21 Major Changes Proposed in the Budget 2016-17

Government proposed following 21 Major Changes in the Budget 2016-17

1.       Registration of Companies should be given in one day – Companies Act proposed to be amended.
2.       Relief under Section 87A proposed to be increased from Rs. 2,000 to Rs. 5,000
3.       Deduction under Section 80GG for individuals paying rent but not receiving HRA proposed to be increased from Rs. 24,000 to Rs. 60,000.
4.       FM increases the turnover limit of presumptive taxation Scheme to 2 crores. Continue reading “21 Major Changes Proposed in the Budget 2016-17”

Every Minute Highlight- Budget 2016-17

Every Minute Highlight- Budget 2016-17

11:33  Most political budget speech in yrs. Tone echoes a hard Agro-povertarian swing. govt seems losing nerve early, say experts. Every Minute Highlight- Budget 2016-17

11:32  Catastrophic health events single largest cause of out of pocket expenditure, pushes people below BPL. Govt to launch new health protections schemed, health cover of Rs 1 lakh per family. Addl top up of Rs 30000 for senior citizens

11:31  Rs 2,000 crore to meet initial cost of proving LPG connections for rural areas. Scheme to continue for 5 years to cover BPL households
Women of India have faced the curse of smoke during cooking, time to remedy this – Jaitley
Over Rs 87,000 crore allocated for rural development.

11:30  Rewards system for rural areas that eliminate open defecation:  Two digital literacy programme will cover 6,000 extra villages
Rs 38,500 crore allocated to MNREGS- Highest ever amount spend in a year

11:29  Rs 38,500 crore allocated for MGNREGA
To provide statutory backing to Aadhar: FM
A unified agriculture platform to be dedicated to the nation on the birth anniversary of BR Ambedkar: FM

A dedicated irrigation fund worth Rs 20,000 crore to be set up under NABARD

First time plan expenditure has increased which is happening due to record public spending in infrastructure

PSU banks gain ahead of Union Budget; SBI up 3%

At start of year, 18,500 villages were not electrified. As of mid-Feb, 5,500 villages have been electrified. 100% rural electrification to be done by May 2018

11:23  FM Jaitley takes Speaker’s suggestion, to read out rest of speech sitting down.
Total allocation for agri and farmer welfare is Rs 35,984 crore
Four new projects for dairy farmers, to costs Rs 850 crore

11:22  Provision of Rs 15,000 crore to ease burden on loan repayment in form on interest subvention for farmers
100 kms road construction per day currently to be stepped up.
Rs 27,000 crore to be spent on roads network

11:21  BSE 23,191.93 +37.63 (+0.16%)
NSE 7,037.65 +7.90 (+0.11%)

11:20  Markets bounce back as Jaitley presents Budget in Parliament.

11:19  Govt implementing a unified market for agri produce, e-platform to be launched after states amend APMC Act. E-platform to be dedicated on Babasaheb Ambedkar’s birth anniversary.

11:19  Rs 500 crore allocated to pulses production.

11:18  Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojana: FM

11:17  Global economy has reduced from 3.4% to 3.1% growth. Indian economy has grown to 7.6% while CPI inflation down to 5.4% – Jaitley
Allocation for AIBP at Rs 17,000 crore

11:16  Business Standard Says: FM says public listing of general insurance companies. FY17 could be year of insurance company IPOs. Not even a single domestic insurance company is listed in India yet

11:16  Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojana: FM

11:15  Of 141 mn hectares of cultivated area, only 46% covered by irrigation. 28.5 lakh hectares to be brought under new scheme.
Agri and farmers’ welfare: Need to think beyond food security to income security. WIll double income of farmers by 2022. Rs 35, 984 crore allocation

11:14  Agri, rural sector, health sector, education skills and job creation, infra and investment, financial sector reforms, governance and ease of business, fiscal discipline, and tax reform to reduce compliance burden
Will provide for PSU bank recapitalisation in this fiscal.

11:13  Farm, rural sector, infra, social sector to have more Government expenditure: FM
FM says that recapitalization of banks will be done during next FY

11:12  Govt to focus on passing GST and Bankruptcy laws. Statutory backing for Aadhaar platform
Govt to provide addl resource to rural and vulnerable areas
Increasing outlay on social sector programmes, 3 schemes to be focus: Crop Insurance, health insurance scheme for 1/3rd of India and BPL families to be provided with cooking gas connection helped by govt
7th Pay Commission and OROP to put burden on finances

11:11  GDP growth accelerated to 7.4%: FM Arun Jaitley
We have bridged the trust deficit created by the previous government
Our forex reserves are at the highest level
CPI inflation has come down to 5.4% under our government, despite two poor monsoons

These are the Every Minute Highlight- Budget 2016-17(Source rediff.com)

Highlights of Union Budget

Highlights  of Union Budget Presenting the Budget on Monday Finance Minister Arun Jaitley said the Indian economy has weathered the serious global crisis.

Arun Jailtey said despite inheriting a weak economy, the government has turned the adversities into opportunities.

The current account deficit has declined to $14.4 bn dollars, projected 1.4% of GDP.

The growth of GDP has accelerated and inflation has decelerated, Jaitley said. Continue reading “Highlights of Union Budget”

GST will be an ACT soon

“It has been cleared by one House of Parliament. It has been supported by most political parties, and I am sure others will also see reason, and this law will become a reality very soon,” our honourable finance minister Mr. Arun Jaitley said in his keynote address at the India Investment Summit on Thursday. The summit has been organised by the finance ministry. Now we can say that GST will be reality soon. This is much awaited and excite Act which pending for long time, GST will revolutionize the the system.

We very well know that GST is in the news for the very long time . Many hurdles have come through in the process of becoming bill to act.

Now it is at the verge of settlement of the issues with most of the opposition parties specifically congress. All the party are about the settle the key issues like Revenue Neutral Rate, Sharing of between  CG  and State Governments etc.

Mr. Jaitley said that GST will be effective from the 1st April 2016 by passing in the loksabha(Lower House) and rajyasabha(Upper House) in this budget sessions of the parliament.

GST Bill History

The Goods and Services Tax Bill or GST Bill, officially known as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, proposes a national Value added Tax to be implemented in India from June 2016. Lets have a look on GST Bill History today yo get some inside proposed bill.

“Goods and Services Tax” would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the Central and State governments. Goods and services tax would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method. This method allows GST-registered businesses to claimtax credit to the value of GST they paid on purchase of goods or services as part of their normal commercial activity. Taxable goods and services are not distinguished from one another and are taxed at a single rate in a supply chain till the goods or services reach the consumer. Administrative responsibility would generally rest with a single authority to levy tax on goods and services. Exports would be zero-rated and imports would be levied the same taxes as domestic goods and services adhering to the destination principle.

The introduction of Goods and Services Tax (GST) would be a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. The simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%

We hope that short article on GST Bill history was useful. Read our more article on GST at GSTMadEasy.com

Get More Information on GST at www.cbec.gov.in