The key highlights Of Union Budget 2021-22

Finance Minister Nirmala Sitharaman had announced higher capital expenditure for the Financial Year 2021-2022 and focused on giving a major boost towards the healthcare and infrastructure building.

In the Budget speech, Nirmala Sitharaman had mentioned that this year's budget will be focused on six pillars, that is, Health and Well-being, Physical and Financial Capital, and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation, and R&D as well as minimum government and maximum governance.

The Key highlights of Union Budget 2021-22 are:

•    A new Centre-sponsored scheme Prime Minister Atmanirbhar-Swasthya Bharat Yojana with an outlay of Rs 64,180 crores towards boosting healthcare infrastructure across the nation amidst ongoing COVID-19 pandemic.

•    Senior citizens who are above 75 years of age, having a pension and interest income are exempted from filing tax returns

•    A National Faceless Income Tax Appellate Tribunal Centre would be established and all the communication between the Tribunal and the appellant would be made electronically

•    Towards providing a transparent tax appellate mechanism, it is proposed to make the Income Tax Appellate Tribunal faceless as well as jurisdiction-less

•    For reducing litigation and towards giving an impetus to the dispute resolution for small taxpayers, a Dispute Resolution Committee is projected to be constituted.

•    To incentivize digital transactions and to decrease the compliance burden of the individual who is carrying almost all of their transactions digitally, it is proposed towards increasing the limit for tax audit for individuals who are undertaking 95% of their transactions digitally from Rs 5 crore to Rs 10 crore

•    Rs 1,000 crore to be provided for welfare scheme for tea workers of Assam and West Bengal especially women and children

•    National Infrastructure Pipeline (NIP) expanded towards 7,400 projects

•    Rs 2,23,846 crore outlay for Health and Wellbeing in Budget Estimates (BE) 2021-22 as against Rs 94,452 crore in BE 2020-21 - an increase of 137%

•    Rs 35,000 crore for COVID-19 vaccine in Budget Estimates 2021-22

•    Rs 64,180 crore outlay over 6 years for PM AatmaNirbharSwasth Bharat Yojana - a new centrally sponsored scheme to be launched, along with NHM

•    Rs. 2,87,000 crores over 5 years for Jal Jeevan Mission (Urban) will be launched

•    Rs. 1,41,678 crores over 5 years for Urban Swachh Bharat Mission 2.0

•    Rs. 2,217 crores to take care of air pollution, for 42 urban centers with a million-plus population

•    Voluntary vehicle scrapping policy towards phase out old and unfit vehicles (after 20 years relating to personal vehicles and 15 years relating to commercial vehicles)

•    Rs 1.97 lakh crore in the next 5 years for Production Linked Incentive scheme (PLI) schemes in 13 Sector

•    Rs 20,000 crore to set up and capitalize a Development Financial Institution (DFI) –towards acting as a provider, enabler, and catalyst for infrastructure financing. 

•    Rs 5.54 lakh crore capital expenditure in BE 2021-22 - a sharp increase of 34.5% over Rs. 4.12 lakh crore allocated in BE 2020-21

•    Rs 1,18,101 lakh crores, highest ever outlay, for Ministry of Road Transport and Highways - of which Rs 1,08,230 crore is for capital

•    Rs 1,10,055 crore for Railways of which Rs. 1,07,100 crores are for capital expenditure

•    Rs 3,05,984 crore over 5 years for a revamped, reforms-based as well as result-linked new power distribution sector scheme

•    Capital infusion of Rs 1,000 crore to Solar Energy Corporation of India and Rs 1,500 crore towards Indian Renewable Energy Development Agency

•    The limit of FDI in the Insurance Sector has been increased from 49% to 74%

•    Rural Infrastructure Development Fund shall be enhanced to Rs 40,000 crore from Rs 30,000 crore

•    Rs 15,700 crore budget allocation towards MSME Sector, over double of this year's BE

•    An agriculture Infrastructure and Development Cess of Rs 2.5 per litre was levied on petrol and Rs 4 per litre on diesel. Unbranded petrol and diesel would attract basic excise duty of Rs 1.4 and Rs 1.8 per litre individually

•    100% on Agriculture Infrastructure and Development Cess on Alcoholic beverages

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Author:

eStartIndia Team