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India New Budget 2017, 2016, 2015, 2014, 2013, 2012, 2011 highlights, Speech and expectations.

India Union Budget 2017-2018 Highlights

  • India New Union Budget 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010 Budget Highlights, Expectations, Budget at Glance, Finance Bill 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010 CBEC Notifications, Budget Presentations, Budget Speech of Finance Minister.

  • India New Union Budget 2017 - 2018 (New)



India Budget
The Union Budget of India also called the general India budget is presented each year on the last working day of February. The budget is presented by the Finance Minister of India in Parliament. Budget is most economic event in the country which outlines all the economic planning of the Government of India for the next year. It is not only important for corporates but for individuals from all sections of the society.

Origin and History

The first general budget of India was presented by the India's first Finance Minister Sir R.K. Shanmugham Chetty on November 26, 1947. Since then, 28 Union Finance Ministers have been presenting the budget every year. Initially, much attention was given to the agricultural sector but as later on, the focus shifted to the other sectors including the industrial, financial and other sectors.

Passing of Budget

The annual India budget has to be passed by the House of the parliament before it can come into effect on April 1, the start of India's financial year. The Indian parliament has one month to review and modify the government's budget proposals. If by April 1, the parliamentary discussion of the budget has not been completed, the budget as proposed by the minister of finance goes into effect and subject to retroactive modifications after the parliamentary review.

State Level Budget

Each state government maintains its own budget, prepared by the state's minister of finance in consultation with appropriate officials of the central government. Primary control over state finances rests with the state legislature in the same manner as at the central government level. State finances are supervised by the central government, however, through the Comptroller and the Auditor General of India; the latter reviews State Government accounts annually and reports the findings to the appropriate state governor for submission to the State's Legislature. The Central and State Budgets consist of a budget for current expenditures, known as the budget on revenue account, and a capital budget for economic and social development expenditures.

Separate Budget for Railway and Postal Department

The Indian Railways, the largest Public-Sector Enterprise, and the Posts and Telegraph Departments have their own budgets, funds, and accounts. The appropriations and disbursements under their budgets are subject to the same form of parliamentary and audit control as other government revenues and expenditures.


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    What is New?

    Date: 21-04-2017
    Customs Notification No. 17/2017
    Seeks to exempt goods, falling under the First Schedule to the Customs Tariff Act, 1975, when imported into India by or along with a unit of the Army, the Navy, the Air Force or the Central Paramilitary Forces on the occasion of its return to India after a tour of service abroad, from basic customs duty (BCD), CVD and SAD subject to the specified conditions.

    Date: 21-04-2017
    Trade Notice No. 04/2018
    Consideration of applications for grant of Licences/ Authorisations for import of “Gold Dore”

    Date: 20-04-2017
    Notification No.40/2017 - Customs (N.T.)
    Rate of exchange of conversion of the foreign currency with effect from 21st April, 2017

    Date: 20-04-2017
    Customs Notification No. 16/2017
    Seeks to exempt goods falling under chapter 30 of first schedule of Customs tariff Act 1975, for supply under Patient Assistance Programme run by specified pharmaceutical companies

    Date: 19-04-2017
    Customs Instruction No. 05/2017
    Meeting with representatives of Foreign Missions -reg.

    Date: 19-04-2017
    DGFT Notification No. 03/2015-2020
    Exemption from the application of quantitative ceiling and export bans on export of organic agricultural products (wheat, non-Basmati rice) and organic processed products (edibleoils and sugar) and enhancement of quantitative ceiling on export of pulses & lentils

    Date: 19-04-2017
    Customs Circular No. 15/2017
    DRescinding Board Circular F. No. 528/213/87 - Customs (TU)

    Date: 19-04-2017
    DGFT Public Notice No. 02/2015-2020
    Amendment in Standard Input Output Norms A-39 under Chemical & Allied Product Group –reg

    Date: 18-04-2017
    Customs Notification No. 14/2017
    Amendment to Notification No.41/1999-Cus to align the said notification with para 4.36 of FTP 2015-20 by omitting the word 'for export' in the proviso to the notification

    Date: 13-04-2017
    DGFT Notification No. 02/2015-2020
    TRQ for Raw Sugar: Amendment in import policy of raw sugar classified under Exim Code 170114 of Chapter 17 of ITC (HS), 2017–Schedule–1 (Import Policy