Union Budget 2016: At a Glance

HEALTHCARE

* To start National Dialysis Service under PPP mode

* To exempt certain dialysis equipment from basic custom duty

* Health protection scheme with 100,000 rupee/family cover

* 3000 drug stores to be opened under PM Aushadhi Yojana

* To provide 130,000 rupee/yr health cover to senior citizens

* To launch new health protection scheme

INFRASTRUCTURE, INDUSTRY

* Propose to circulate model shops and establishments bill

* To give choice to shops to remain open on 7 days/week

* 10,000 km of national highways to be added FY17

* Total outlay for infra 2.21 trln rupees FY17

* Total outlay for roads, railway 2.18 trln rupees FY17

* Total investment in road sector 970 bln rupees

* NHAI to raise 150 bln rupees via bonds FY17

* Allot 550 bln rupees for roads, highways FY17

* 85% of 70 stranded road projects back on track FY16

* To allot 550 bln rupees for roads, highways

* India's highest ever kilometre of highways awarded in 2015

* 30 bln rupees/yr to augment nuclear power in 15-20 yrs

* Mkt freedom for gas from difficult blocks to have price cap

* Mull calibrated mkt freedom for gas from difficult blocks

* Need to diversify resources for power generation

* Drawing up comprehensive plan on nuclear power

* To incentivise ultra-deep sea gas exploration

* Achieved highest coal production growth

* To provide incentives for gas production from tough blocks

* 10 non-functional air strips to be redeveloped

* To partner with state govts to develop airports

* Started series of measures for modernising ports

* To partner with states to develop regional airports

* Medium-term goal is to abolish permit raj

* Plan new public transport policy to up pvt participation

* FY17 allocation for new port development 8 bln rupees

* Motor Vehicles Act to be amended to up passenger segment

* New greenfield ports to be developed on east, west coasts

* Govt to open up road transport sector

* Medium-term goal is to abolish permit raj

* 50,000 km state highways to be converted to national highways

* FY17 total infrastructure outlay 2.21 trln rupees

* To have new policy for mgmt of assets of PSUs

* NITI Aayog to identify PSUs for strategic sale

* To encourage PSUs to divest individual assets

* 100% FDI in marketing of food pdts produced in India

* To have more FDI reforms in asset restructuring companies

* To change FDI policy for asset reconstructions cos

* To modify FDI policy for bourses, asset recast cos

* Duty drawback schemes to be widened, deepened

* Have deepened, expanded duty drawback scheme

* More FDI reforms in insurance, stock exchanges, pension

* To modify FDI policy for insurance, pension sectors

* FDI policy to address requirements of farmers

* To allow mobilisation of 313 bln rupee by govt infra bodies

* Mulling gas production incentive from high temperature area

* May incentivise gas production from ultra deep water areas

* Mulling incentives for gas production from deep sea areas

* New credit rating system for infra to be developed

* To issue guidelines for renegotiation of PPP contracts

* Received conflicting suggestions on FRBM roadmap

* To amend Companies Act for ease of doing business

* Will amend companies act this Parliament session

* Registration of cos to be done in one day

* 300,000 fair price shops to be automated by Mar 2017

FINANCIAL SECTOR, BANKING

* Banking Board bureau to be operational in FY17

* To strengthen debt recovery tribunal

* Considering cutting stake in IDBI Bank to below 50%

* Stand solidly behind PSU banks

* To find resources if PSU banks need additional capital

* Allot 250 bln rupees for recapitalisation of PSU bks FY17

* Not interfering in lending activities of PSU bks

* To amend SEBI act to provide for more SAT benches

* To bring legislation FY17 on illicit deposit taking schemes

* Sponsor in asset recast cos can hold 100% stake

* Financial Data Management Centre to be established

* To allow 100% FDI in asset recast cos

* To make necessary amendments in SARFASI Act

* Bankruptcy code to help deepen corporate bond mkt

* SEBI to develop new commodity derivative pdts

* SEBI to introduce new derivative pdts in commodity mkts

* To adopt comprehensive approach for invest in central PSUs

* To introduce comprehensive Bankruptcy Code in Parliament

* To rename divest dept as Dept of Invest & Public Asset Mgmt

* To amend RBI Act to implement monetary policy framework

* Vibrant fincl sector critical for econ growth

* PM Mudra Yojana target to give 1.8 trln rupees loans FY17

* To draw road for consolidation of PSU banks

* Banking board bureau to be operationalized in FY17

* To draw roadmap for consolidation of PSU banks

* To take up massive rollout of micro-ATMs across nation

* Public money should reach poor without leakages

* Nationwide roll out of ATMs via post offices

* To list govt-owned general insurance cos on stock exchanges

* To list general insurance cos on stock exchanges

* To set up panel to review FRBM Act

* Time has come to review FRBM Act

* Propose to set up committee to review FRBM Act

* Govt open to reducing its stake in PSU banks below 50%

* Consolidation roadmap for PSU banks next year

INDIRECT TAX

* Propose changes in customs duty to push Make in India plan

* Exempt svc tax on general insurance plans in Nirmaya scheme

* Committed to implementing GAAR from Apr 1, 2017

* Asset recast cos' income to be taxed at hands of investors

* Propose special patent regime to power innovation, research

* Services provided by EPFO exempted from service tax

* STT of 0.05% on options contracts

* Service tax waiver for houses of less than 60 sq mtr

* Service Tax exempt for svc under rural electrification plan

* To give excise duty exemption to ready-mix concrete

* Excise of 12.5% with input tax credit on jewellery

* To abolish 13 cesses by ministries

* To amend Central Value Added Tax credit rules

* To amend CENVAT credit rules

* Taxation panel to fix demand under retrospective tax cases

* Hope old cases on retrospective tax reach conclusion soon

* No retrospective taxation to be undertaken

* 1-time no-interest liability in retrospective tax cases

* To up excise duty on various tobacco products by 10-15%

* Cos incorporated post Mar 1 to be taxed at 25%+ surcharge

* Doubles clean energy cess on coal to 400 rupees/tn

* To up excise duty on some tobacco pdts by 10-15%

* Infra cess of 2% on diesel cars

* 4% infra cess on high capacity vehicles, SUVs

* To levy 1% infra cess on small petrol, LPG, CNG cars

DIRECT TAX

* Plan simplification, rationalisation of taxes

* Tax rebate on rent paid upped to 60,000 rupees vs 24,000

* Tax changes to support Make in India, affordable housing

* To give relief to small taxpayers

* To launch steps to move towards pension society

* To give relief to small tax payers

* Withdrawal upto 40% from Natl Pension plan to be tax exempt

* To allow lower corporate tax for some cos from FY17

* Reduction in corporate tax has to be calibrated

* Faster depreciation rate under income tax act at 40% FY17

* Reduction in corporate tax has to be caliberated

* Detailing roadmap for phasing out corporate tax exemption

* Propose 0.5% Krishi Kalyan cess on all taxable svcs Jun 1

* Propose Krishi Kalyan cess

* To raise surcharge on income over 10 mln rupees to 15%

* 10% tax on recipient if got dividend over 1 mln rupees/yr

* Some home buyers to get extra exemption of 50,000 rupee/yr

* No changes in income tax slabs

* To rationalize tax deducted at source for small tax payers

* Penalty of 200% of tax for misreporting of income

* Penalty of 50% of tax for under-reporting of income

* Penalty to be 50% of tax in income under-reporting cases

* Modifying scheme of penalty under Income Tax Act

* Revenue secy to head committee on taxation

* Committed to stable, predictable taxation regime

* To focus on bringing to book people with black money

* Prosecution immunity for undisclosed income declaration

* 300,000 tax cases worth 5.5 trln

Rupees pending

* New dispute resolution scheme for taxation proposed total 45% Tax

* Compliance window for undisclosed income Jun 1-Sep 30

* 7.5% surcharge on undisclosed income in compliance window

* Govt committed to removing black money

* To move towards low tax regime with non litigious approach

* Limited period compliance window on undisclosed income

* To strongly counter tax evasion

* Moving towards a low tax regime