Key highlights of Union Budget 2021-22 | This yr’s funds targeted on six pillars
3 min read New Delhi: Finance Minister Nirmala Sitharaman on Monday introduced greater capital expenditure for the FY 2021-22 and targeted on offering a significant enhance to healthcare and infrastructure constructing.
In her Budget speech, Sitharaman talked about that this yr’s funds targeted on six pillars- Health and Wellbeing, Physical and Financial Capital, and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D and minimal authorities and most governance.
Presenting the first-ever digital Union Budget, the minister said that India’s struggle in opposition to COVID-19 continues into 2021 and that this second in historical past, when the political, financial, and strategic relations within the post-COVID world are altering, is the daybreak of a brand new period – one through which India is well-poised to actually be the land of promise and hope.
Key highlights of Union Budget 2021-22:
1. A brand new Centre-sponsored scheme Prime Minister Atmanirbhar Swasthya Bharat Yojana with an outlay of Rs 64,180 crores to spice up healthcare infrastructure throughout the nation amid ongoing COVID-19 pandemic.
2. Senior residents above 75 years of age, having pension and curiosity earnings exempted from submitting tax returns
3. A National Faceless Income tax Appellate Tribunal Centre shall be established and all of the communication between the Tribunal and the appellant shall be made electronically
4. In order to supply clear tax appellate mechanism, it’s proposed to make the Income Tax Appellate Tribunal faceless and jurisdiction-less
5. For decreasing litigation and to offer an impetus to the dispute decision for small taxpayers, a Dispute Resolution Committee is proposed to be constituted.
6. To incentivise digital transactions and to scale back the compliance burden of the one that is carrying virtually all of their transactions digitally, it’s proposed to extend the restrict for tax audit for individuals who’re endeavor 95 per cent of their transactions digitally from Rs 5 crore to Rs 10 crore
7. Rs 1,000 crore to be offered for welfare scheme for tea employees of Assam & West Bengal particularly ladies and youngsters
8. National Infrastructure Pipeline (NIP) expanded to 7,400 initiatives
9. Rs 2,23,846 crore outlay for Health and Wellbeing in Budget Estimates (BE) 2021-22 as in opposition to Rs 94,452 crore in BE 2020-21 – a rise of 137 per cent
10. Rs 35,000 crore for COVID-19 vaccine in Budget Estimates 2021-22
11. Rs 64,180 crore outlay over 6 years for PM AatmaNirbhar Swasth Bharat Yojana – a brand new centrally sponsored scheme to be launched, along with NHM
12. Rs. 2,87,000 crore over 5 years for Jal Jeevan Mission (Urban) to be launched
13. Rs. 1,41,678 crore over 5 years for Urban Swachh Bharat Mission 2.0
14. Rs. 2,217 crore to deal with air air pollution, for 42 city facilities with a million-plus inhabitants
15. Voluntary car scrapping coverage to part out outdated and unfit automobiles (After 20 years in case of non-public automobiles and 15 years in case of business automobiles)
16. Rs 1.97 lakh crore within the subsequent 5 years for Production Linked Incentive scheme (PLI) schemes in 13 Sector
17. Rs 20,000 crore to arrange and capitalise a Development Financial Institution (DFI) – to behave as a supplier, enabler and catalyst for infrastructure financing
18. Rs 5.54 lakh crore capital expenditure in BE 2021-22 – a pointy improve of 34.5 per cent over Rs. 4.12 lakh crore allotted in BE 2020-21
19. Rs 1,18,101 lakh crore, highest ever outlay, for Ministry of Road Transport and Highways – of which Rs 1,08,230 crore is for capital
20. Rs 1,10,055 crore for Railways of which Rs. 1,07,100 crore is for capital expenditure
21. Rs 3,05,984 crore over 5 years for a revamped, reforms-based and result-linked new energy distribution sector scheme
22. Capital infusion of Rs 1,000 crore to Solar Energy Corporation of India and Rs 1,500 crore to Indian Renewable Energy Development Agency
23. FDI restrict in Insurance Sector elevated from 49 per cent to 74 per cent
24. Rural Infrastructure Development Fund to be enhanced to Rs 40,000 crore from Rs 30,000 crore
25. Rs 15,700 crore funds allocation to MSME Sector, greater than double of this yr’s BE
24. An agriculture Infrastructure and Development Cess of Rs 2.5 per litre has been imposed on petrol and Rs 4 per litre on diesel. Unbranded petrol and diesel will appeal to primary excise obligation of Rs 1.4 and Rs 1.8 per litre respectively
25. 100 per cent Agriculture Infrastructure and Development Cess on Alcoholic drinks
