The 2016 Union budget of India was 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]
 | |
| Submitted by | Arun Jaitley, Finance Minister |
|---|---|
| Presented | 29 February 2016 |
| Parliament | Indian Parliament |
| Party | Bhartiya Janta Party |
| Website | http://indiabudget.nic.in |
|
‹ 2015 2017› | |
Key points
edit₹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 equities.[6]
Allocations
edit- ₹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
editOpposition member and former Prime Minister of India, Dr. Manmohan Singh termed it a "mixed bag Budget" with no big idea.[12]
See also
editReferences
edit- ^ "Government to present Union Budget for 2016-17 on Feb 29, says Jayant Sinha", Indian Express, PTI, 20 January 2016
- ^ "Printing Of Union Budget Document Begins With 'Halwa' Ceremony", NDTV, Press Trust of India, 19 February 2016
- ^ a b c "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
- ^ a b "Budget 2016: Triple taxation of profits could be avoided, says Raamdeo Agrawal, Motilal Oswal Fin Services", The Economic Times, 2 March 2016
- ^ Mazumder, Sumit (3 March 2016), "'Budget delivers on all counts'", The Hindu
- ^ "Govt expects Real estate Bill to be a reality soon: Naidu", Business Standard, 2 March 2016
- ^ Budget at a glance, archived from the original on 2 March 2011
- ^ "Mixed Bag Budget with No Big Idea, Says Manmohan Singh".