On Saturday morning when people were busy in watching the enthralling climax of world cup match between Australia and New Zealand, Finance minister Arun Jaitley presented his first budget under BJP Government. Announcement of new IIT in Karnataka, increasing service taxes from 12.36% to 14% are some of the declarations done by the minister.
1. They have abolished the wealth tax although they have increased the surcharge by 2% on the individual earning and also new surcharge of 7% is increase on companies which has an annual income between 1 to 10 crores. Arun Jaitley said while presenting the budget that earlier we used to get only 1008 crores but this new surcharge scheme will increase it to 9000 crore.
2. A relief is given to corporate world by reducing corporate tax to 25%.
3. Service tax is increased to 14% from 12.36%, so now people will have to pay more if your eating in a restaurant, dancing in a pub and drinking in a bar.
4. For the infrastructure perspective, a new scheme,Atal innovation mission will be introduced to increase the skills and expertise of the entrepreneurs and researchers to increase there research and innovation. Seventy thousand crores has been assigned to industry, this will be used to set up 5 ultra mega power plants.
5. As usual, this budget also has something to increase the level of education in India, New IIT will be opened in the Karnataka and ISM Dhanbad will be upgraded to IIT clan. New AIIMS are proposed in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam to increase the quality of treatment in those areas.
6. In case of defense, almost 2.5 lakh crore of huge amount is provided and this year focus on make in India will be there to manufacture the defense equipment.
7. Government has also focused on the development of welfare of the society.
- According to the Finance minister around 50 lakh of toilets has already been installed and has a projection of six crore toilets under the Swach Bharat scheme.
- Housing for all by 2020
- Around 80,000 primary schools will be upgraded to secondary schools, but the challenge here would be the skilled teachers required for these new schools. Increasing the number of schools will not be sufficient to increase the quality of the education.
-For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.
-Five crores have been allocated to the MGNREGA scheme, it will ensure to give the employment to several unemployed laborers
1. They have abolished the wealth tax although they have increased the surcharge by 2% on the individual earning and also new surcharge of 7% is increase on companies which has an annual income between 1 to 10 crores. Arun Jaitley said while presenting the budget that earlier we used to get only 1008 crores but this new surcharge scheme will increase it to 9000 crore.
2. A relief is given to corporate world by reducing corporate tax to 25%.
3. Service tax is increased to 14% from 12.36%, so now people will have to pay more if your eating in a restaurant, dancing in a pub and drinking in a bar.
4. For the infrastructure perspective, a new scheme,Atal innovation mission will be introduced to increase the skills and expertise of the entrepreneurs and researchers to increase there research and innovation. Seventy thousand crores has been assigned to industry, this will be used to set up 5 ultra mega power plants.
5. As usual, this budget also has something to increase the level of education in India, New IIT will be opened in the Karnataka and ISM Dhanbad will be upgraded to IIT clan. New AIIMS are proposed in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam to increase the quality of treatment in those areas.
6. In case of defense, almost 2.5 lakh crore of huge amount is provided and this year focus on make in India will be there to manufacture the defense equipment.
7. Government has also focused on the development of welfare of the society.
- According to the Finance minister around 50 lakh of toilets has already been installed and has a projection of six crore toilets under the Swach Bharat scheme.
- Housing for all by 2020
- Around 80,000 primary schools will be upgraded to secondary schools, but the challenge here would be the skilled teachers required for these new schools. Increasing the number of schools will not be sufficient to increase the quality of the education.
-For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.
-Five crores have been allocated to the MGNREGA scheme, it will ensure to give the employment to several unemployed laborers
