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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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    Date: 20-09-2017
    Circular No. 37/2017-Customs
    Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28th August, 2017.

    Date: 18-09-2017
    Notification No. 45/2017-Customs (ADD)
    Seeks to impose anti-dumping duty on "New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16'' used in buses and lorries/trucks",originating in or exported from China PR.

    Date: 16-09-2017
    Circular No. 35/2017-Customs
    Guidelines for provisional release of seized imported goods pending adjudication under Section 110A of the Customs Act, 1962.

    Date: 15-09-2017
    Notification No. 87/2017 - 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: 15-09-2017
    A. P. (DIR Series) Circular No. 04
    Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC)

    Date: 15-09-2017
    Notification No. 76/2017-Customs
    Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18.

    Date: 15-09-2017
    Notification No. 35/2017-Central Tax
    Seeks to extend the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017.

    Date: 15-09-2017
    Notification No. 34/2017-Central Tax
    Seventh amendment to the CGST Rules, 2017.

    Date: 15-09-2017
    Notification No. 33/2017-Central Tax
    Notifying section 51 of the CGST Act, 2017 for TDS.

    Date: 15-09-2017
    Notification No. 32/2017-Central Tax
    Seeks to granting exemption to a casual taxable person making taxable supplies of handicraft goods from the requirement to obtain registration.



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