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Fact about Indian Union Budget 2016

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Union Budget 2016 By Arun Jaitely Key Fact
Image Source : indiatoday.intoday.in

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.