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

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

    • India New Union Budget 2016 - 2017 (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: 23-09-2016
      Trade Notice No. 18/2016
      Clarification in respect of definition of service provider under Common Service Providers (CSP) in Export Promotion Capital Goods (EPCG) scheme.

      Date: 23-09-2016
      Customs Notification No. 51/2016
      Seeks to further amend notification No.12/2012-Customs dated the 17th March, 2012, so as to: 1. Reduce import duty on potatoes from 30% to 10% up to 31.10.2016. 2. Reduce import duty on wheat from 25% to 10% up to 29.02.2017. 3. Reduce import duty on palm oil from 12.5% to 7.5% for crude palm oil of edible grade, and from 20% to 15% for refined palm oil of edible grade.

      Date: 23-09-2016
      DGFT Public Notice No. 33/2015-2020
      Amendment in ANF-5A [Applicationj for issue of EPCG Authorisation ] incorporating the guideline for designating/certifying a Common Service Provider (CSP) under Para 5.02 (b) of FTP 2015-20-reg.

      Date: 22-09-2016
      Customs Notification No. 122/2016 (NT)
      Rate of exchange of conversion of the foreign currency with effect from 23rd September, 2016

      Date: 22-09-2016
      Customs Circular No. 44/2016
      Regarding setting up of 'Custom Clearance Facilitation Committee' (CCFC) for Land customs stations and Inland Container Depots-reg

      Date: 22-09-2016
      Trade Notice No. 17/2016
      Refund of Terminal Excise Duty(TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not availabe.

      Date: 22-09-2016
      Customs Notification No. 50/2016
      Seeks to further amend notification No. 12/2012-Customs dated 17.03.2012

      Date: 22-09-2016
      Service Tax Notification No. 41/2016 (ST)
      Seeks to exempt taxable service provided by State Government Industrial Development Corporations/ Undertakings by way of granting long term (thirty years, or more) lease of industrial plots to industrial units from so much of service tax which is leviable on the one time upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such lease.

      Date: 22-09-2016
      DGFT Public Notice No. 32/2015-2020
      Merchandise Exports from India Scheme (MEIS)-Additions/amendments in Table 2[containing ITC (HS) code wise list of products with reward rates] of Appendix 3B

      Date: 21-09-2016
      Instruction
      Instruction issued by Legal Cell, CBEC regarding non compliance of sub-section 2 of section 32K of Central Excise, Act, 1944 - Immunity granted to a person from prosecution, penalty and fine



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