on rails for manufacture of railway or tram way track construction material exempted retrospectively from March 17, to February 2, , if not CENVAT credit of duty paid on such rails is availed.
Service-tax to be levied on service provided by way of access to amusement facility, entertainment events or concerts, pageants, non recognised sporting events etc. Service-tax exemption: Services of pre-conditioning, pre-cooling, ripening etc.
Life insurance service provided by way of Varishtha Pension Bima Yojana. All ambulance services provided to patients. Admission to museum, zoo, national park, wild life sanctuary and tiger reserve.
Transport of goods for export by road from factory to land customs station. Service-tax exemption to construction, erection, commissioning or installation of original works pertaining to an airport or port withdrawn. Transportation of agricultural produce to remain exempt from Service-tax. Artificial heart exempt from basic custom duty of 5 per cent and CVD.