2016 Union budget of India
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| Submitted by | Arun Jaitley, Finance Minister |
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| Presented | 29 February 2016 |
| Parliament | Indian Parliament |
| Party | Bhartiya Janta Party |
| Website | http://indiabudget.nic.in |
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‹ 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$170 million) revenue loss through direct tax proposals, and ₹206.7 billion (US$3.2 billion) revenue gain through indirect tax proposals. Revenue gain of ₹196 billion (US$3.1 billion) in Union Budget 2016 proposals.[3] Surcharge was increased from 12% to 15% on tax on all incomes above ₹1 crore (US$160,000) and those earning dividend of over ₹10 lakh (US$16,000) 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$23,000) to ₹50 lakh (US$78,000).[5] STT (Securities Transaction Tax) was retained at 0.1% for delivery based equiities.[6]
Allocations
- ₹9 billion (US$140 million) fora buffer stock of pulses.[3]
- ₹773.83 billion (US$12 billion) to the home ministry of which ₹674.08 billion (US$11 billion) is under non-plan and ₹99.75 billion (US$1.6 billion) under plan heads.[7]
- ₹360 billion (US$5.6 billion) for agriculture and farmer welfare[8]
- ₹880 billion (US$14 billion) towards rural development[8]
- ₹2.21 lakh crore (US$34 billion) for roads, railways and other facilities[9]
- ₹210 billion (US$3.3 billion) was allocated to the Urban Development Ministry, while Housing and Poverty Alleviation got ₹54 billion (US$840 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
- ↑ "Government to present Union Budget for 2016-17 on Feb 29, says Jayant Sinha", Indian Express, PTI, Jan 20, 2016
- ↑ "Printing Of Union Budget Document Begins With 'Halwa' Ceremony", NDTV, Press Trust of India, February 19, 2016
- 1 2 3 "Union Budget 2016-17: 'I-T slabs remain unchanged'", The Hindu, 29 February 2016
- ↑ "Budget 2016: It's bad news for the 'rich' as govt shifts focus", The Times of India, 1 March 2016
- ↑ "Budget 2016: Highlights of FM Arun Jaitley's speech", The Economic Times, 29 February 2016
- ↑ "Definition of Securities Transaction Tax". Economic Times. 10 October 2016. Retrieved 24 October 2016.
- ↑ "Budget 2016: Home ministry gets Rs 77,383.12 cr, a 24.56% hike", The Times of India, 29 February 2016
- 1 2 "Budget 2016: Triple taxation of profits could be avoided, says Raamdeo Agrawal, Motilal Oswal Fin Services", The Economic Times, 2 March 2016
- ↑ "'Budget delivers on all counts'", The Hindu, 3 March 2016
- ↑ "Govt expects Real estate Bill to be a reality soon: Naidu", Business Standard, 2 March 2016
- ↑ Budget at a glance
- ↑ http://profit.ndtv.com/news/budget/article-mixed-bag-budget-with-no-big-idea-says-manmohan-singh-1282404