Budget 2016 - Highlights of FM Arun Jaitley's Speech - The Economic Times

12/03/2016
Budget2016:HighlightsofFMArunJaitley'sspeechTheEconomicTimes
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Budget2016:HighlightsofFMArun
Jaitley'sspeech
PostaComment
ByECONOMICTIMES.COM|Feb29,2016,12.59PMIST
READMOREONUnionBudget|Budget2016highlights|Budget2016|ArunJaitley
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NEWDELHI:FinanceMinisterArunJaitley
inhisBudget2016speechstressedon
Indianeconomy'sresilienceamidstthe
currentglobaleconomicturmoil."Global
economyisinaseriouscrisis.Financial
marketshavebeenbatteredbutIndian
economyhashelditsgroundfirmly."
FMJaitleypresentsUnionBudget2016inParliament
"IMFhashailedIndiaasabrightspot.Let
uslookatourachievementscomparedto
thelastthreeyearsofthelastgovernment.
Weinheritedaneconomywithlowgrowth
andhighinflation,"Jaitleysaid.
"Wehavebridgedthetrustdeficitcreated
bythepreviousgovernment,"Jaitley
added.Wetakealookathighlightsfrom
hisspeech:
Introduction
>GrowthofEconomyacceleratedto7.6
percentin201516.
POLL
WouldyourateFMArunJaitley'sBudget2016as
good?
Yes
>Indiahailedasa'brightspot'amidsta
slowingglobaleconomybyIMF.>Robust
growthachieveddespiteveryunfavourable
globalconditionsandtwoconsecutive
yearsshortfallinmonsoonby13percent
No
Can'tsay
Enterthe
codeshown
Vote
ETSPECIAL: Lovevisualaspectofnews?Enjoy
thisexclusiveslideshowstreat!
>Foreignexchangereservestouched
highesteverlevelofabout350billionUSdollars.
>DespiteincreaseddevolutiontoStatesby55percentasaresultofthe14thFinance
Commissionaward,planexpenditureincreasedatREstagein201516incontrastto
earlieryears.
Challengesin201617
>Risksoffurtherglobalslowdownandturbulence.>Additionalfiscalburdendueto7th
CentralPayCommissionrecommendationsandOROP.
Roadmap&priorities
>'TransformIndia'tohaveasignificantimpactoneconomyandlivesofpeople.
http://economictimes.indiatimes.com/news/economy/policy/budget2016highlightsoffmarunjaitleysspeech/articleshow/51186309.cms
1/11
12/03/2016
>Governmenttofocuson:
>ensuringmacroeconomicstabilityandprudentfiscalmanagement.
>boostingondomesticdemand
>continuingwiththepaceofeconomicreformsandpolicyinitiativestochangethelives
ofourpeopleforthebetter.
>Focusonenhancingexpenditureinpriorityareasoffarmandruralsector,social
sector,infrastructuresectoremploymentgenerationandrecapitalisationofthebanks.
>FocusonVulnerablesectionsthrough:
Most
Read
Most
Shared
Most
Commented
>PradhanMantriFasalBimaYojana
NarendraModigovernmentevictsrecordnumberof
illegaloccupantsfromLutyensDelhi
Governmentmaymakeitmandatoryforcompanies
toroutesharetowardsretirementsavingsintoEPS
KanhaiyaKumarwasfinedbyJNUforalleged
'misbehaviour'withgirlstudent
Iamnotanabsconder,fullyrespectthelawofland
andwillcomplywithit,saysVijayMallya
DonaldTrumpsaysstandsbyhis'Islamhatesus'
remark
More
>Newhealthinsuranceschemetoprotectagainsthospitalisationexpenditure
>facilityofcookinggasconnectionforBPLfamilies
>ContinuewiththeongoingreformprogrammeandensurepassageoftheGoodsand
ServiceTaxbillandInsolvencyandBankruptcylaw
>Undertakeimportantreformsby:
>givingastatutorybackingtoAADHARplatformtoensurebenefitsreachthedeserving.
KnowMoreonInsurance
Sponsored
>freeingthetransportsectorfromconstraintsandrestrictions
>incentivisinggasdiscoveryandexplorationbyprovidingcalibratedmarketingfreedom
>enactmentofacomprehensivelawtodealwithresolutionoffinancialfirms
WhyULIPsareoneofthebest
taxsavinginstruments
>providelegalframeworkfordisputeresolutionandrenegotiationsinPPPprojectsand
publicutilitycontracts
>undertakeimportantbankingsectorreformsandpubliclistingofgeneralinsurance
companiesundertakesignificantchangesinFDIpolicy.
NottobeMissed
Rs64,000croreandcounting!
Here'showyoucanclaimyour
untraceableinvestments
Agricultureandfarmers'welfare
>AllocationforAgricultureandFarmers'welfareisRs35,984crore
>'PradhanMantriKrishiSinchaiYojana'tobeimplementedinmissionmode.28.5lakh
hectareswillbebroughtunderirrigation.
SCrefusestoconcedeto
lendersdemandforVijay
Mallyaspresenceincourt
Giveintotheloveofdriving
withFIATfromjust4,49,000
SponsoredbyFIAT
MarutiVitaraBrezzalaunched:
10thingsyoushouldknow
>Implementationof89irrigationprojectsunderAIBP,whicharelanguishingforalong
time,willbefasttracked
>AdedicatedLongTermIrrigationFundwillbecreatedinNABARDwithaninitialcorpus
ofaboutRs20,000crore
>Programmeforsustainablemanagementofgroundwaterresourceswithanestimated
costofRs6,000crorewillbeimplementedthroughmultilateralfunding
>5lakhfarmpondsanddugwellsinrainfedareasand10lakhcompostpitsfor
productionoforganicmanurewillbetakenupunderMGNREGA
Seventhingsyoushoulddo
afterlosingyourjob
>SoilHealthCardschemewillcoverall14crorefarmholdingsbyMarch2017.
>2,000modelretailoutletsofFertilizercompanieswillbeprovidedwithsoilandseed
testingfacilitiesduringthenextthreeyears
Sixwaystoturnyourabodeintoahavenofluxury
>Promoteorganicfarmingthrough'ParmparagatKrishiVikasYojana'and'OrganicValue
2/11
12/03/2016
ChainDevelopmentinNorthEastRegion'.
>UnifiedAgriculturalMarketingePlatformtoprovideacommonemarketplatformfor
wholesalemarkets
DownpourinDubaidisrupts
normallife
>AllocationunderPradhanMantriGramSadakYojanaincreasedtoRs19,000crore.
Willconnectremaining65,000eligiblehabitationsby2019.
Wanttohelpastranger?Give
itashotwithFastrack
>Toreducetheburdenofloanrepaymentonfarmers,aprovisionofRs15,000crorehas
beenmadeintheBE201617towardsinterestsubvention
SponsoredbyFastrack
>AllocationunderPrimeMinisterFasalBimaYojanaRs5,500crore.
5thingsyoushouldknow
aboutAudiQ2
ShahRukhKhanattends
fatherinlaw'sfuneralinDelhi
>Rs850croreforfourdairyingprojects'PashudhanSanjivani','NakulSwasthyaPatra',
'EPashudhanHaat'andNationalGenomicCentreforindigenousbreeds
Ruralsector
>AllocationforruralsectorRs87,765crore.
>Rs2.87lakhcrorewillbegivenasGrantinAidtoGramPanchayatsandMunicipalities
aspertherecommendationsofthe14thFinanceCommission
Starryconnection:Howto
makeVaastuworkathome
>EveryblockunderdroughtandruraldistresswillbetakenupasanintensiveBlock
undertheDeenDayalAntyodayaMission
>AsumofRs38,500croreallocatedforMGNREGS.
Gainers
>300RurbanClusterswillbedevelopedundertheShyamaPrasadMukherjeeRurban
Mission
Powerinyourpocket.Trade
anytime,anywhere
SponsoredbySharekhan
KapilSharmawantstohaveNarendraModionhis
newshow
>100percentvillageelectrificationby1stMay,2018.
>DistrictLevelCommitteesunderChairmanshipofseniormostLokSabhaMPfromthe
districtformonitoringandimplementationofdesignatedCentralSectorandCentrally
SponsoredSchemes.
>PriorityallocationfromCentrallySponsoredSchemestobemadetorewardvillages
thathavebecomefreefromopendefecation.
NarendraModigovernment
evictsrecordnumberofillegal
occupantsfromLutyensDelhi
>AnewDigitalLiteracyMissionSchemeforruralIndiatocoveraround6croreadditional
householdwithinthenext3years.
>NationalLandRecordModernisationProgrammehasbeenrevamped.>Newscheme
RashtriyaGramSwarajAbhiyanproposedwithallocationofRs655crore.
Howtelcoscanshapethe
futureofICTmarkets
Governmentmaymakeit
mandatoryforcompaniesto
routesharetowards
retirementsavingsintoEPS
ITEnggWinsBigCash!!
Socialsectorincludinghealthcare
>AllocationforsocialsectorincludingeducationandhealthcareRs1,51,581crore.
>Rs2,000croreallocatedforinitialcostofprovidingLPGconnectionstoBPLfamilies.
>NewhealthprotectionschemewillprovidehealthcoveruptoRsOnelakhperfamily.
ForseniorcitizensanadditionaltopuppackageuptoRs30,000willbeprovided.
>3,000StoresunderPrimeMinister'sJanAushadhiYojanawillbeopenedduring2016
17.
Sponsoredbyrummycircle
'Baahubali2'tohittheatersin
April2017
>'NationalDialysisServicesProgramme'tobestartedunderNationalHealthMission
throughPPPmode
>"StandUpIndiaScheme"tofacilitateatleasttwoprojectsperbankbranch.Thiswill
benefitatleast2.5lakhentrepreneurs.
2016FordEndeavour2.2AT
Titanium:Review
>NationalScheduledCasteandScheduledTribeHubtobesetupinpartnershipwith
3/11
12/03/2016
industryassociations
>AllocationofRs100croreeachforcelebratingtheBirthCentenaryofPanditDeen
DayalUpadhyayandthe350thBirthAnniversaryofGuruGobindSingh.
FutureproofyourUCstrategy,
ifyouhaven'talreadydone
that
Wanttostayslim?Drinkplain
water
Education,skillsandjobcreation
>62newNavodayaVidyalayaswillbeopened
>SarvaShikshaAbhiyantoincreasingfocusonqualityofeducation
>Regulatoryarchitecturetobeprovidedtotenpublicandtenprivateinstitutionsto
emergeasworldclassTeachingandResearchInstitutions
MahindraRevaDriveBy
Goodness!
>HigherEducationFinancingAgencytobesetupwithinitialcapitalbaseofRs1000
Crores
>DigitalDepositoryforSchoolLeavingCertificates,CollegeDegrees,AcademicAwards
andMarksheetstobesetup.
SponsoredbyMahindraReva
Tabletmarketpoisedformarginalgrowthas
demanddrops
Skilldevelopment
>AllocationforskilldevelopmentRs1804crore.
>1500MultiSkillTrainingInstitutestobesetup.
>NationalBoardforSkillDevelopmentCertificationtobesetupinpartnershipwiththe
industryandacademia
Therearemanychallengesin
Indiathatwedontsee
elsewhere:ThuanQPhamis,
Uber
>EntrepreneurshipEducationandTrainingthroughMassiveOpenOnlineCourses
Overwhelmedwithtoomany
clouds?Thinkfederation
Jobcreation
>GoIwillpaycontributionof8.33percentforofallnewemployeesenrollinginEPFOfor
thefirstthreeyearsoftheiremployment.BudgetprovisionofRs1000croreforthis
scheme.
Poll
WillRealEstateRegulatoryLawtranslateinto
betterconsumerprotectionontheground?
Yes
No
Can'tsay
>DeductionunderSection80JJAAoftheIncomeTaxActwillbeavailabletoallassesses
whoaresubjecttostatutoryauditundertheAct
>100ModelCareerCentrestooperationalbytheendof201617underNationalCareer
Service.
>ModelShopsandEstablishmentsBilltobecirculatedtoStates.
VOTE
BecomeaClubMahindra
memberandavailgreat
benefits!
SponsoredbyClubMahindra
Spectacularpics:Solareclipse
sweepsacrossAsia
Startupsbegintorenegeon
offersOla,Snapdealabsent
fromplacements
Infrastructureandinvestment
>Totalinvestmentintheroadsector,includingPMGSYallocation,wouldbeRs97,000
croreduring201617.
>India'shighesteverkilometresofnewhighwayswereawardedin2015.Toapprove
nearly10,000kmsofNationalHighwaysin201617.
>AllocationofRs55,000croreintheBudgetforRoads.AdditionalRs15,000croretobe
raisedbyNHAIthroughbonds.
>TotaloutlayforinfrastructureRs2,21,246crore.
>AmendmentstobemadeinMotorVehiclesActtoopenuptheroadtransportsectorin
thepassengersegment
Openinganaccountinthe
NewPensionSystemtakes
just30minutesnow
Becomeatraderin10
minutes!
>Actionplanforrevivalofunservedandunderservedairportstobedrawnupin
partnershipwithStateGovernments.
>Toprovidecalibratedmarketingfreedominordertoincentivisegasproductionfrom
deepwater,ultradeepwaterandhighpressurehightemperatureareas>
Comprehensiveplan,spanningnext15to20years,toaugmenttheinvestmentinnuclear
4/11
12/03/2016
powergenerationtobedrawnup.
SponsoredbySTEPBYSTEPSERVICES
LTD
XiaomiRedmiNote3
launchedatRs9,999
>StepstorevitalisePPPs:
>PublicUtility(ResolutionofDisputes)Billwillbeintroducedduring201617
>GuidelinesforrenegotiationofPPPConcessionAgreementswillbeissued
>Newcreditratingsystemforinfrastructureprojectstobeintroduced
>ReformsinFDIpolicyintheareasofInsuranceandPension,AssetReconstruction
Companies,StockExchanges.
Bigcheerforhomebuyers!
RajyaSabhapassesReal
EstateBill
Realestateassetsin
Karnatakatogetexpensive
fromApril
ChoicestpicsfromtheWorld
PeaceFestival
>100percentFDItobeallowedthroughFIPBrouteinmarketingoffoodproducts
producedandmanufacturedinIndia.
>AnewpolicyformanagementofGovernmentinvestmentinPublicSectorEnterprises,
includingdisinvestmentandstrategicsale,approved.
Financialsectorreforms
>AcomprehensiveCodeonResolutionofFinancialFirmstobeintroduced.
>StatutorybasisforaMonetaryPolicyframeworkandaMonetaryPolicyCommittee
throughtheFinanceBill2016.
Atermplanthatcoversupto
75years
>AFinancialDataManagementCentretobesetup.
SponsoredbyAegonLife
>RBItofacilitateretailparticipationinGovernmentsecurities.
FutureGrouptobringoutads
usingwordplaytargeting
Flipkart,Snapdeal
>NewderivativeproductswillbedevelopedbySEBIintheCommodityDerivatives
market.
HotelscheckoutofOyo,Zo
afterunhappystay
MahindraRevaDriveBy
>AmendmentsintheSARFAESIAct2002toenablethesponsorofanARCtoholdupto
100percentstakeintheARCandpermitnoninstitutionalinvestorstoinvestin
SecuritizationReceipts.
>ComprehensiveCentralLegislationtobeboughttodealwiththemenaceofillicit
deposittakingschemes.
Goodness!
>IncreasingmembersandbenchesoftheSecuritiesAppellateTribunal.
>AllocationofRs25,000croretowardsrecapitalisationofPublicSectorBanks.
SponsoredbyMahindraReva
RealEstateRegulatorBill:10
thingsyoushouldknowabout
it
>TargetofamountsanctionedunderPradhanMantriMudraYojanaincreasedtoRs
1,80,000crore.
>GeneralInsuranceCompaniesownedbytheGovernmenttobelistedinthestock
exchanges.
SamsunglaunchesGalaxyS7,S7EdgeatRs
48,900andRs56,900
Governanceandeaseofdoingbusiness
>ATaskForcehasbeenconstitutedforrationalisationofhumanresourcesinvarious
Ministries.
>ComprehensivereviewandrationalisationofAutonomousBodies.
>BillforTargetedDeliveryofFinancialandOtherSubsidies,BenefitsandServicesby
usingtheAadharframeworktobeintroduced.
>IntroduceDBTonpilotbasisforfertilizer.
>Automationfacilitieswillbeprovidedin3lakhfairpriceshopsbyMarch2017.
>AmendmentsinCompaniesActtoimproveenablingenvironmentforstartups.
5/11
12/03/2016
>PriceStabilisationFundwithacorpusofRs900croretohelpmaintainstablepricesof
Pulses.
>"EkBharatShreshthaBharat"programmewillbelaunchedtolinkStatesandDistrictsin
anannualprogrammethatconnectspeoplethroughexchangesinareasoflanguage,
trade,culture,travelandtourism.
Fiscaldiscipline
>FiscaldeficitinRE201516andBE201617retainedat3.9percentand3.5percent.
>RevenueDeficittargetfrom2.8percentto2.5percentinRE201516
>TotalexpenditureprojectedatRs19.78lakhcrore
>PlanexpenditurepeggedatRs5.50lakhcroreunderPlan,increaseof15.3percent
>NonPlanexpenditurekeptatRs14.28lakhcrores
>Specialemphasistosectorssuchasagriculture,irrigation,socialsectorincluding
health,womenandchilddevelopment,welfareofScheduledCastesandScheduled
Tribes,minorities,infrastructure.
>MobilisationofadditionalfinancestotheextentofRs31,300crorebyNHAI,PFC,REC,
IREDA,NABARDandInlandWaterAuthoritybyraisingBonds.
>Plan/NonPlanclassificationtobedoneawaywithfrom201718.
>Everynewschemesanctionedwillhaveasunsetdateandoutcomereview.
>Rationalisedandrestructuredmorethan1500CentralPlanSchemesintoabout300
CentralSectorand30CentrallySponsoredSchemes.
>CommitteetoreviewtheimplementationoftheFRBMAct.
Relieftosmalltaxpayers
>Raisetheceilingoftaxrebateundersection87AfromRs2000toRs5000tolessentax
burdenonindividualswithincomeuptoRs5lakhs.
>Increasethelimitofdeductionofrentpaidundersection80GGfromRs24000per
annumtoRs60000,toproviderelieftothosewholiveinrentedhouses.
Boostemploymentandgrowth
>IncreasetheturnoverlimitunderPresumptivetaxationschemeundersection44ADof
theIncomeTaxActtoRs2crorestobringbigrelieftoalargenumberofassesseesin
theMSMEcategory.
>Extendthepresumptivetaxationschemewithprofitdeemedtobe50percent,to
professionalswithgrossreceiptsuptoRs50lakh.
>PhasingoutdeductionunderIncomeTax:
>AccelerateddepreciationwhereverprovidedinITActwillbelimitedtomaximum40per
centfrom1.4.2017
>BenefitofdeductionsforResearchwouldbelimitedto150percentfrom1.4.2017and
100percentfrom1.4.2020
>Benefitofsection10AAtonewSEZunitswillbeavailabletothoseunitswhich
commenceactivitybefore31.3.2020.
>Theweighteddeductionundersection35CCDforskilldevelopmentwillcontinueupto
1.4.2020
>CorporateTaxrateproposals:
6/11
12/03/2016
>Newmanufacturingcompaniesincorporatedonorafter1.3.2016tobegivenanoption
tobetaxedat25percent+surchargeandcessprovidedtheydonotclaimprofitlinked
orinvestmentlinkeddeductionsanddonotavailofinvestmentallowanceand
accelerateddepreciation.
>Lowerthecorporatetaxrateforthenextfinancialyearforrelativelysmallenterprisesi.e
companieswithturnovernotexceedingRs5crore(inthefinancialyearendingMarch
2015),to29percentplussurchargeandcess.
>100percentdeductionofprofitsfor3outof5yearsforstartupssetupduringApril,
2016toMarch,2019.MATwillapplyinsuchcases.
>10percentrateoftaxonincomefromworldwideexploitationofpatentsdevelopedand
registeredinIndiabyaresident.
>CompletepassthroughofincometaxtosecuritizationtrustsincludingtrustsofARCs.
Securitisationtrustsrequiredtodeducttaxatsource.
>Periodforgettingbenefitoflongtermcapitalgainregimeincaseofunlistedcompanies
isproposedtobereducedfromthreetotwoyears.
>Nonbankingfinancialcompaniesshallbeeligiblefordeductiontotheextentof5per
centofitsincomeinrespectofprovisionforbadanddoubtfuldebts.
>DeterminationofresidencyofforeigncompanyonthebasisofPlaceofEffective
Management(POEM)isproposedtobedeferredbyoneyear.
>CommitmenttoimplementGeneralAntiAvoidanceRules(GAAR)from1.4.2017.
>ExemptionofservicetaxonservicesprovidedunderDeenDayalUpadhyayGrameen
KaushalyaYojanaandservicesprovidedbyAssessingBodiesempanelledbyMinistryof
SkillDevelopment&Entrepreneurship.
>ExemptionofServicetaxongeneralinsuranceservicesprovidedunder'Niramaya'
HealthInsuranceSchemelaunchedbyNationalTrustfortheWelfareofPersonswith
Autism,CerebralPalsy,MentalRetardationandMultipleDisability.
>Basiccustomandexcisedutyonrefrigeratedcontainersreducedto5percentand6
percent.
MakeinIndia
>Changesincustomsandexcisedutyratesoncertaininputstoreducecostsand
improvecompetitivenessofdomesticindustryinsectorslikeInformationtechnology
hardware,capitalgoods,defenceproduction,textiles,mineralfuels&mineraloils,
chemicals&petrochemicals,paper,paperboard&newsprint,Maintenancerepairand
overhauling[MRO]ofaircraftsandshiprepair.
Movingtowardsapensionedsociety
>Withdrawalupto40percentofthecorpusatthetimeofretirementtobetaxexemptin
thecaseofNationalPensionScheme(NPS).Annuityfundwhichgoestolegalheirwill
notbetaxable.
>Incaseofsuperannuationfundsandrecognizedprovidentfunds,includingEPF,the
samenormof40percentofcorpustobetaxfreewillapplyinrespectofcorpuscreated
outofcontributionsmadeonorfrom1.4.2016.
>LimitforcontributionofemployerinrecognizedProvidentandSuperannuationFundof
Rs1.5lakhperannumfortakingtaxbenefit.ExemptionfromservicetaxforAnnuity
servicesprovidedbyNPSandServicesprovidedbyEPFOtoemployees.
>ReduceservicetaxonSinglepremiumAnnuity(Insurance)Policiesfrom3.5percentto
1.4percentofthepremiumpaidincertaincases.
7/11
12/03/2016
Promotingaffordablehousing
>100percentdeductionforprofitstoanundertakinginhousingprojectforflatsupto30
sq.metresinfourmetrocitiesand60sq.metresinothercities,approvedduringJune
2016toMarch2019andcompletedinthreeyears.MATtoapply.
>DeductionforadditionalinterestofRs50,000perannumforloansuptoRs35lakh
sanctionedin201617forfirsttimehomebuyers,wherehousecostdoesnotexceedRs
50lakh.
>DistributionmadeoutofincomeofSPVtotheREITsandINVITshavingspecified
shareholdingwillnotbesubjectedtoDividendDistributionTax,inrespectofdividend
distributedafterthespecifieddate.
>Exemptionfromservicetaxonconstructionofaffordablehousesupto60square
metresunderanyschemeoftheCentralorStateGovernmentincludingPPPSchemes.
>Extendexcisedutyexemption,presentlyavailabletoConcreteMixmanufacturedatsite
foruseinconstructionworktoReadyMixConcrete.
Resourcemobilizationforagriculture,ruraleconomyandcleanenvironment
>Additionaltaxattherateof10percentofgrossamountofdividendwillbepayableby
therecipientsreceivingdividendinexcessofRs10lakhperannum.
>Surchargetoberaisedfrom12percentto15percentonpersons,otherthan
companies,firmsandcooperativesocietieshavingincomeaboveRs1crore.
>Taxtobedeductedatsourceattherateof1percentonpurchaseofluxurycars
exceedingvalueofRstenlakhandpurchaseofgoodsandservicesincashexceeding
Rstwolakh.
>SecuritiesTransactiontaxincaseof'Options'isproposedtobeincreasedfrom.017
percentto.05percent.>Equalizationlevyof6percentofgrossamountforpayment
madetononresidentsexceedingRs1lakhayearincaseofB2Btransactions.
>KrishiKalyanCess,@0.5percentonalltaxableservices,w.e.f.1June2016.
Proceedswouldbeexclusivelyusedforfinancinginitiativesforimprovementof
agricultureandwelfareoffarmers.Inputtaxcreditofthiscesswillbeavailablefor
paymentofthiscess.
>Infrastructurecess,of1percentonsmallpetrol,LPG,CNGcars,2.5percentondiesel
carsofcertaincapacityand4percentonotherhigherenginecapacityvehiclesand
SUVs.Nocreditofthiscesswillbeavailablenorcreditofanyothertaxordutybeutilized
forpayingthiscess.
>Excisedutyof1percentwithoutinputtaxcreditor12.5percentwithinputtaxcredit'
onarticlesofjewellery[excludingsilverjewellery,otherthanstuddedwithdiamondsand
someotherpreciousstones],withahigherexemptionandeligibilitylimitsofRs6crores
andRs12croresrespectively.
>ExciseonreadymadegarmentswithretailpriceofRs1000ormoreraisedto2percent
withoutinputtaxcreditor12.5percentwithinputtaxcredit.
>'CleanEnergyCess'leviedoncoal,ligniteandpeatrenamedto'CleanEnvironment
Cess'andrateincreasedfromRs200pertonnetoRs400pertonne.
>Excisedutiesonvarioustobaccoproductsotherthanbeediraisedbyabout10to15
percent.
>Assignmentofrighttousethespectrumanditstransfershasbeendeductedasa
serviceleviabletoservicetaxandnotsaleofintangiblegoods.
Providingcertainityintaxation
8/11
12/03/2016
>Committedtoprovidingastableandpredictabletaxationregimeandreduceblack
money.
>Domestictaxpayerscandeclareundisclosedincomeorsuchincomerepresentedinthe
formofanyassetbypayingtaxat30percent,andsurchargeat7.5percentandpenalty
at7.5percent,whichisatotalof45percentoftheundisclosedincome.Declarantswill
haveimmunityfromprosecution.
>Surchargeleviedat7.5percentofundisclosedincomewillbecalledKrishiKalyan
surchargetobeusedforagricultureandruraleconomy.
>NewDisputeResolutionSchemetobeintroduced.Nopenaltyinrespectofcaseswith
disputedtaxuptoRs10lakh.CaseswithdisputedtaxexceedingRs10lakhtobe
subjectedto25percentoftheminimumoftheimposablepenalty.Anypendingappeal
againstapenaltyordercanalsobesettledbypaying25percentoftheminimumofthe
imposablepenaltyandtaxinterestonquantumaddition.
>HighLevelCommitteechairedbyRevenueSecretarytooverseefreshcaseswhere
assessingofficerappliestheretrospectiveamendment.
>OnetimeschemeofDisputeResolutionforongoingcasesunderretrospective
amendment.
>Penaltyratestobe50percentoftaxincaseofunderreportingofincomeand200per
centoftaxwherethereismisreportingoffacts.
>Disallowancewillbelimitedto1percentoftheaveragemonthlyvalueofinvestments
yieldingexemptincome,butnotexceedingtheactualexpenditureclaimedunderrule8D
ofSection14AofIncomeTaxAct.
>Timelimitofoneyearfordisposingpetitionsofthetaxpayersseekingwaiverofinterest
andpenalty.
>Mandatoryfortheassessingofficertograntstayofdemandoncetheassessepays15
percentofthedisputeddemand,whiletheappealispendingbeforeCommissionerof
Incometax(Appeals).
>MonetarylimitfordecidinganappealbyasinglememberBenchofITATenhanced
fromRs15lakhstoRs50lakhs.
>11newbenchesofCustoms,ExciseandServiceTaxAppellateTribunal(CESTAT).
Simplificationandrationalizationoftaxes
>13cesses,leviedbyvariousMinistriesinwhichrevenuecollectionislessthanRs50
croreinayeartobeabolished.
>FornonresidentsprovidingalternativedocumentstoPANcard,higherTDSnotto
apply.
>RevisionofreturnextendedtoCentralExciseassesses.
>Additionaloptionstobankingcompaniesandfinancialinstitutions,includingNBFCs,for
reversalofinputtaxcreditswithrespecttonontaxableservices.
>CustomsActtoprovidefordeferredpaymentofcustomsdutiesforimportersand
exporterswithproventrackrecord.
>CustomsSingleWindowProjecttobeimplementedatmajorportsandairportsstarting
frombeginningofnextfinancialyear.
>Increaseinfreebaggageallowanceforinternationalpassengers.Filingofbaggageonly
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Budget 2016 - Highlights of FM Arun Jaitley's Speech - The Economic Times

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