Tag Archives: Budget

Skill development : Budget Highlights 2016-2017

Ministry of Skill Development and Entrepreneurship Budget Highlights 2016-2017 The Minister of State (I/C) for Skill Development and Entrepreneurship Shri Rajiv Pratap Rudy has made the following statement in a media briefing here today. “The budget for skill development is highly encouraging for us. As announced, we will be creating 1500 Multi Skill Training Institutes (MSTIs) which… Read More »

Budget : Frequently Asked Questions

Budget 1. What is Budget? Budget is an Annual financial statement of the estimated receipts and expenditure of the Government for the financial year. (1st April –31st March). It is presented by the Union Finance Minister in the parliament. Once passed by both the houses of parliament and approved by the President of India, the… Read More »

CUSTOMS Amendments Proposed by Budget 2016

CUSTOMS Amendments Proposed by Budget 2016 Section 2(43) has been amended so as to include Special Warehouse licensed under Section 58A for enabling storage of specific goods under physical control of the department, as control over the other types of warehouses would be only record based. Section 25 is being amended so as to omit… Read More »

Amendments in Central Excise as per Budget 2016

Central Excise Act, Amendments made effective immediately  The Clean Energy cess is to be renamed as Clean Environment cess. The effective rate of Clean Energy cess proposed to be increased from Rs.200 per tonne to Rs.400 per tonne. Infrastructure cess is to belevied on motor vehicles under heading 8703 subject to certain exceptions. Further, this… Read More »

Initiatives proposed in budget for Chemicals and Fertilizers

A number of initiatives proposed in the budget concerning the Ministry of Chemicals and Fertilizers In the Union Budget of 2016, a number of initiatives have been proposed for the Ministry of Chemicals and Fertilizers. The Union Minister of Chemicals and Fertilizers Shri Ananth Kumar outlined the initiatives:  Department of Fertilizers  Direct Benefit Transfer (DBT)… Read More »

Govt will remove Plan – Non Plan Classification in Budget

Plan – Non Plan Classification To Be Done Away from Fiscal 2017-18 The Plan and Non-Plan classification will be done away with from fiscal 2017-18. This was stated by the Union Finance Minister Shri Arun Jaitley while presenting the General Budget 2016-17 in Lok Sabha today.Shri Jaitley said that successive committees have questioned the merit… Read More »

Budget 2016 Agenda is to Transform India

FM: GDP Accelerates to 7.6%; Budget 2016-17 Built on Agenda ‘Transform India’             While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the growth of GDP has accelerated to 7.6% in the current Financial Year.  This was possible notwithstanding the contraction of global exports by… Read More »

Finance Minister clarify aims of Tax Proposals

FM: Tax Proposals are aimed at Boosting Economic Growth and Employment Generation The Union Finance Minister Shri Arun Jaitley announcing the tax proposals in the Union Budget today said boosting employment generation through economic growth is a main objective behind these proposals. Other objectives, he said, would be for incentivizing ‘Make in India’, to promote… Read More »

Govt Steps for Financial Sector reforms in Budget 2016

Comprehensive Code on Resolution of Financial Firms to be Enacted Allocation of Rs. 25,000 Crore Towards Recapitalisation of PSBS Target of Amount Sanctioned Under Pradhan Mantri Mudra Yojana is Proposed to be Increased to Rs 1,80,000 Crore While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said… Read More »

Govt steps in Budget 2016 for Simplification of Taxation

Simplification and Rationalization of Taxation While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the Government has already accepted many recommendations of Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committee in Budget 2016-17. In order to… Read More »

Increase of 15.3% in Plan Expenditure in Budget 2016

Increase of 15.3 percent in the Plan Expenditure over the current Financial Year The total expenditure in the General Budget for 2016-17 has been projected at Rs.19.78 lakh crore, consisting of Rs.5.50 lakh crore under Plan and Rs.14.28 lakh crore under Non-Plan. The increase in Plan expenditure is in the order of 15.3% over current… Read More »

Krishi Kalyan Cess @ 0.5% on all taxable servies ; Budget 2016

Additional Resource Mobilization for agriculture, rural economy and clean environment Krishi Kalyan Cess @ 0.5% on all taxable services for financing initiatives relating to improvement of agriculture and welfare of farmers While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that uniform application of Dividend Distribution… Read More »

Good News for pension Savings in Budget 2016

Measures for moving towards a pensioned society While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that pension schemes offer financial protection to senior citizens. He proposed to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case… Read More »

15 Key Reform Measures in Budget speech 2016-17

Union Finance Minister Shri Arun Jaitley spoke on the Key Reform Measures in his Budget speech 2016-17 1. The Government is firm on its course towards fiscal consolidation without compromising on its development agenda. 3.5% fiscal deficit is targeted for FY 2017. 2. Total allocation for Agriculture, Farmers’ welfare and Irrigation set at Rs. 47,912… Read More »

Govt provided marketing freedom to incentivise Oil & Gas production in Budget 2016

Government will provide calibrated marketing freedom to incentivise Oil & Gas production Comprehensive plan to augment investment in Nuclear Power generation Presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that Oil & Gas discovery and exploration of Gas in difficult areas will be incentivized by giving… Read More »

Govt increased outlay in Infrastructure in Budget 2016

Together with the Capital Expenditure of the Railways, the Total Outlay on Roads and Railways Proposed at Rs 2,18,000 Crore in 2016-17 Total Outlay for Infrastructure in Budgetary Estimates 2016-17 Stands at Rs. 2,21,246 Crore   While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that Infrastructure… Read More »

Govt announces Reforms in FDI Policy through Budget 2016

Reforms in FDI Policy in the Areas of Insurance and Pensions, Asset Reconstruction Companies, Stock Exchanges 100% FDI to be Allowed Through FIPB Route in Marketing Food Products Produced and Manufactured in India While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that to promote private… Read More »

FM announces Rs. 2000 crore for LPG Connection to women

Finance Minister announces Rs. 2000 crore in the Budget to give LPG Connection to women member of poor households; Scheme to benefit 1.5 crore households below poverty line in the current year Finance Minister expresses gratitude and appreciation for those households who voluntarily gave up cooking gas subsidy   National Scheduled Caste and Scheduled Tribe… Read More »

New dispute Resolution Scheme Launched by Govt to promote tax-friendly regime

Promoting a tax-friendly regime through a new ‘ Dispute Resolution Scheme ’ While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that litigation is a scourge for tax friendly regime and creates an environment of distrust. Litigation also leads to increasing the compliance cost of the… Read More »

Govt tpo launch Ek Bharat Shreshtha Bharat

Ek Bharat Shreshtha Bharat Programme to be Launched ‘Ek Bharat Shrestha Bharat’ programme will be launched to link States and Districts in an annual programme that connects people though exchanges in areas of language, trade, culture, travel and tourism. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun… Read More »

Budget 2016-17 presented in Parliament

Budget 2016-17 presented in Parliament; Major focus on agriculture and farmers’ welfare 28.5 lakh Hectares to be brought under irrigation Rs. 2.87 lakh crore Grant in Aid to Gram Panchayats and Municipalities 100% village electrification by 1st May 2018   A massive mission announced to provide LPG connection to poor households New Health Protection Scheme to… Read More »

Government to Double the Income of Farmers by 2022

Government to Double the Income of Farmers by 2022 Unified Agricultural Marketing E-Platform to be Dedicated to the Nation on 14th April this Year The Union Finance Minister, Shri Arun Jaitley while presenting the General Budget today said that his Government intends to go beyond Food Security and give back a sense of income security… Read More »

FAQ on Budget and Railway Budget

WHAT IS THE BUDGET? A Government budget is a legal document that is – • Passed by the Parliament, and • Approved by the President. • The two basic elements of any budget are the revenues and expenses. WHEN IS THE BUDGET PRESENTED? The Union Budget is presented to Parliament in two parts i.e. Railway… Read More »