Union Budget 2015: Highlights

Updated: Saturday, February 28, 2015, 17:01 [IST]

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:

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%