Finance Minister Mr. Arun Jaitely has presented his 2nd union budget on the parliament today,In his statement he said that the GDP has reached to the 7.6 % and Inflation has gone down to 5. 4 %, Jaitely in his budget gave some reliefs to the farmer but for middle class and higher income group class this budget came as a shocker.
Service tax has got increased by .5 % and now reached to 15 % which is the blow to the common people especially for the middle class.
Things for which you have to pay more :-
- Four wheeler will get expensive, car that cost more then 10 lac will have additional tax.
- 4 % Additional tax on SUV’s.
- Cigarette and alcohol will get expensive.
- Gold / Diamond is going to cost more.
- Beauty parlor/ Mobile Bills / Hotels will get expensive.
- Internet will get expensive.
Things for which you will have to pay less .
- HRA tax exception is gone up to 60,000 from 24000
- Home price.
- 3000 new generic medicine store will open.
- Battery car will cost cheap.
Key Point of Indian Union Budget 2016 :-
- Farmer income will get doubled in five year’s
- Traditional agricultural development plan will be implemented.
- 100% FDI in marketing of food product.
- 500 crore for the production of pulses.
- 19000 crore is allocated for ” Pradhan Mantri Gram Sadak Yojna “
- 9.5 lakh crore will given as a agricultural loan.
- 87000 crore rupees is given for the rural development.
- 38500 Crore for MNGRA.
- 25000 crore for Nationalized Bank .
- Focus on Health and Education with allocation of rupees 1,51,000 crore.
- Total Infrastructural allocation with 2,21000 crore.
- 50000 tax rebate for the 1st time home buyer.
- Fiscal deficit target of 3.5 for the year 16-17.
- 8500 crore for electrification of Villages.
- ATM will be installed in/ for Post offices.
These are the some of the key points of the budget 2016 which is been present by Mr. Arun jaitly.
