home Economy Here’s the Union Budget 2016-17 Highlights!!

Here’s the Union Budget 2016-17 Highlights!!

On Monday 20 Feb, 2016, Finance Minister Arun Jaitley, presented his third Union Budget (2016-17), announcing  the  big investments in the rural sector and a break for small tax payers. He also affirmed that the economy is right on the track, citing that the CPI inflation has dropped to 5.4 % from previous 9+, which is huge relief for public.

President Pranab Mukherjee with Finance Minister Arun Jaitley
President Pranab Mukherjee with Finance Minister Arun Jaitley

During his speech in parliament, Jaitely announced :

“Let us look at our achievement in comparison of the last three years. Growth of GDP has now accelerated to 7.6per cent”

“We must strengthen firewalls against risks through structural reforms; rely on domestic market so that growth does not slow down”

“We must continue with the pace of economic reforms and policy initiatives to change the lives of our people for the better”

Incidentally the rates for Cars, cigarettes, branded garments and air travel will become more expensive, whereas footwear, solar lamps and routers are scheduled to be cheaper owing to host of changes in the tax structure in the Budget for 2016-17.

Here’s list of some of the items that will turn costlier:

Items to go expensive
Items to go Expensive
  • Air Travel
  • Cars
  • Cigarettes,Cigars,Tobacco
  • E-reading devices
  • Services like bill payments, eating out, air travel
  • Clothing’s (ready made) and branded attire of more than Rs 1,000
  • Gold and Silver; jewellery items (excluding silver)
  • Water – which includes mineral water, aerated water which contains added sugar or sweeteners
  • Various Goods and services (above Rs 2 lac in cash)
  • Plastic bags
  • Imported artificial jewellery items
  • Legal services
  • Lottery tickets
  • Traveling by hiring stage carriage
  • Hiring of packers & movers
  • Devices for VoIP (Voice over Internet Protocol)
  • Imported Golf Cars
  • Gold bars

Here’s a list for some of the items that will turn cheaper:

Items to go cheaper
Items to go cheaper
  • Broadband modems and set top boxes, Digital video recorder
  • CCTV cameras and Router.
  • Footwear
  • Hybrid electric vehicles
  • Houses with less than 60 sq mt carpet area
  • Hiring of folk artists for performance
  • Refrigerated containers
  • Pension plans
  • Microwave ovens and Solar lamps
  • Sanitary items like -pads
  • Braille paper
  • Solar lamp

Source : The Hindu, TOI