Union Budget 2015: Highlights

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New Delhi, Feb 28: Here are the highlights of Union Budget 2015-16 presented by Union Finance Minister Arun Jaitley in the Parliament on Saturday:

Budget 2015: Highlights
  • 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%

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