Finance Minister Arun Jaitely is tabling the Union Budget 2016-17 in Parliament today. From smartphone makers to e-commerce segment, there s a massive expectation from today s budget. The smartphone and e-commerce industries are equally banking on tax reforms, especially GST. The PC industry has also called for similar reforms as well push to local manufacturing in the country. Also Read - Government rolls back 29.44% import duty on mobile phone componentsAlso Read - Union Budget 2016-17: TCS and Wipro hail SEZ scheme extension, digital plans
As expected the minister is make a lot of announcements with regards to local manufacturing under the Make In India initiative, and even further invest in Digital India missions to bring the billion online, and help expand the service to more masses on the go. Reports suggest the government may relax corporate tax by five percent whereas raise service tax by 18 percent. Increase in service tax is likely to be done to match up with GST, but could cause to price escalation across the board, including electronics. Also Read - Union Budget 2016-17: Prices of modems, set-top-boxes and routers likely to go up
It may be recalled that several foreign companies ranging such as Foxconn, OnePlus and Xiaomi have already revealed plans or have already began manufacturing in India. In our detailed pre-budget expectation coverage, the handset makers had pointed out that a lot of new brands are not only tapping the Indians by affordable products, they are looking forward to more incentives on local manufacturing as well as setting up the facilities check.
Stay tuned as we bring live updates from the Parliament…
The government to give statutory backing to Aadhar platform, aims to improve distribution of government benefits.
The government to focus on tax reforms.
The government to launch unified e-platform for agriculture sector on Ambedkar’s birth anniversary this year. An online portal for food procurement farmers and e-marketing portal for contacting breeders will be launched.
The government targets achieve 100 percent village electrification by 2018. The Finance Minister congratulates the Power Minister for the work thus far.
The government will launch two new schemes to promote digital literacy. The National Digital Literacy Mission Scheme for rural India will cover additional 6 crore households in the next three years.
The government to push entrepreneurship in SC/ST caste. Pradhamnatri Kaushal Vikas Yojna to promote skill development. The National Skill Development Mission to impart training to 76 lakh youth.
The government to focus on LED lights, save on power consumption.
Arun Jaitely now announcing reforms in FDI policy.
The government to set up social security platform based on Aadhar.
New initiative to encourage start ups, for ease of registration, aims to complete process in one day.
The government to encourage companies manufacturing in India, by providing rebate in taxes. Make In India partners will also get the concession. The government announces 100 percent deduction for 3 out of 5 years for new startups.
The government has announced tax concessions for the IT sector.
Retrospective case issue – the government announces no retrospective taxation will be undertaken. Big relief to Vodafone?
I-T department reform: Government launches e-sahygog, to make all procedures regarding I-T tax online. The e-assesments initiative to launch for all assesses in 7 mega city.
Finance Minister’s address has concluded. Check out all our coverage of the Union Budget 2016 here.