Financial Highlights of 2015
It’s that time of year again when we sit back and reflect on the year gone by. You must be wondering about the different tax reforms, monetary policies and schemes introduced by the government this year. As we bid adieu to the year, we’ll give you a quick run-through of the major financial highlights that defined 2015.
Tax Reforms
One Tax to Bind Them All
The Goods & Services Tax has to be one of the most highly anticipated tax reforms introduced by the government in recent times. The GST as it is popularly known will be a welcome amendment to taxation in India because it will lower the prices of goods by 12-14%. What’s more? The GST could boost the country’s GDP by 0.5%.
Economy
While we are on the topic of GDP, have you heard the latest updates on the financial grapevine?
India has outpaced China to become the world’s fastest growing economy this year and is poised to achieve 7-7.5% growth in 2016.
Delhi may be battling rising pollution levels, prompting the government to propose an odd-even car registration number rule. A restriction of the cars on the road based on the odd or even numbers on the registration number plates. Weird, isn’t it? But in the midst of all that, India’s capital city recently recorded the highest per capita income in the country.
Money
The Finance Ministry revealed some amendments to the way you will transact your money in the coming year. You will have to submit your PAN card for transactions above Rs. 2 lakhs. This is expected to reduce the generation of black money in the country.
One Rate to Rule Them All
The Reserve Bank of India has also made lending more borrower-friendly with the recent announcement of the new lending rate calculation method. The Marginal Cost of Funds based Lending Rates will bring about more uniformity in the calculation of bank’s lending rates.
Taxes
What were you saying about tax refunds? You have a tax refund pending? Breathe easy there. The Income Tax Department has announced that they plan to eliminate the tax refund dues by ensuring faster refunds for amounts below Rs. 50,000. You’ll get that money soon enough.
Additional Reading: What to do if you get an Income Tax Notice
Taxing times? We’ve got you covered
It’s a new year so that means a new financial year too. We’ve got some advice on successful tax saving for you. You can thank us later.
Additional Reading: Filing Income Tax Returns? Use Your Aadhar Card Now
Prime Minister’s Schemes
Our enigmatic Prime Minister Narendra Modi has been the talk of the town (or should we say country?) this year. But aside from making surprise visits to neighbouring countries, Modi has been very enterprising in his first term as Prime Minister.
You want to help clean up your neighbourhood? Here’s a new way to do that. Heard about the Swachh Bharat Cess?
The World Bank has recently granted $1.5 Bn for the Swachh Bharat initiative to help the Indian government improve sanitation across the country by 2019.
The Sovereign Gold Bond Scheme has to be one of the most popular initiatives the Prime Minister has launched. India is to get its first physical gold trading exchange in 2016.
Additional Reading: Prime Minister’s Gold Schemes
In an attempt to encourage a saving habit among the masses and to allow the common man to invest in pension schemes and insurance policies, Prime Minister Modi has unveiled three Social Security Schemes.
And now, that’s a wrap for the year in finance.