Union Budget 2016-17 News and Highlights. Get Complete Details and Highlights of Union Budget 2016-17. Finance Minister Arun Jaitley presented the Union Budget for 2016-17. Important Sector Wise updates at below.
Union Budget 2016-17 News and Highlights
- No changes in existing income tax slabs
- Rs 1,000 crore allocated for new EPF scheme
- Govt. will pay EPF contribution of 8.33% for all new employees for first three years
- 1 % service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.
- SUVs, Luxury cars to be more expensive.
- 4% high capacity tax for SUVs.
- Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge
- Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.
- Rs. 38,500 crore for Mahtma Gandhi MGNREGA for 2016-17
- Swacch Bharat Abhiyan allocated Rs.9,500 crores.
- LPG connections to be provided under the name of women members of family: Rs 2000 crore allocated for 5 years for BPL families.
- 2.87 lakh crore grants to gram panchayats and municipalities – a quantum jump of 228%.
- Rs 25,000 crore towards recapitalisation of public sector banks.
- General Insurance companies will be listed in the stock exchange
- Govt to increase ATMs, micro-AtMs in post offices in next three years
Investments and infrastructure
- Rs. 27,000 crore to be spent on roadways
- Rs. 55,000 crore for roads and highways. Total allocation for road construction, including PMGSY, – Rs 97,000 crore
- Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore
- 2.2 lakh renal patients added every year in India.
- A new health protection scheme for health cover upto 1 lakh per family.
- Rs.500 cr for promoting entrepreneurship among SC/ST
- 10 public and 10 private educational institutions to be made world-class.
- Digital repository for all school leaving certificates and diplomas. Rs. 1,000 crore for higher education financing.
- Rs. 1,700 crore for 1500 multi-skill development centres.
So, above Important updates and highlight of Union Budget 2016-17