It's the last working day of February and hence, its the day for the Union Budget of India. Everyone in the country is looking forward to the Finance Minister for some good news and are eagerly waiting for the Parliament to commence. The Indian Automotive Industry is also looking forward to some key announcements in the Union Budget, today. These announcements will determine the rise or fall in the cost of automobiles in the coming financial year. This Budget presented today will come into effect from April 1, 2016. Cardekho’s BudgetDekho will keep you posted with each and every detail of the Budget. Stay tuned for all the latest updates!
Live Updates
12:43 PM: Finance Minister closes his address
12:42 PM: Houses built in less than 60 square metres will face no Service Tax
12:41 PM: Excise duty on tobacco up by 10-15%
12:33 PM: 1% Infra cess on Petrol, CNG, LPG cars, 2.5% on small diesel cars
12:31 PM: SUVs and cars will face high capacity tax of 4%
12:28 PM: 1% service charge on purchase of luxury cars over Rs. 10 lakh
#impactonautosector: The people of the country are being greatly affected by the taxes levied on oil purchase. Now, the latest move of increasing cess on Petrol, CNG, LPG cars will certainly widen the hole in pockets. Moreover, the 2.5% tax on small diesel cars, 4% tax on SUVs & high capacity cars and 1% service charge on luxury cars over Rs. 10 lac, is absolutely a jolt for both consumers and auto manufacturers.
12:24 PM: Corporate tax for smaller companies @ 29% plus cess
12:19 PM: Proposed tax rebate under section 87A increased from Rs 2,000 to Rs 5,000
12:18 PM: HRA deduction increased from Rs. 24,000 to Rs. 60,000 p.a. "Relief to those in rented houses: deduction raised from Rs.24,000 to Rs.60,000 under Section 88G" #Budget2016
12:14 PM: Rs. 100 crore kept for the celebration of Guru Gobind Singh 300th birth anniversary and Deendayal Upadhyay's birthday
12:07 PM: New employees joining the scheme: EPF @ 8.3%
12:04 PM: 2,000 kilometres of state highways to be converted into national highways
#impactonautosector: The move will not only help people of the country at large scale, but also the automotive manufacturers and traders to expand their reach in those areas where proper road transportation and infrastructure are not fully developed.
12:03 PM: For recapitalisation of public sector banks, investment of Rs. 25,000 crore
12:00 PM: For 2016-17 - 10,000 km of national highways
11:54 AM: Motor Vehicles Act will be amended for the growth of entrepreneurship in the road transport sector
11:52 AM: 85% of stalled road projects back on track
#impactonautosector: This is another important booster as we are steadily moving towards the concept of Smart Cities. Creation of these Smart Cities heavily depends upon the road infrastructure of the country. Placing the stalled projects back on track will help both auto consumers and manufacturers in long term.
11:51 AM: 2015 saw highest number of motor vehicle production and road construction
11:49 AM: Small shops could remain open on all 7 days a week
11:47 AM: A massive 2.18 lakh crores allocated for Roads & Rail for FY16-17
11:45 AM: Rs. 97,000 crore investment for roads and highways
#impactonautosector: This is one of the key factors that will give impetus to the growing auto industry of India. While the country has made remarkable progress in the development of road and rail network, this huge investment will prove a major growth driver in the auto sector, especially when it comes to commercial vehicles and maturing the current public transport models.
11:41 AM: Educational institutions to get world-class status(10 public and 10 private)
11:38 AM: Gov will setup centers to support SC/ST businesses
11:37 AM: Health insurance of upto Rs. 1 lac per family
11:35 AM: Swachh Bharat Abhiyan gets Rs. 9,000 crore
11: 30 AM: MNREGA gets Rs. 38,500 crore. Highest ever invested in a rural employment scheme!
11:28 AM: Rs 2.87 lac crore has been given to gram panchayat's and municipalitie's aid
11:26 AM: Animal Welfare: 4 new schemes to be implemented
11.21 AM: 28.5 lac hectares of land to be added under irrigation land
11:18 AM: Govt will reorganise agricultural policy so as to double the farmers income in five years
11: 16 AM: Jaitley’s nine pillars of the Budget - Agriculture and farmers' welfare, rural sector, social sector including healthcare, education, skills and job creation, infrastructure, financial sector reforms, ease of doing business, fiscal discipline, tax reforms to reduce compliance burden.
11:14 AM: Three steps will be undertake to help the lower sections of the society
11: 11 AM: Financial year 16-17 will have the additional burden of implementing the VII pay commission and the defence OROP
11:09 AM: GDP growth has accelerated to 7.6%. CPI inflation has declined to 5.4%
11:05 AM: Mr. Jaitley has started his speech at the Parliament
10:58 AM: Finance Minister’s Budget speech will begin at 11:00 AM
