Here are the highlights of Union Budget 2015-16 presented by Union Finance Minister Arun Jaitley in the Parliament on Saturday:- 6 crore more toilets. Embarked on two more reforms GST and JAM Trinity
- Growth in 2015-16 expected at 8.1-8.5%. Aiming at double digit growth seems feasible soon
- Team India vision: Roof for each family in India. Team India to complete 2 crore and 4 crore houses in rural and urban areas. 24x7 power supply, clean water to drink and toilets, as basic amenities
- Providing medical facilities in each city and village
- Rs 5.20 lakh crore in taxes to go to states in 2015-16
- To improve irrigated areas in rural India
- Universal social security system, especially for the poor
- Accident insurance of Rs 2 lakh for a yearly premium of Rs 12.
- A national agriculture market for Indian farmers
- Welfare fund for senior citizens
- Increase access to formal credit system
- New scheme for assisted living devices for BPL senior citizens
- Investment in infrastructure to increase by Rs 70,000 crore
- Under new PPP model, govt to absorb majority of the risk
- Integrated education and livelihood schemes for minorities
- Five ultra major power projects
- Tax free infra bonds for road, rail and irrigation projects
- Pre-existing regulatory policies instead of prior permission
- Tax-free infrastructure-bonds soon
- Gold monetisation scheme
- Develop sovereign gold bond with fixed rate of interest
- A direct tax regime
- Enhancing allocation to MNREGA by Rs 5,000 crore
- Setting up a public debt management
- Rs 1,000 crore more to the Nirbhaya fund
- Special assistance to states like Bihar and West Bengal
- AIIMS in J&K, Assam, Tamil Nadu and Himachal Pradesh
- Reduce corporate tax from 30% to 25%
- 80,000 secondary schools to be upgraded
- New law to tackle black money
- 300% penalty on concealing income
- IT-based student financial authority to monitor scholarships
- AIIMS-like institute in Bihar, IIT in Karnataka, post-graduate institute of horticulture in Punjab, IIM in J&K and Andhra
- Centre for Fim Production, Gaming in Arunachal Pradesh
- Abolition of wealth tax, additional 2% Surcharge on super rich with income exceeding Rs 1 crore
- Defer applicability of GAAR by 2 years
- Individual tax payers can now get exemptions up to Rs 4.4 lakh
- Consolidated Service Tax increased to 14%
