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Indian New Union Budget 2015 - 16 highlight update.




India New Budget 2015 - 2016


Key to Budget[English]
Budget Highlights
[English]
[In PDF]

Budget Speech[English]
Budget at a Glance[English]
Annual Financial Statement[English]
Finance Bill[English]
Memorandum[English]
Receipt Budget[English]
Expenditure Budget[English]
Customs & Central Excise Notifications

Budget changes in Custom Duty

Budget changes in Excise Duty

Budget changes in Service Tax
[English]
The Macro Economic Framework Statement[English]
The Medium Term Fiscal Policy Statement[English]
The Fiscal Policy Strategy Statement[English]


  • Finance Minister Arun Jaitley Presents Union Budget 2015-16 Set To Grow In Double-digits In Coming Days: FM 

  • Agri income, invst boost in infra, manufacturing key challenges’

  • Auto - Cars & Jeeps : Govt to allocate Rs 75 cr for electric vehicles

  • direct tax proposals will lead to loss of Rs 8,315 crore; indirect proposal will yield Rs 23,383 crore.

  • Yoga included in the ambit of charitable purposes under the Income Tax Act.

  • We have been consistent in what we have said and what we are doing: Arun Jaitley.

  • Individual tax payer will benefit to the extent Rs 4,44,200 from the exemptions announced.

  • Govt to abolish wealth tax, replaces wealth tax with additional 2%surcharge on super rich

  • Transport allowance, which is currently Rs 800 per month, has been increased to Rs 1600 per month: Arun Jaitley.

  • Additional deduction of Rs 50,000 for pension contributions.

  • 100% deduction for contribution to Swachch Bharat and Clean Ganga schemes.

  • Transport Allowance Exemption Increased To Rs 1,600/Month: FM

  • Health insurance premium limit for senior citizens to be Rs 30,000

  • Govt increases limit of deduction of health insurance premium from Rs 15,000 to Rs 25,000.

  • Rs 150 core to create world class IT hub in India: FM

  • 100% deduction for contribution to Swachch Bharat and Clean Ganga schemes.

  • Custom duty on raw materials and intermediaries to be reduced: FM.

  • FM proposea to increase service tax rate and education cess to 14% from 12.36%.

  • Govt: Retrospective tax provisions will be avoided.

  • Tax dept to put out a clarification on indirect transfer of assets and dividend paid by foreign firms.

  • Replacing wealth tax with a surcharge on super-rich will lead to Rs 9,000 crore additional income.

  • FM on fund allocation to different sectors

  • The excise duty on footwear having retail price of more than 1000 per pair has been reduced by 6 %: FM

  • Govt: Retrospective tax provisions will be avoided.

  • Govt to reduce custom duty on 22 items

  • Income tax on royalty fees for technical reduced to 10%

  • TO ABOLISH WEATH TAX; 2% ADDL SURCHARGE ON SUPER-RICH

  • Govt reduces taxes on technical services to 10% from 25%.

  • Govt defers roll out of anti-tax avoidance rules GAAR by 2 years.

  • PAN number mandatory for any purchase above Rs 1 lakh.

  • Foreign Exchange Management Act to allow for seizure of foreign properties and assets.

  • FM proposes to enact a comprehensive new law on black money to bring back black money stashed abroad.

  • Govt to enact tough penalties for tax evasion in new bill.

  • Benami property transaction bill to tackle black money transaction in real estate soon.

  • Media & Entertainment : GST to be implemented from next year

  • Corporate tax reduced from 30% to 25% over next four years

  • Budget estimates of expenditure: Rs 17 .77 lakh crpre, of which non-plan is Rs 13.12 lakh crore, and plan is Rs 4.65 lakh crore.

  • Defence allocation for this fiscal is Rs 2,46,727 crore.

  • It has been our endeavour in last 9 months to foster a stable taxation policy: Arun Jaitley.

  • GST to be implemented from next year

  • TO RATIONALISE & REMOVE EXEMPTIONS FOR CORPORATES

  • REVENUE DEFICIT TO BE 2.8% OF GDP IN FY16: FM

  • NON-TAX REVENUE IN FY16 SEEN AT Rs 2.21 LK CR

  • INTERPRETATION: Govt allocated Rs 33,150 cr towards healthcare

  • GROSS TAX RECEIPTS IN FY16 SEEN AT Rs 14.49 LK CR: FM

  • TOTAL EXPENDITURE IN FY16 SEEN AT Rs 17.77 LK CR

  • GST TO BE IMPLEMENTED FROM NEXT YEAR: FM

  • Castings & Forgings : Govt allocated Rs 2.47 lakh crore for defence equipment in FY16

  • Computers - Software - Training : Govt to launch a National Skills Mission to enhance employability of rural youth

  • ISM Dhanabad will be upgraded to full IIT.

  • Govt to raise visa-on-arrival facilities to 150 countries from 43

  • Government proposes to bring in a regulatory reform law.

  • Section 6 of FEMA to be amended: FM

  • AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.

  • Bank Board Bureau An Interim Step In Forming A Bank Holding Co: FM

  • Power - Generation/Distribution : Govt to increase target of renewable power to 1,75,000 MW

  • To Set Up Autonomous Bank Board Bureau For Selecting Bk Executives: FM

  • Propose To Set Up IIM In J&K & Andhra Pradesh

  • Power - Generation/Distribution : Govt will target to put up projects worth 60,000 MW under Wind Power

  • Propose AIIMs In Five More States: FM

  • Govt will target to put up projects worth 60,000 MW under Wind Power

  • To Launch A National Skills Mission To Enhance Employability Of Rural Youth

  • To Introduce A Public Contract Resolution Of Disputes Bill: FM

  • Govt to allocate Rs 75 cr for electric vehicles

  • To Introduce Regulatory Reform Law For Infrastructure

  • Govt to increase Visa on arrivals to 150 countries

  • To Allocate `75 Cr For Electrical Vehicles: FM

  • Govt to do away with distinction between FPIs and FDI

  • Propose To Increase Visa On Arrival To 150 Countries In Stages

  • Govt proposes to do away with different types of foreign investment and replace them with composite caps.

  • Rs 1000 crore more to Nirbhaya fund

  • Govt proposes to do away with different types of foreign investment and replace them with composite caps.

  • Govt to incentivise credit, debit card transactions

  • Banks - Private Sector : Govt to incentivise credit, debit card transactions

  • Construction & Contracting - Housing : FM says focus on housing for all

  • Will put in place bankruptcy code soon:FM

  • Employee's contribution to EPF below an income threshold will be optional without reducing employer's contribution.

  • Markets pare gains, but still in green.

  • Embraced States As Equal Partners Of Growth: FM 

  • NDA Govt Undertook Many Steps To Improve The Economy: FM 

  • Current account deficit for FY15 to be below 1.3% of GDP: FM 

  • Current Account Deficit For FY15 To Be Below 1.3% Of GDP Budget proposals lay down roadmap for accelerating growth: FM 

  • India set to take off on faster trajectory of growth again Forecasts for India have either been upgraded or kept stable: FM 

  • I present the budget in a far better economic environment than in the past: FM

  • Finance Minister Arun Jaitley Presents Union Budget 2015-16

  • Monetary Policy Committee Will Look To Keep CPI Below 6%: FM

  • GDP SEEN AT 8-8.5% IN FY16: FM

  • Have Concluded Monetary Policy Agreement With RBI: FM

  • Expect CPI To Remain Close To 5% By Year-end: FM

  • GST To Be In Place By April 1, 2016: FM

  • Govt says will need to build additional 1 lakh km of roads

  • Will Need To Build Additional 1 Lk km Of Roads 

  • Construction & Contracting - Civil : Govt says will need to build additional 1 lakh km of roads

  • LIKELY TO END FY15 WITH GDP OF 7.4%: FM

  • Govt to see 6 cr units of rural & urban housing by 2020

  • Construction & Contracting - Housing : Govt to see 6 crore units of rural & urban housing by 2020

  • See 6 Cr Units Of Rural & Urban Housing By 2020: FM

  • Saw 50 Lk Toilets Constructed In FY15: FM

  • Govt says will need to build additional 1 lakh km of roads

  • Will Need To Build Additional 1 Lk km Of Roads Construction & Contracting - Civil : Govt says will need to build additional 1 lakh km of roads

  • Govt to look at divestment of strategic & non-strategic companies

  • To Look At Divestment Of Strategic & Non-strategic Cos: FM

  • CONSIDERING SCALING UP OF DISINVESTMENT TARGET: FM

  • Govt sees GDP at 8-8.5% in FY16

  • TO ACHIEVE 3% FISCAL DEFICIT IN 3 YEARS VS 2% PREVIOUSLY ENVISAGED: FM

  • To Allocate `34,699 Cr For MNREGA

  • To Allocate Rs 25,000 Cr For Rural Infrastructure

  • Need To Cut Subsidy Leakage, Not Subsidies: FM

  • Construction & Contracting - Civil : Govt to allocate Rs 25,000 cr for rural infrastructure

  • To Allocate Rs 5,300 Cr For Micro-irrigation

  • Committed To Rationalising Subsidies: FM

  • Direct Transfer Of Benefits To Be Further Expanded: FM

  • PARITY FOR NBFCS WITH BANKS FOR THOSE WITH SIZE OF OVER `500 CR: FM

  • Govt to allocate Rs 20,000 cr for Mudra Bank for SMEs

  • Target of Rs 8.5 lakh crores credit to be given to farmers in 2015-16: FM

  • We need a well targeted system of subsidies rather than to cut subsidies: FM

  • We are committed to subsidy rationalisation based on cutting leakages: Jaitley

  • States get 62% of the total resources now: Arun Jaitley

  • GST to be put in place by April 1, 2016: FM

  • Will finish the journey to 3% fiscal deficit in two years: FM

  • Real GDP growth expected to accelerate to 7.4%: FM

  • Govt is looking for overall development: FM

  • Jan Dhan Yojana, coal auctions and Swachch Bharat our achievements'

  • PARITY FOR NBFCS WITH BANKS FOR THOSE WITH SIZE OF OVER `500 CR: FM

  • Road Outlays To Increase By Rs 14,031 Cr In FY16: FM

  • Propose Accident Insurance, Pension Schemes For Poor: FM

  • FM: NBFCs With Size Of Over Rs 500 Cr Will Get Access To SARFRAESI

  • Govt provides Rs 5300 cr to support micrio irrigation

  • Govt provides Rs 5300 cr to support micrio irrigation

  • PERMIT TAX-FREE INFRA BONDS FOR ROAD, RAILWAYS & INFRA PROJECTS: FM

  • Construction & Contracting - Civil : Govt permits tax-free infra bonds for road, railways & infra projects

  • Govt permits tax-free infra bonds for road, railways & infra projects

  • Construction & Contracting - Civil : Road outlays to increase by Rs 14,031 cr in FY16

  • INVESTMENT IN INFRA TO GO UP BY Rs 70,000 CR

  • If Tax Buoyancy Permits, To Increase Allocation To MNREGA By Rs 5,000 Cr

  • PM Surakhsha Bhima Yojana to increase the access to insurance; it will be linked with Jan Dhan Yojana: FM

  • Atal Pension Yojana to provide defined pension according to contribution; 50% contribution to be from govt.

  • I propose a new scheme of providing physical aids for senior citizens living below poverty line: Arun Jaitley

  • Investment in infrastructure to go up by Rs 70,000 crores: Jaitley

  • Jaitley proposes 'Nayi Manzil' scheme for the minorities youth.

  • To Allocate `1,000 Cr For Support To Start-ups: FM

  • Finance - Term Lending Institutions : NBFCs with size of over Rs 500 cr will get access to SARFAESI

  • Will Establish National Infra Fund, To Allocate Rs 20,000 Cr

  • Govt to launch PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of Rs 12

  • Target of Rs 8.5 lakh crores credit to be given to farmers in 2015-16: FM

  • FM: Will ensure no one who is poor is without a job. Govt allocates Rs 346.99 billion for NREGA scheme in Budget 2015

  • I propose to work on developing Indian gold coin which carries the Ashok Chakra, will help recycle gold available in country

  • Govt to introduce Indian gold coin with Ashoka sign on it.

  • FM proposes to merge commodities regulator with SEBI.

  • Rs 5000 crore: FM. PM Modi had said on Friday that his government would continue MNREGA since it is a glaring example of Congress's failure.

  • Initial sum of Rs 150 core to create world class IT hub to take advantage of our competitiveness.

  • Second unit of Kudankulam nuclear power station to be commissioned in 2015-16.

  • Proposes 5 ultra mega power projects for 4,000 MW each: FM

  • Tax-free infrastructure bonds for projects in railways and roads: FM

  • PPP model of Infrastructure to be revitalized and realigned.

  • Govt is establishing a mechanism 'self employment' to support all aspects of start up business: Arun Jaitley.

  • Meanwhile, in World Cup, UAE win the toss and elect to bat against India.

  • To Put In Place Direct Tax Regime: FM

  • FMC to be merged with SEBI

  • To Put In Place Direct Tax Regime: FM

  • India is the largest consumer of gold in the world, I propose to introduce a gold monetization scheme.

  • Govt to set up public debt management agency.

  • Govt plans to introduce direct tax regime that is internationally competitive on rates without exemptions.

  • FM: To Set Up Task Force To Create Financial Sector Redressal Agency


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What is New?

Date: 20-07-2017
Notification No. 72/2017 - Customs (N.T.)
Rate of exchange of conversion of the foreign currency with effect from 21st July, 2017

Date: 18-07-2017
Central Excise Notification No. 21/2017
Central Excise Notification No. 21/2017

Date: 18-07-2017
Notification No. 22/2017- Central Excise (N.T.)
Notification No. 22/2017- Central Excise (N.T.)

Date: 14-07-2017
Notification No. 67/2017-Customs
Seeks to further amend notification no. 25/2005-customs dated 01.03.2005.

Date: 14-07-2017
Notification No. 71/2017 - Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver

Date: 13-07-2017
Notification No. 35/2017-Customs (ADD)
Seeks to Impose provisional anti-dumping duty on imports of 'O-Acid" originating in exported from China PR

Date: 13-07-2017
Notification No. 34/2017-Customs (ADD)
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Date: 13-07-2017
Instruction
Constitution of Review Committees of the Commissioners of Central Excise and Service Tax-Regd. - 04/2017

Date: 13-07-2017
Instruction
Constitution of Review Committees of the Commissioners of Central Excise and Service Tax-Regd. - 03/2017

Date: 13-07-2017
Instruction
Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd. - 02/2017