2016 Union Budget Of India - Financial Budget

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. The printing of the budget documents began with a traditional Halwa ceremony on 19 February 2016. 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.

Key Points

₹10.6 billion (US$160 million) revenue loss through direct tax proposals, and ₹206.7 billion (US$3.1 billion) revenue gain through indirect tax proposals. Revenue gain of ₹196 billion (US$2.9 billion) in Union Budget 2016 proposals. Surcharge was increased from 12% to 15% on tax on incomes above ₹1 crore (US$150,000) and those earning dividend of over ₹10 lakh (US$15,000) per annum will now have to pay tax on it. Monetary limit for deciding an appeal by a single member Bench of ITAT enhanced from ₹15 lakh (US$22,000) to ₹50 lakh (US$74,000). STT (Securities Transaction Tax) was retained at 0.1% for delivery based equiities.

Allocations

• ₹9 billion (US$130 million) fora buffer stock of pulses.
• ₹773.83 billion (US$11 billion) to the home ministry of which ₹674.08 billion (US$10 billion) is under non-plan and ₹99.75 billion (US$1.5 billion) under plan heads.
• ₹360 billion (US$5.3 billion) for agriculture and farmer welfare
• ₹880 billion (US$13 billion) towards rural development
• ₹2.21 lakh crore (US$33 billion) for roads, railways and other facilities
• ₹210 billion (US$3.1 billion) was allocated to the Urban Development Ministry, while Housing and Poverty Alleviation got ₹54 billion (US$800 million).

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

Reactions

Congress Person and Former Prime Minister of India Dr. Manmohan Singh termed it a "mixed bag Budget" with no big idea.