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2016 Union budget of India

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 () 2016 Union budget of India
Emblem of India
Submitted byArun Jaitley, Finance Minister
Presented29 February 2016
ParliamentIndian Parliament
PartyBhartiya Janta Party
Websitehttp://indiabudget.nic.in
‹ 2015
2017›

2016 Union budget of India is the annual financial statement of India for the fiscal year 2016–2017. It was presented before the parliament on 29 February 2016 by the Finance Minister of India, Arun Jaitley.[1] The printing of the budget documents began with a traditional Halwa ceremony on 19 February 2016.[2] For Budget 2016-17, the government invited suggestions from citizens through Twitter for the first time, even conducting a series of polls to gauge public priorities and expectations from the Budget. [3]

Key Points

₹10.6 billion (US$130 million) revenue loss through direct tax proposals, and ₹206.7 billion (US$2.5 billion) revenue gain through indirect tax proposals. Revenue gain of ₹196 billion (US$2.3 billion) in Union Budget 2016 proposals.[3] Surcharge was increased from 12% to 15% on tax on all incomes above ₹1 crore (US$120,000) and those earning dividend of over ₹10 lakh (US$12,000) per annum will now have to pay tax on it.[4] Monetary limit for deciding an appeal by a single member Bench of ITAT enhanced from ₹15 lakh (US$18,000) to ₹50 lakh (US$60,000).[5] STT (Securities Transaction Tax) was retained at 0.1% for delivery based equiities.[6]

Allocations

  • ₹9 billion (US$110 million) fora buffer stock of pulses.[3]
  • ₹773.83 billion (US$9.3 billion) to the home ministry of which ₹674.08 billion (US$8.1 billion) is under non-plan and ₹99.75 billion (US$1.2 billion) under plan heads.[7]
  • ₹360 billion (US$4.3 billion) for agriculture and farmer welfare[8]
  • ₹880 billion (US$11 billion) towards rural development[8]
  • ₹2.21 lakh crore (US$26 billion) for roads, railways and other facilities[9]
  • ₹210 billion (US$2.5 billion) was allocated to the Urban Development Ministry, while Housing and Poverty Alleviation got ₹54 billion (US$650 million).[10]

Complete list of allocations and receipts can be found on the official site [11]

Reactions

Opposition member and former Prime Minister of India, Dr. Manmohan Singh termed it a "mixed bag Budget" with no big idea.[12]

See also

References

  1. ^ "Government to present Union Budget for 2016-17 on Feb 29, says Jayant Sinha", Indian Express, PTI, 20 January 2016
  2. ^ "Printing Of Union Budget Document Begins With 'Halwa' Ceremony", NDTV, Press Trust of India, 19 February 2016
  3. ^ a b c "Union Budget 2016-17: 'I-T slabs remain unchanged'", The Hindu, 29 February 2016
  4. ^ "Budget 2016: It's bad news for the 'rich' as govt shifts focus", The Times of India, 1 March 2016
  5. ^ "Budget 2016: Highlights of FM Arun Jaitley's speech", The Economic Times, 29 February 2016
  6. ^ "Definition of Securities Transaction Tax". Economic Times. 10 October 2016. Retrieved 24 October 2016.
  7. ^ "Budget 2016: Home ministry gets Rs 77,383.12 cr, a 24.56% hike", The Times of India, 29 February 2016
  8. ^ a b "Budget 2016: Triple taxation of profits could be avoided, says Raamdeo Agrawal, Motilal Oswal Fin Services", The Economic Times, 2 March 2016
  9. ^ "'Budget delivers on all counts'", The Hindu, 3 March 2016
  10. ^ "Govt expects Real estate Bill to be a reality soon: Naidu", Business Standard, 2 March 2016
  11. ^ Budget at a glance
  12. ^ http://profit.ndtv.com/news/budget/article-mixed-bag-budget-with-no-big-idea-says-manmohan-singh-1282404
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