Transcript Union Budget 2015 -16

Who prepares budget
 Dept. of economic affairs
 Eco survey(2013-14) : Dept. of Economic Affairs & CSO
 Chief Economic Adviser to FM : Arvind Subramanian
 Finance Secretary + FM
 Theme : Creating opportunity & Reducing vulnerability
 Appropriation 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
Achievements
 Success of Jan Dhan Yojana
 Coal Auction Transparent process where coal bearing
states are going to benefit
 Swatch Bharat Abhiyan : Regenerate India , 50 lakh
(13-14) toilets already continued, 6 crore target (14-15)
challenges
1 ) Agricultural incomes are under stress
2 ) 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 text
 Additional 2 % surcharge for the super rich with in
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come over Rs 1 crore
Rate of corporate tax to be reduced to 25 % in next 4
years
No change in text slabs
Total exemption of up to Rs. 4,44, 200 can be achieved
Service tax from 12.6 to 14 %
Direct Taxes :
Type 1 Taxes on income &
expenditure : Centre
Type 1 : Taxes on income : State
 Corporate tax
 Agriculture Income tax
 Income Tax
 Professional tax
 Fringe benefit tax (abolished)
Type 2 : Taxes on properties
 Land revenues
 Stamp duty
 Property tax in urban areas
 Interest Tax (abolished)
 Hotel recipe Tax (abolished)
Type 2 : property, Assets , capital
transaction : Centre
 Securities Transaction Tax (STT)
 Capital gains tax
 Wealth tax
 Banking Transaction Tax
 Estate duty
 Gift tax
100 % deduction on donations
 Swatch bharat kosh
 Clean Ganga fund
 National fund for control of drug abuse
Indirect Taxes
Centre
State
 Custom duty
 Sales tax
 Excise duty
 Excise duty on liquor &
 Service tax
narcotics
Motor vehicle tax
Entertainment tax
Advertisement tax
Luxury tax
Batting gambling tax
 CST
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Service Tax : Art 268, 88
th
,2003 , > 10 lakh
Negative value
Exempted
 Service tax doesn’t apply to
 By gov. Notification
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these services
To change this list, need to
amend finance act
17 categories : post , RBI
services , residential house
for rent , road transport
Agri : Labour , sericulture ,
pissiculture
Bank loans, deposits
 Budget 2015 : varishta Bima
yojana
Budget 2015 :Service tax
Gross Vs Net
Subsidies
FRBM ACT
Agriculture
 Pradhan Mantri Krishi Sinchai Yojana
Effective & hassle free loans for small & marginal
farmers –
25,000 crore RIDF – NABARD
15,000 crore long term rural credit
16,000 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 parameters
Infrastructure
 Rs. 70,000 crore
 Tax 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 rural
 Electricity: Govt. proposes to set up 5 ultra mega
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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,
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Himachal Pradesh, Bihar and Assam
IIT in Karnataka; Indian School of Mines in Dhanbad
to be upgraded to IIT
PG institute of Horticulture in Amritsar.
Kerala to have University of Disability Studies
centre of film production, animation and gaming to
come up in Arunachal Pradesh
IIM for Jammu and Kashmir and Andhra Pradesh.
Welfare Scheme
 JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to
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improve quality of life and to pass benefits to common
man.
Six crore toilets across the country under the Swachh
Bharat Abhiyan
MUDRA 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
crore
For 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 Fund
 New scheme for physical aids and assisted living
devices for people aged over 80 .
 Housing for all
Renewable energy
 Rs. 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 hydro
Tourism