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India New Budget 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011 highlights, Speech and expectations.

India Union Budget 2017-2018 Highlights




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: 19-09-2019



    Date: 17-09-2019
    Notification No. 30/2019-Customs
    Seeks to amend notification No. 50/2017-Customs dated 30.06.2017 to reduce basic customs duty on Open cell (15.6” and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels and certain goods for use in the manufacture of Open cell of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels.

    Date: 14-09-2019
    NOTIFICATION No. 37/2019-Customs (ADD)
    Seeks to impose the definitive anti-dumping duty on the imports of "Electrical Insulators" originating in, or/and exported from China PR.

    Date: 14-09-2019
    NOTIFICATION No. 36/2019-Customs (ADD)
    Seeks to rescind notification No. 11/2015-Customs (ADD) dated 11th April, 2015.

    Date: 13-09-2019
    Notification No. 64/2019-CUSTOMS (N.T.)
    Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

    Date: 13-09-2019
    Public Notice No. 33/2015-2020
    Annexure I to Appendix 2A revised.

    Date: 13-09-2019
    PUBLIC NOTICE NO. 32/2015-2020
    Enlistment under Appendix 2E of M/s Expo Overseas Entrepreneurs Association (EOEA) Indore Madhya Pradesh- Authorized to issue Certificate of Origin (Non-Preferential)- reg.

    Date: 13-09-2019
    Notification No. 65/ 2019-Customs (N.T.)
    Amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997 so as to include Barhi, Distt Sonepat, Haryana

    Date: 13-09-2019
    Circular No. 31/2019-Customs
    Revised Norms for Execution of Bank Guarantee under Advance Authorisation, DFIA and EPCG Schemes

    Date: 12-09-2019
    Notification No. 43/2019-Customs (N.T./CAA/DRI)
    Appointment of CAA by DGRI -reg.



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