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 ever allocation 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