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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: 22-07-2016
      DGFT Public Notice No. 23/2015-2020
      Removal of M/s Trans Border Safety Contral Inspection Services LLC, USA from the list of Inspection and Certificate Agencies ( Appendix 2 G)

      Date: 22-07-2016
      Customs Circular No. 33/2016
      Review of entity based facilitation programmes viz. Accredited Client Programme (ACP) and Authorized Economic Operator (AEO) programme — Revised Guidelines.

      Date: 21-07-2016
      Customs Notification No. 102/2016 (NT)
      Rate of exchange of conversion of the foreign currency with effect from 22nd July, 2016

      Date: 21-07-2016
      Central Excise Circular No. 1039/27/2016-CX
      Classification of Micronutrients, Multi-micronutrients, Plant Growth Regulators and Fertilizers-clarification regarding classification of Glyphosates

      Date: 21-07-2016
      Trade Notice No. 11/2015-20
      Deduction of State/ Central Taxes collected from the customers while calculating foreign earnings for SFIS/SEIS Schemes.

      Date: 20-07-2016
      RBI/2016-17/22 DCM (FNVD) G–6/16.01.05/2016-17
      Master Circular – Detection and Impounding of Counterfeit Notes

      Date: 20-07-2016
      RBI/2016-17/23 DCM (CC) No.G-3/03.44.01/2016 – 17
      Master Circular –Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public

      Date: 20-07-2016
      Trade Notice No 10/2016
      Closure of EPCG authorizations in case of supplies to SEZ units which have been made prior to 01.04.2015 and where exports proceeds have not been realized through Foreign Currency Account (FCA) of the SEZ unit.

      Date: 20-07-2016
      Regarding extension of benefit of Notification No. 24/2005 on micro/mini SD card

      Date: 19-07-2016
      Central Excise Circular No. 1037/25/2016-CX
      Classification of Tamarind Kernel Powder under CETA, 1985

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