The union budget of 201516 was the first full budget to be presented by the modi led government and was preceded by sky high expectations of reform. The railway budget speech, the highlights of the railway budget and. Himachal pradesh, haryana, jharkhand, telangana and chhattisgarh received at least 60% more from the union government in fy 201516 re than in the previous year. Following 14th finance commission recommendations, states will get higher resources. With regard to expenditure, the total expenditure is estimated to rise by 5. The union budget for 201415 has been announced by mr arun jaitley, union minister for finance, government of india, in parliament on july 10, 2014. It is a wellbalanced budget and the fact that the implications of this budget will boost the morale of indian economy to an inclusive growth. Union budget 201516 page 1 service tax reverse charge.
Presentation of the union budget 201718 budget 201718 not only subsumed the railway budget but was also advanced to 1 february to enable ministries to operationalise all activities from commencement of the fy on 1 april. The union budget is presented to the parliament in two parts. Memorandum explaining the provisions in the finance bill, 2015. This was the first full year budget of the nda government and the second budget of arun jaitley. Union budget 201516 india, indian union budget 201516. P chidambaram today 28th february 20, thursday has presented the union budget for the financial year 2014. Roadmap to achieve fiscal deficit of 3% of gdp in three years. Th e next examinations are due in the month of may 2015. The budget documents presented to parliament comprise, besides the finance ministers budget speech, of the following. Some of the highlights rationalizing tax provisions to effectively tap aifs, reits. Union budget 201415 india, indian union budget 201415. The union budget for 201516 has been announced by mr arun jaitley, union minister for finance, government of india, in parliament on february 28, 2015.
The finance bill, 2015 seeks to prescribe the rates of incometax on income liable to tax for the assessment year. Union budget analysis 7 it may be noted that the government was able to meet just 50% of the budgeted amount for disinvestment in the year 201415. Lets look at key highlights of union budget 201516. The allocations to ministry of women and child development have increased from rs.
Union budget 201516 india, indian union budget 201516, pdf. General budget which gives an overall picture of financial position of the government of india. Budget briefs, sbmg, goi 201718, vol9issue1 5 construction of ihhls accounts for the largest share of total expenditure and has been consistently rising over the years. Income tax rate cut to 5 pc for individuals having income between rs 2. A more detailed will be given later this coming week. Union budget of india 201516 highlights and analysis. Till 2016, it was presented on the last working day of. Some of the challenges mentioned by the finance minister arun jaitley are. As graph 1 below highlights, all the 19 states studied received at least 20% more funds from the goi in fy 201516 re compared to fy 201415 actuals. The flows across plan of union budget 201415 and 201516 is indicated below.
The 201516 union budget of india was tabled in the lok sabha lower house of the parliament by arun jaitley, the union minister of finance, on 28 february. Highlights of union budget 201516 current affairs today. Government budget is designed for optimal allocation of resources. Budget 2015 live budget coverage online, union budget 201516, key points and highlights of india budget 2015, income tax slab, fdi by finance minister arun jaitely. Union budget of india is referred to as the annual financial statement in the article 112 of the constitution of india. Transparent coal block auctions to augment resources of the states. Union budget niti aayog and finance commission recommendations. Budget 2015 live india budget news, union budget 201516.
The budget documents presented to parliament comprise, besides the finance ministers budget. Madam speaker, i rise to present the budget of the union for the year 201516. The budget clearly did not disappoint as it gave due importance to all sections of the economy and tried to enhance the easeofdoing business while keeping its focus on infrastructure development. Regards team exampundit books for 2015 bankinginsurance exams submit rating average rating 0 5. Union budget 201516 is special as this is the first budget after the creation of national institution of transforming india niti and acceptance of 14th finance commissions ffc recommendation of substantially higher devolution of union taxes to states. Budget highlights key features pdf file opens in a new window. Union budget 201516 is announced by finance minister arun jaitley today. Service tax would be levied on processes, unless otherwise specified in the negative list, not amounting to manufacture or production of goods carried out by a person for another for. The budget clearly did not disappoint as it gave due importance to all sections of the economy and tried to enhance the.
Union budget 2015 16 budget ready reckoner fiscal consolidation pushed out fy15 fiscal deficit target of 4. The budget, or officially, the union budget, is the prime written representation attributing the financial planning and strategy of the government of india for the next financial year. In fy 201415, 91 per cent of total expenditures were for ihhls. Budget pragmatic, will reignite growth, says modi union budget 201516. Business standard offers exclusive live coverage on budget 2016 presented by finance minister arun jaitley. Union finance minister, arun jaitley on 28 february 2015 presented union budget 201516 in the lok sabha.
Gross domestic product gdp growth of india for 201516 projected between. We hope the government will be able to meet the set target in the fiscal year 201516. The union budget is a very important policy document which sets the tone for all other policies that are to be implemented during the course of the year. Satement 245 kb can be accessed here as pdf documents. Get latest updates on budget highlights, railway budget, expert views and opinion. Union budget of india 201819 highlights and economic survey 2018 highlights pdf quick facts about union budget. Smoking, eating out, air travel to be costlier manufacturing sector neglected. It also in a way indicates the stance that may be taken by the rbi when. This budget is considered to be one of the most highly anticipated budgets of recent years, a blueprint for austerity that forms the centrepiece of indias efforts to stave off a damaging credit ratings.
Corporate tax will be reduced from 30% to 25% along with removal of various types of exemptions from f. Expectation from budget was very high, but budget seems to be highly disappointing. The broad highlights of the union budget 201516 are as under. It was the first full year budget of the nda government under leadership of prime minister of narendra modi and the second budget of arun jaitley as finance minister. Macroeconomic framework for the relevant financial year. Union budget 201516 india presented by mr arun jaitley, union minister for finance, government of india, in parliament on february 28, 2015. Being termed as make or break, this is arun jaitley and the nda governments first fullyear budget.
Finance minister arun jaitley presented the union budget 201516. Finance minister arun jaitley presented the union budget 201516 at the lok sabha. This strong outlook reflects growing export demand, low interest. Union finance minister arun jaitley presented union budget 201516 in the parliament. Governing board workshop fiscal year 20152016 august. Union budget 201516 page 3 tax deducted at source as earlier higher tds of 20% for not furnishing correct pan in case the payee is not able to furnish pan to the deductor, tax shall be deducted at the higher of the rates specified in the relevant provision of the i. Fiscal deficit in re 201516 and be 201617 retained at 3. An offence related to false declaration false documents, etc.
Special focus on women and childrens facilities, the construction of worldclass cities, and welfare of senior citizens. Finance minister arun jaitley presented the first fullyear budget of prime minister narendra modis government on saturday. Here are the highlights of jaitleys budget for the fiscal year that begins on april 1. Robust growth achieved despite very unfavourable global conditions and. Finance minister mr arun jaitley in the budget 201415 salaried class tax breaks and increased the range of savings. Affirming that the economy is right on track, finance minister arun jaitley presented the union budget for 201617. Download union budget 201516 highlights file in pdf format. Overview direct tax government not going ahead with direct tax code bringing down corporate tax rate from 30% to 25% over a period of four years measures to promote domestic manufacturing and improving the. Finance minister arun jaitley presented the union budget 2017, his fourth annual budget. Introductory note on mandate, goals, policy framework, salient. The budget 201718 has been marked by historic economic policy developments. Key features of budget 20152016 274 kb pdf file that opens in a new window. India hailed as a bright spot amidst a slowing global economy by imf.
Gross domestic product gdp growth of india for 201516 projected between 88. Finance minister arun jaitley, who is presenting the union budget for fiscal 201516 in the lok sabha, said the government is establishing a mechanism self employment to support all aspects of start up business. Finance minister arun jaitley, who is presenting the union budget for fiscal 201516 in the parliament, on saturday said, with the fiscal space reduced, the government has decided to continue supporting important national priorities. Here are the highlights of finance minister arun jaitleys budget for the fiscal year that begins on april 1. Union minister for finance shri arun jaitley on 28th february presented in parliament the union budget 201516, with a focus on. Key highlights of the governors revised budget relevant to the california community colleges are as follows. Foreign exchange reserves touched highest ever level of about 350 billion us dollars.
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