Indian New Union Budget 2016 - 17 highlight update. India New Budget 2016 - 2017Key to Budget[English]Budget Highlights[English][In PDF]Budget Speech[English]Budget at a Glance[English]Annual Financial Statement[English]Finance Bill[English]Memorandum[English]Receipt Budget[English]Expenditure Budget[English]Customs & Central Excise NotificationsBudget changes in Custom DutyBudget changes in Excise DutyBudget changes in Service Tax[English]The Macro Economic Framework Statement[English]The Medium Term Fiscal Policy Statement[English]The Fiscal Policy Strategy Statement[English]Implementation of Budget Announcements 2015-2016[English]Limited tax compliance window from June 1-Sep 30 for declaring Under new dispute resolution scheme, tax dispute can be resolved by paying 25% of disputed income in some casesNew disposal regime for tax casesAbout 3 lakh taxe cases pending, worht Rs 5.5. lakh croreWindow open from June 1, 2016, defaulters will pay within two months of reporting undeclared income.1 year window for tax evaders; can pay up to 45% of undeclared income.1% infra cess to apply to small cars as wellClean Environment Cess for coal and lignite raised to Rs 400 per tonneIncrease excise duty on tobacco products between 10-15%0.05% cess called Krishi Kalyan Cess on all taxable services.Infra cess of 1% on all diesel cars of certain capacity, SUVs, some other carsDDT to be exempt from REITsPersons with higher income can bear higher tax cost. Tax @10% for persons/HUFs receiving dividend more than Rs 10 lakhFor first homepayers, addl Rs 50,000 tax exemption for houses under Rs 50 lakhWithdrawal up to 40% of corpus from Pension to be made tax-exemptRaise personal I-T house rent exemption to Rs 60,000 from Propose to implement GAAR from April 1, 2017New cos will not be allowed to seek any exemptionLTCG period for unlisted firms reduced to 2 yearsCapital gains not to be taxed if invested in select categoriesLower corp. IT rate for FY17 of relatively small enterpises, with turnover of less than Rs 5 crore limited to 29% plus cessaccelerated depreciation limited to 40% for first year, starting FY18Corporate tax: Effective rate of tax comes to 24.8%. Accelerated depreciation limited to 40% for first year.For MSMEs, with revenue not more than Rs 1 crore, turnover limit for scheme raise to Rs 2 crore.Not more than Rs 5 lakh, ceiling raised under 87 (a) from Rs 2000 to Rs 5000. for renters, increased from Rs 24000 to Rs 60000 per annumThrust of tax proposals on relief to small taxpayer, tax generation, value addition, moving to pensioned society, affordable housing, addl resources, reducing litigation, simplification and rationalistiaon ofFY2016 revenue deficit target at 2.5%Non plan expenditure at Rs 14.28 lakh crore.PLan vs Non-Plan distinction to be erased in FY2017. Every new scheme to have sunset date and outcome review15.3% increase in Plan Expenditure to Rs 5.5 lakh crore, this is the last year of the 12th Plan.FY17 fiscal deficit target at 3.5% - JaitleyFiscal deficit to be retained at 3.9% of GDPhave decided that prudence in adhering to fiscal targets15.3% increase in plan expenditure to to Rs 5.5 lk crore: FMNon-plan expenditure at `14.28 lk cr: FMFY17 fiscal deficit target at 3.5%: FMFinance Minister says Rs 25,000 cr for bank recapitalisationTo issue guidelines for renegotiation of PPP contracts; +ve for L&T, BHELGovt has option to reduce stake in IDBI below 50%Allocation of Rs 25,000 crore for recapitalisation of Public sector banksRBI Act to be amended for providing framework for Monetary Policy Code25,000 cr for bank recap: FMNew derivative products to be developed by SebiFinancial data management centre to be set up for financial managementCRISIL View: Significant focus on roads visible in the nearly Rs 1 lakh crore outlayRBI act to be amended to provide framework for monetary policy code: FMBankruptcy code to be introduced in parliament in FY17: FMTotal investment in road sector at 97000 cr in FY17: FMEncourage CPSEs to divest non-core assets like land etc: FMPropose further FDI reforms for stock exchanges, ins, pension: FMDuty drawback schemes to be widenedGram Sadak Yojana, irrigation focus positive for construction companiesTo issue guidelines for renegotiation of PPP contracts: FM100% FDI to be allowed through FIPB in marketing of food produce manufactured and processed in IndiaTax-free Infra bonds to be issues again this yearOil and gas discovery and exploration has been below our potential - JaitleyNew pricing based on landed price is being consideredGovt to incentivise exploration in high seas.Govt committed to achieve 100% village electrification by May 1, 2018; +ve for KEC Intl, L&T, Kalpataru PowerTo amend motor vehicle act to open up road passenger sector: FMNecessary amendments to open up road transport for passenger seg: FMGovt to pay new subscribers' contribution to EPF for the first 3 yearsPropose to launch new health care scheme with Rs 1 lakh as cover per family, +ve for insurance cosRs 55K crore for roads and crore, topped up by bonds. Total allocation to be Rs 97,000 crore on roads and highways. Along with Railways, total outlay on roads and rail will be a mammoth Rs 2.18 lakh croreRs 2,21,246 crore for roads and highways and railwaysRs 8500 crore for rural electrification300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban MissionAllocate 55,000 cr for roads highways; excl 15,000 cr nhai bonds: FMNeed to derive greater benefit from demographic advantageLaunching 2 schemes to promote digital literacypropose to exempt parts of dialysis equipment from basic customs dutyAdditional 30,000 cr coverage to be provided for senior citizens above 60 yearsPropose to exempt parts of dialysis equipment from basic customs duty: Rs 19,000 Crore for Pradhanmatri Gram Sadak YojnaAllocation to PM Fasal Bima Yojana for 2016/17 is Rs 5500 crores: Arun Jaitley2.87 lakh crore grants to gram panchayats and municipalities - a quantum jump of 228%: FMFM: Quantum jump of 228% in grants to gram panchayats and urban local bodies in accordance with FFC recommendationsRs 8500 crore for rural electrification: FM100% rural electrification by May 1, 2018: Jaitley300 rurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission: FMPropose to launch new health care scheme with 1 lk as cover per family: FMAllocate `2,000 cr for initial cost of LPG connection to women members: FMCatastrophic health events single largest cause of out of pocket expenditure, pushes people below BPL. Govt to launch new health protections schemed, health cover of Rs 1 lakh per family. Addl top up of Rs 30000 for senior citizens.Renal disease a big issue. Only half of renal patients can get treatment. National Dialysis service to be launched in PPP model. Certain parts of dial. machines to get duty exemptions.Need to adopt prudent fiscal strategyMust rely on domestic demand since foreign mkts are weakFM allocates Rs 9,000 cr towards Swachh Bharat Mission: Positive for A2Z InfraGDP growth has accelerated to 7.6%. CPI inflation has come down to 5.4%Two digital literacy programme will cover 6,000 extra villagesOver Rs 87,000 crore allocated for rural development.Women of India have faced the curse of smoke during cooking, time to remedy this Rs 2,000 crore to meet initial cost of proving LPG connections for rural areas. Scheme to continue for 5 years to cover BPLMr. Jaitley says the Indian economy has held strong despite a global slowdown.Rs 500 crore allocated to pulses production.Rs 500 crore allocated to pulses productionRs 27,000 crore to be spent on roads network100 kms road construction per day currently to be stepped up.Provision of Rs 15,000 crore to ease burden on loan repayment in form on interest subvention for farmersTotal allocation for agri and farmer welfare is Rs 35,984 croreRs 38,500 crore allocated for MGNREGAAt start of year, 18,500 villages were not electrified. As of mid-Feb, 5,500 villages have been electrified.100% rural electrification to be done by May 2018Rs 38,500 crore allocated to MNREGS- Highest ever amount spend in a yearRs 9000 crore allocation for Swachh Bharat MissionRewards system for rural areas that eliminate open defecationHad To Work In An Unsupportive Political EnvronmentPriority To Provide Addl Resource To Vulnerable Sections In Rural AreasWill Focus On Areas Of UtWill provide for PSU bank recapitalisation in this fiscalAgri and farmers' welfare: Need to think beyond food security to income security. WIll double income of farmers by 2022. Rs 35, 984 crore allocation9 pillars in this Budget - agri, rural sector, health sector, education skills and job creation, infra and investment, financial sector reforms, governance and ease of business, fiscal discipline, and tax reform to reduce compliance burdenGlobal economy has reduced from 3.4% to 3.1% growth. Indian economy has grown to 7.6% while CPI inflation down to 5.4%Arun Jaitley To Meet President, Budget Speech At 11 TodayBudget Session of Parliament: Indian economy a haven of stability, says President Pranab MukherjeeUnion Budget 2016-17: ‘Expecting reduction in MAT rate from Arun Jaitley’.Budget 2016: Shrouded in secrecy, FM Arun Jaitley's third budget enters last mile run.Budget 2016: Govt may consider duty benefits for tea, coffee industryBudget 2016: FIEO asks government to address inverted duty structureBudget 2016: Telecom Ministry seeks 10-year tax holiday for Make in India driveBudget 2016: Finance Ministry seeks public vote on fund allocation for social schemesBudget 2016: In Make in India push, govt plans tax sops for leather, gems and jewelleryBudget Session of Parliament commences from Feb 23; Union Budget 2016 to be presented on Feb 29Union Budget 2016-17 to provide Rs 1.10 lakh crore for Pay panel, OROPBudget 2016-17 : Enhance India’s competitiveness for Make in India says Teradata IndiaRBI’s next rate cut more likely after government presents Union Budget 2016-17Budget 2016 expectations: ‘Greater boost required for Smart City project’.Union Budget 2016-17 countdown: Fiscal consolidation on trackUnion budget must have big bang announcements: Assocham. 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Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 30-10-2024 Massive fire at Noida sector 74 banquet hall, electrician killed Date: 30-10-2024 Salman Khan gets death threat again, message says pay ?2 crore, or…: Mumbai Police Date: 30-10-2024 Salman Khan gets death threat again, message says pay ?2 crore, or…: Mumbai Police Date: 30-10-2024 Exclusive: Six service chiefs back military theatre commands Date: 29-10-2024 Who is Abhinav Arora? Viral ‘Bal Sant’ receives threat from Lawrence Bishnoi gang Date: 29-10-2024 Received assurance at the highest level…': Omar Abdullah on J&K's statehood Date: 29-10-2024 Kerala fire: Over 150 injured, 8 critical, in fireworks accident near Veerarkavu temple Date: 24-10-2024 Justin Trudeau in trouble, gets ultimatum: Why Liberal MPs demanded Canadian PM's resignation Date: 23-10-2024 'Escaped by God's grace': JPC chief Jagdambika Pal remembers Kalyan Banerjee's 'fury' Date: 23-10-2024 PM Narendra Modi at BRICS Summit: 'India supports dialogue and diplomacy, not war' What is New? Date: 23-10-2024 Notification No. 70/2024–Customs (N.T) "Notification under Section 28A of Customs Act, 1962 for Non-Levy of Customs Duty on the import of Simply Sawn Diamonds Date: 23-10-2024 Notification No. 69/2024-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg. Date: 22-10-2024 Notification No. 46/2024-Customs [F. No. 190354/167/2024-TRU] Date: 18-10-2024 NOTIFICATION No. 67/2024-Customs (N.T.) "Notification of Yogayatan Port, Maharashtra as Customs Seaport" and it was issued under Section 7(1)(a) of Customs Act, 1962 Date: 15-10-2024 Notification No. 66/2024-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg Date: 08-10-2024 Notification No. 05/2024-Central Tax (Rate) Seeks to amend Notification No. 1/2017- Central Tax (Rate) dated 28.06.2017. Date: 08-10-2024 NOTIFICATION No. 06/2024-Central Tax (Rate) Seeks to amend Notification No. 4/2017- Central Tax (Rate) dated 28.06.2017.. Date: 08-10-2024 Notification No. 05/2024- Integrated Tax (Rate) Seeks to amend Notification No. 1/2017- Integrated Tax (Rate) dated 28.06.2017. Date: 08-10-2024 NOTIFICATION No. 06/2024-Union Territory Tax (Rate) Seeks to amend Notification No. 4/2017- Union Territory Tax (Rate) dated 28.06.2017. Date: 08-10-2024 NOTIFICATION No. 06/2024-Integrated Tax (Rate) Seeks to amend Notification No. 4/2017- Integrated Tax (Rate) dated 28.06.2017.
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