Fact about Indian Union Budget 2016

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.