Union Budget 2015-16: Highlights

Union Finance Minister, Arun Jaitley on 28 February 2015 presented Union Budget 2015-16 in the Lok Sabha. This was the first full year Budget of the NDA government and the second budget of Arun Jaitley.

Highlights of the Union Budget 2015-16

• Gross tax receipts of 14.49 lakh crore rupees

• Non-planned expenditure was 1312200 crore rupees

• Corporate tax was reduced to 25 percent over next four years from existing 30 percent

• Defence allocation for fiscal 2015-16 is 246727 crore rupees

• 100 percent tax deduction for contribution to Swachh Bharat Fund

• Service tax hiked by 14 percent

• 34699 crore rupees allocated for MNREGA, which is highest everallocation to the programme

• Yoga was included in the ambit of charitable purposes under the Income Tax Act

• Custom duty on 22 items will be reduced

• People will have to quote their PAN for all purchases above 1 lakh rupees

• AIIMS will be set up in five states namely Jammu & Kashmir, Punjab, Tamil Nadu, Himachal Pradesh and Assam

• Centres for film production will be created in Arunachal Pradesh

• Law under FEMA on capital account transactions will be amended

• National skill development mission to be launched

• By 2022 there is plan to produce 175000 MW renewable energy

• Visa on arrival extended to 150 countries

• 1000 crore rupees more allocated to Nirbhaya fund

• Transport allowance increased to 1600 rupees per month

• To increase clean energy cess of 220 rupees per tonne of coal

• Online excise & service tax registrations in 2 working days

• Wealth tax has been abolished, replaced by 2 percent on superrich

• 9000 crore rupees from additional 2 percent surcharge on the super rich

• 1008 crore rupees was collected under total wealth tax

• GARR will be deferred by 2 years

• Benami transactions in property deals will be curbed

• 7-year imprisonment for non-filing of return on foreign asset

• 300 percent penalty on concealing income

• Undisclosed income to be taxed on maximum marginal rate

• New law to tackle black money

• Sovereign gold bond with fixed rate of interest will be developed

• Gold monetization scheme will be introduced

• Internationally competitive direct tax regime will be created

• Public debt management agency will be created

• 5 ultra-mega power projects, each of 4000MW

• To enable minority youth, a new scheme named Nayi Manzil will be started

• Investment on infrastructure to go up by 70000 crore rupees

• Integrated education and livelihood scheme for minorities were announced

• New scheme for assisted living devices for BPL senior citizen

• Senior citizens’ welfare fund will be created

• Access to the formal credit system will be increased

• Universal social security system will be created

• Micro unit development finance unit MUDRA Bank will be created

• 25000 crore rupees allocated for rural infrastructure development fund

• National unified market for farm produce will be created

• 5300 crore rupees allocated for micro irrigation and PM’s irrigation scheme

• Total transfer to the states will be 62 percent

• Will Form A Monetary Policy Committee

• At least 1 member of each family to have job by 2022

• Electrification of remaining 20000 villages by 2020

• GST will be rolled out on 1 April 2016