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Indian New Union Budget 2016 - 17 highlight update.




India New Budget 2016 - 2017


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]
Implementation of Budget Announcements 2015-2016[English]

  • Limited tax compliance window from June 1-Sep 30 for declaring Under new dispute resolution scheme, tax dispute can be resolved by paying 25% of disputed income in some cases

  • New disposal regime for tax cases

  • About 3 lakh taxe cases pending, worht Rs 5.5. lakh crore

  • Window open from June 1, 2016, defaulters will pay within two months of reporting undeclared income.

  • 1 year window for tax evaders; can pay up to 45% of undeclared income.

  • 1% infra cess to apply to small cars as well

  • Clean Environment Cess for coal and lignite raised to Rs 400 per tonne

  • Increase excise duty on tobacco products between 10-15%

  • 0.05% cess called Krishi Kalyan Cess on all taxable services.

  • Infra cess of 1% on all diesel cars of certain capacity, SUVs, some other cars
    DDT to be exempt from REITs

  • Persons with higher income can bear higher tax cost. Tax @10% for persons/HUFs receiving dividend more than Rs 10 lakh

  • For first homepayers, addl Rs 50,000 tax exemption for houses under Rs 50 lakh

  • Withdrawal up to 40% of corpus from Pension to be made tax-exempt

  • Raise personal I-T house rent exemption to Rs 60,000 from

  • Propose to implement GAAR from April 1, 2017

  • New cos will not be allowed to seek any exemption

  • LTCG period for unlisted firms reduced to 2 years

  • Capital gains not to be taxed if invested in select categories

  • Lower corp. IT rate for FY17 of relatively small enterpises, with turnover of less than Rs 5 crore limited to 29% plus cess

  • accelerated depreciation limited to 40% for first year, starting FY18

  • Corporate tax: Effective rate of tax comes to 24.8%. Accelerated depreciation limited to 40% for first year.

  • For MSMEs, with revenue not more than Rs 1 crore, turnover limit for scheme raise to Rs 2 crore.
    Not more than Rs 5 lakh, ceiling raised under 87 (a) from Rs 2000 to Rs 5000. for renters, increased from Rs 24000 to Rs 60000 per annum

  • Thrust of tax proposals on relief to small taxpayer, tax generation, value addition, moving to pensioned society, affordable housing, addl resources, reducing litigation, simplification and rationalistiaon of

  • FY2016 revenue deficit target at 2.5%

  • Non plan expenditure at Rs 14.28 lakh crore.

  • PLan vs Non-Plan distinction to be erased in FY2017. Every new scheme to have sunset date and outcome review

  • 15.3% increase in Plan Expenditure to Rs 5.5 lakh crore, this is the last year of the 12th Plan.

  • FY17 fiscal deficit target at 3.5% - Jaitley

  • Fiscal deficit to be retained at 3.9% of GDP

  • have decided that prudence in adhering to fiscal targets

  • 15.3% increase in plan expenditure to to Rs 5.5 lk crore: FM

  • Non-plan expenditure at `14.28 lk cr: FM

  • FY17 fiscal deficit target at 3.5%: FM

  • Finance Minister says Rs 25,000 cr for bank recapitalisation

  • To issue guidelines for renegotiation of PPP contracts; +ve for L&T, BHEL

  • Govt has option to reduce stake in IDBI below 50%

  • Allocation of Rs 25,000 crore for recapitalisation of Public sector banks

  • RBI Act to be amended for providing framework for Monetary Policy Code

  • 25,000 cr for bank recap: FM

  • New derivative products to be developed by Sebi

  • Financial data management centre to be set up for financial management

  • CRISIL View: Significant focus on roads visible in the nearly Rs 1 lakh crore outlay

  • RBI act to be amended to provide framework for monetary policy code: FM

  • Bankruptcy code to be introduced in parliament in FY17: FM

  • Total investment in road sector at 97000 cr in FY17: FM

  • Encourage CPSEs to divest non-core assets like land etc: FM

  • Propose further FDI reforms for stock exchanges, ins, pension: FM

  • Duty drawback schemes to be widened

  • Gram Sadak Yojana, irrigation focus positive for construction companies

  • To issue guidelines for renegotiation of PPP contracts: FM

  • 100% FDI to be allowed through FIPB in marketing of food produce manufactured and processed in India

  • Tax-free Infra bonds to be issues again this year

  • Oil and gas discovery and exploration has been below our potential - Jaitley

  • New pricing based on landed price is being considered

  • Govt to incentivise exploration in high seas.

  • Govt committed to achieve 100% village electrification by May 1, 2018; +ve for KEC Intl, L&T, Kalpataru Power

  • To amend motor vehicle act to open up road passenger sector: FM

  • Necessary amendments to open up road transport for passenger seg: FM

  • Govt to pay new subscribers' contribution to EPF for the first 3 years

  • Propose to launch new health care scheme with Rs 1 lakh as cover per family, +ve for insurance cos

  • Rs 55K crore for roads and crore, topped up by bonds. Total allocation to be Rs 97,000 crore on roads and highways. Along with Railways, total outlay on roads and rail will be a mammoth Rs 2.18 lakh crore
    Rs 2,21,246 crore for roads and highways and railways

  • Rs 8500 crore for rural electrification

  • 300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission

  • Allocate 55,000 cr for roads highways; excl 15,000 cr nhai bonds: FM

  • Need to derive greater benefit from demographic advantage

  • Launching 2 schemes to promote digital literacy

  • propose to exempt parts of dialysis equipment from basic customs duty

  • Additional 30,000 cr coverage to be provided for senior citizens above 60 years

  • Propose to exempt parts of dialysis equipment from basic customs duty:

  • Rs 19,000 Crore for Pradhanmatri Gram Sadak Yojna

  • Allocation to PM Fasal Bima Yojana for 2016/17 is Rs 5500 crores: Arun Jaitley

  • 2.87 lakh crore grants to gram panchayats and municipalities - a quantum jump of 228%: FM

  • FM: Quantum jump of 228% in grants to gram panchayats and urban local bodies in accordance with FFC recommendations

  • Rs 8500 crore for rural electrification: FM

  • 100% rural electrification by May 1, 2018: Jaitley

  • 300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission: FM

  • Propose to launch new health care scheme with 1 lk as cover per family: FM

  • Allocate `2,000 cr for initial cost of LPG connection to women members: FM

  • Catastrophic health events single largest cause of out of pocket expenditure, pushes people below BPL.

  •  Govt to launch new health protections schemed, health cover of Rs 1 lakh per family. Addl top up of Rs 30000 for senior citizens.

  • Renal disease a big issue. Only half of renal patients can get treatment. National Dialysis service to be launched in PPP model. Certain parts of dial. machines to get duty exemptions.

  • Need to adopt prudent fiscal strategy

  • Must rely on domestic demand since foreign mkts are weak

  • FM allocates Rs 9,000 cr towards Swachh Bharat Mission: Positive for A2Z Infra

  • GDP growth has accelerated to 7.6%. CPI inflation has come down to 5.4%

  • Two digital literacy programme will cover 6,000 extra villages

  • Over Rs 87,000 crore allocated for rural development.

  • Women of India have faced the curse of smoke during cooking, time to remedy this

  • Rs 2,000 crore to meet initial cost of proving LPG connections for rural areas. Scheme to continue for 5 years to cover BPL

  • Mr. Jaitley says the Indian economy has held strong despite a global slowdown.

  • Rs 500 crore allocated to pulses production.

  • Rs 500 crore allocated to pulses production

  • Rs 27,000 crore to be spent on roads network

  • 100 kms road construction per day currently to be stepped up.

  • Provision of Rs 15,000 crore to ease burden on loan repayment in form on interest subvention for farmers

  • Total allocation for agri and farmer welfare is Rs 35,984 crore

  • Rs 38,500 crore allocated for MGNREGA

  • At start of year, 18,500 villages were not electrified. As of mid-Feb, 5,500 villages have been electrified.

  • 100% rural electrification to be done by May 2018

  • Rs 38,500 crore allocated to MNREGS- Highest ever amount spend in a year

  • Rs 9000 crore allocation for Swachh Bharat Mission

  • Rewards system for rural areas that eliminate open defecation

  • Had To Work In An Unsupportive Political Envronment

  • Priority To Provide Addl Resource To Vulnerable Sections In Rural Areas

  • Will Focus On Areas Of Ut

  • Will provide for PSU bank recapitalisation in this fiscal

  • Agri and farmers' welfare: Need to think beyond food security to income security. WIll double income of farmers by 2022. Rs 35, 984 crore allocation

  • 9 pillars in this Budget - agri, rural sector, health sector, education skills and job creation, infra and investment, financial sector reforms, governance and ease of business, fiscal discipline, and tax reform to reduce compliance burden

  • Global economy has reduced from 3.4% to 3.1% growth. Indian economy has grown to 7.6% while CPI inflation down to 5.4%

  • Arun Jaitley To Meet President, Budget Speech At 11 Today

  • Budget Session of Parliament: Indian economy a haven of stability, says President Pranab Mukherjee

  • Union Budget 2016-17: ‘Expecting reduction in MAT rate from Arun Jaitley’.

  • Budget 2016: Shrouded in secrecy, FM Arun Jaitley's third budget enters last mile run.

  • Budget 2016: Govt may consider duty benefits for tea, coffee industry

  • Budget 2016: FIEO asks government to address inverted duty structure

  • Budget 2016: Telecom Ministry seeks 10-year tax holiday for Make in India drive

  • Budget 2016: Finance Ministry seeks public vote on fund allocation for social schemes

  • Budget 2016: In Make in India push, govt plans tax sops for leather, gems and jewellery

  • Budget Session of Parliament commences from Feb 23; Union Budget 2016 to be presented on Feb 29

  • Union Budget 2016-17 to provide Rs 1.10 lakh crore for Pay panel, OROP

  • Budget 2016-17 : Enhance India’s competitiveness for Make in India says Teradata India

  • RBI’s next rate cut more likely after government presents Union Budget 2016-17

  • Budget 2016 expectations: ‘Greater boost required for Smart City project’.

  • Union Budget 2016-17 countdown: Fiscal consolidation on track

  • Union budget must have big bang announcements: Assocham.


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What is New?

Date: 09-11-2017
Notification No. 107/2017 - Customs (N.T.)
Exchange Rates Notification No.107/2017-Custom(NT) dated 09.11.2017

Date: 08-11-2017
Notification No. 106/2017 - Customs (N.T.)
Exchange Rates Notification No.106/2017-Custom(NT) dated 8.11.2017

Date: 08-11-2017
Notification No. 84/2017-Customs
seek to (i) increase rate of basic customs duty on Peas, (Pisum sativum) from present Nil rate to 50%. (ii) increase rate of basic customs duty on wheat from 10% to 20%.

Date: 07-11-2017
Notification No. 105/2017 - Customs (N.T.)
Exchange Rates Notification No.105/2017-Custom(NT) dated 7.11.2017

Date: 06-11-2017
Notification No. 104/2017 - Customs (N.T.)
Exchange Rates Notification No.104/2017-Custom(NT) dated 6.11.2017

Date: 02-11-2017
Notification No. 103/2017 - Customs (N.T.)
Exchange Rates Notification No.103/2017-Custom(NT) dated 2.11.2017

Date: 01-11-2017
Notification No. 102/2017 - Customs (N.T.)
Exchange rates notification No.102 dated 1.11.2017.

Date: 31-10-2017
Notification No. 101/2017 - Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg.

Date: 31-10-2017
Notification No. 83/2017-Customs
Seeks to amend notification No. 16/2017-Customs dated the 20th April, 2017.

Date: 27-10-2017
Notification No. 82/2017-Customs
Seeks to prescribe effective rate of duty under chapters 50 to 63 on textile products.



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