Union Budget 2021 Pdf Download Eng & Hindi | Budget Highlights Pdf

Budget 2021 Pdf Download

• Fiscal Deficit 2020-21 Was – 9.5 % of GDP , Fiscal Deficit For 2021-22 Will be Approx 6.8 %.
• No Change In Personal Income Tax Slab.

Health & Sanitation Budget 2021

• A new scheme, titled PM Atma Nirbhar Swasthya Bharat Yojana, to be launched to develop primary, secondary and tertiary healthcare.
• Mission POSHAN 2.0 to improve nutritional outcomes across 112 Aspirational districts Operationalization of 17 new public health units at points of entry
• Modernising of existing health units at 32 airports, 15 seaports and land ports
• Jal Jeevan Mission Urban aimed at better water supply nationwide
• Strengthening of Urban Swachh Bharat Mission

Education Union Budget 2021

• 100 new Sainik Schools to be set up
• 750 Eklavya schools to be set up in tribal areas
• A Central University to come up in Ladakh

Infrastructure Union Budget 2021

• Vehicle scrapping policy to phase out old and unfit vehicles – all vehicles to undergo fitness test in automated fitness centres every 20 years (personal vehicles), every 15 years (commercial vehicles)
• Highway and road works announced in Kerala, Tamil Nadu, West Bengal and Assam
• National Asset Monetising Pipeline launched to monitor asset monetisation process
• National Rail Plan created to bring a future ready Railway system by 2030
• 100% electrification of Railways to be completed by 2023
• Metro services announced in 27 cities, plus additional allocations for Kochi Metro, Chennai Metro Phase 2, Bengaluru Metro Phase 2A and B, Nashik and Nagpur Metros
• National Hydrogen Mission to be launched to generate hydrogen from green power sources
• Recycling capacity of ports to be doubled by 2024
• Gas pipeline project to be set up in Jammu and Kashmir
• Pradhan Mantri Ujjwala Yojana (LPG scheme) to be extended to cover 1 crore more beneficiaries

New Taxes Imposed In Budget 2021

• No IT filing for people above 75 years who get pension and earn interest from deposits
• Reopening window for IT assessment cases reduced from 6 to 3 years. However, in case of serious tax evasion cases (Rs. 50 lakh or more), it can go up to 10 years
• Affordable housing projects to get a tax holiday for one year
• Compliance burden of small trusts whose annual receipts does not exceed Rs. 5 crore to be eased
• Duty of copper scrap reduced to 2.5%
• Custom duty on gold and silver to be rationalised
• Duty on naphtha reduced to 2.5%.
• Duty on solar inverters raised from 5% to 20%, and on solar lanterns from 5% to 15%
• All nylon products charged with 5% customs duty
• Tunnel boring machines to attract customs duty of 7%
• Customs duty on cotton raised from 0 to 10%

Economy and Finance In Budget 2021

• Fiscal deficit stands at 9.5% of the GDP; estimated to be 6.8% in 2021-22
• Proposal to allow States to raise borrowings up to 4% of GSDP this year
• A Unified Securities Market Code to be created, consolidating provisions of the Sebi Act, Depositories Act, and two other laws
• Proposal to increase FDI limit from 49% to 74%
• An asset reconstruction company will be set up to take over stressed loans
• Deposit insurance increased from Rs 1 lakh to Rs 5 lakh for bank depositors
• Proposal to decriminalise Limited Liability Partnership Act of 2008
• Two PSU bank and one general insurance firm to be Disinvested this year
• An IPO of LIC to debut this fiscal
• Strategic sale of BPCL, IDBI Bank, Air India to be completed

Agriculture Budget 2021 Key Schemes

• Agriculture infrastructure fund to be made available for APMCs for augmenting their infrastructure
• 1,000 more Mandis to be integrated into the E-NAM market place
• Five major fishing hubs, including Chennai, Kochi and Paradip, to be developed
• A multipurpose seaweed park to be established in Tamil Nadu

Employment Schemes In Budget 2021

• A portal to be launched to maintain information on gig workers and construction workers
• Social security to be extended to gig and platform workers
• Margin capital required for loans via Stand-up India scheme reduced from 25% to 15% for SCs, STs and women

• 0% for income upto 5 lakh.
• 5% for income greater than 2.5 lakh if total income greater than Rs 5 lakh.

• IMF– International Monetary Fund
• FDI- Foreign Direct Investment
• CPI– Consumer Price Index
• GDP– Gross Domestic Product
• FCNR– Foreign Currency (Non-Resident) Account
• GST– Goods and Service Tax
• TEC India- Transform, Energise and Clean India
• PACS– Primary Agriculture Credit Societies
• KVKs– Krishi Vigyan Kendras
• NAM– National Agricultural Market
• APMC– Agricultural Produce Marketing Committee
• MGNREGA– Mahatma Gandhi National Rural Employment Gurantee Act
• PMGSY– Pradhan Mantri Gram Sadak Yojana
• PMEGP– Prime Minister’s Employment Generation Programme
• NRDWP– National Rural Drinking Water Programme
• PMKK– Pradhan Mantri Kaushal Kendras
• SANKALP– Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme
• STRIVE– Skill Strengthening for Industrial Value Enhancement
• NTA– National Testing Agency
• ICDS– Integrated Child Development Services
• IRCTC– Indian Railway Catering and Tourism Corporation
• TIES– Trade Infrastructure for Export Scheme
• FIPB– Foreign Investment Promotion Board
• CERT-Fin- Computer Emergency Response Team for our Financial Sector
• IRFC– Indian Railway Finance Corporation Limited
• FFO– Further Fund Offering
• PMMY– Pradhan Mantri Mudra Yojana
• BHIM– Bharat Interface for Money
• UPI– Unified Payment Interface
• USSD– Unstructured Supplementary Service Data
• IMPS– Immediate Payment Service
• SIDBI– Small Industries Development Bank of India
• DBT- Direct Benefit Transfer
• FRBM– Fiscal Responsibility and Budget Management Act
• MAT– Minimum Alternate Tax
• MSE– Medium and Small Enterprises
• NPA– Non-Performing Asset
• MSME– Micro, Small and Medium Enterprises
• SIT– Special Investigation Team
• FPI– Foreign Portfolio Investor
• TDS– Tax Deducted at Source
• QIBs– Qualified Institutional Buyers
• SEBI- Securities and Exchange Board of India
• RBI– Reserve Bank of India
• CBDT– Central Board of Direct Taxation
• IPO– Initial Public Offering
• HUF– Hindu Undivided Family
• OECD– Organisation for Economic Co-operation and Development
• EBITDA– Earnings Before Interest, Taxes, Depreciation and Amortisation
• TCS– Tax Collection at Source
• FTC– Foreign Tax Credit
• MPEDA– Marine Products Export Development Authority
• APDEA– Anchorage Police Department Employees Association
• AAR– Authority for Advance Ruling
• FMV– Full Motion Video
• FEMA– Foreign Exchange Management Act
• LED– Light-Emitting Diode
• RCS– Regional Connectivity Scheme
• PCBs– Printed Circuit Boards
• VPEG– Vinyl Polyethylene Glycol
• MTA– Medium Quality Terephthalic Acid
• QTA– Qualified Terephthalic Acid
• NSSF– National Small Savings Fund

• Union Budget is the most comprehensive report of the Government’s Advances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government’s accounts for the next Fiscal year called Budgeted Estimates.

• Direct and Indirect Taxes – Direct taxes are the one that fall directly on individuals and corporations. For
  example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by
  consumers when they buy goods and services. These include excise duty, customs duty etc.

• Fiscal Deficit -When the government’s non-borrowed receipts fall short of its entire expenditure, it has to borrow money form the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the Fiscal Deficit .

• Revenue Deficit -The difference between revenue expenditure and revenue receipt is known as revenue Deficit. It shows the shortfall of government’s current receipts over current expenditure.

• Primary Deficit -The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government’s borrowings are going towards meeting expenses other than interest payments.

• Fiscal policy – It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented though the budget and is the primary means by which the government can influence the economy.

• Capital Budget – The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties

• The revenue budget consists of revenue receipts of the Government and it expenditure.
• Revenue receipts are divided into tax and non-tax revenue.
• Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies.
• The non-tax revenue sources include interest on loans, dividend on investments.

• Budget Estimates – Amount of money allocated in the Budget to any ministry or scheme for the coming Financial year

• Guillotine – Parliament, unfortunately, has very limited time for Scrutinizing the expenditure demands of all the Ministries.
• So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the
  vote of the House.
• This process is popularly known as ‘Guillotine’.

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