UNION BUDGET 2016-17

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UNION BUDGET 2016-17



UNION BUDGET 2016-17
Important Points in UNION BUDGET 2016-17: –
  • Expenditures(Total 1978060 Crores)
    • Planned Expenditure – 550010 Crores
    • Non-Planned Expenditure – 1428050 Crores.
  • Receipts(Total 1978060 Crores)
    • Revenue Receipts – 1377022 Crores
      • Tax Revenue – 1054101 Crore Rupees
      • Non Tax Revenue – 322921 Crore Rupees
    • Capital Receipts – 601038 Crore Rupees
  • Revenue Deficit – 354015 (2.3 % of GDP)
  • Fiscal Deficit – 533904 Crore Rupees (3.5% of GDP)
  • Primary Deficit – 41234 Crore Rupees (.3 % of GD)
  • Government Earning and Expenditure Structure –
    • Earning (Every One Rupee earned by government) –
      • 21 Paise – Borrowings & Other liabilities
      • 19 Paise – Corporation-tax
      • 14 Paise – Income-tax
      • 13 Paise – Non-tax Revenue
      • 12 Paise – Union Excise Duties
      • 9 Paise – Customs
      • 9 Paise – Service tax & other taxes
      • 3 Paise – Non-debt Capital receipts
    • Expenditure (Every One Rupee Spent by government) –
      • 23 Paise – States’ share of taxes & duties
      • 19 Paise – Interest Payments
      • 12 Paise – Central Plan
      • 12 Paise – Other Non-Plan Expenditure
      • 10 Paise – Subsidies
      • 10 Paise – Defence
      • 9 Paise – Plan Assistance to State & UT
      • 5 Paise -Non-Plan Assistance to State & UT Govts.
  • OTHER POINTS-
    • Mahatma Gandhi National Rural Employment Guarantee Scheme – 38500 Crores
    • National Social Assistance Programme – 9500 Crores
    • National Health Mission – 20037 Crores
    • Swachh Bharat Abhiyan – 11300 Crores
    • Mid-day Meal – 9700 Crores Crores
    • Urban Rejuvenation Mission (AMRUT and Mission for Development of 100 Smart Cities) – 7295 Crores
    • Pradhan Mantri Krishi Sinchai Yojna – 5717 Crores Crores. Irrigation projects to get Rs 86500 over next five years.
    • Pradhan Mantri Kaushal Vikas Yojana – 1700
    • Rashtriya Swastha Suraksha Yojna – 1500 Crores
    • Stard Up India. Stand up India – 1100 Crores
    • Defence Expenditure – 2.58 lakh crore (1.74 % of GDP)
    • No Change in Income Tax Slabs.
    • Imposing a Cess, called Krishi Kalyan Cess of 0.5% on all taxable services. New effective service tax will be 15%.
    • Raise tax rebate under section 87A from 2000 to 5000 for individuals with income upto 5 lakhs.
    • 100% deduction of profits for 3 years for startups setup during April 2016 to March 2019.
    • Commitment to implement General Anti Avoidance Rules (GAAR) from 1.4.2017.
    • Prime Minister Fasal Bima Yojana – 5,500 crore
    • Agriculture credit target is 9 Lakh Crore for 2016-17
    • 100% village electrification by 1st May, 2018.
    • New scheme Rashtriya Gram Swaraj Abhiyan proposed with allocation of 655 crore
    • 62 new Navodaya Vidyalayas will be opened
    • Government will pay 8.33% for of all new employees enrolling in EPFO for first 3 years of employment. Budget provision of 1000 crore for this scheme.
    • 100% FDI through FIPB route in marketing of food products manufactured in India.
    • Allocation of 25,000 crore for recapitalisation of Public Sector Banks
    • Per capita income of India at current prices for 2015-16 is Rs.93,231, as compated to Rs 86,879 in 2014-15.

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