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    News
    All› Budget › Budget - 2015
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    March 3, 2015
    Budget proposals 2015-16 for Petroleum & Natural Gas sector
    Show AI Summary
    Subsidy rationalization keeps consumer support while restructuring fuel excise to fund infrastructure and boost energy investment.
    The Budget maintains subsidised LPG and kerosene while advancing Subsidy Rationalization via targeted transfers and voluntary surrender; it preserves total excise incidence on petrol and diesel but restructures levies to increase the additional excise component to fund infrastructure. Strategic underground crude storage caverns will be established and funded; central public sector oil and gas companies receive plan capital expenditure from internal and extra budgetary resources for sector projects. A phased corporate tax reduction and a National Investment and Infrastructure Fund with revitalised PPPs are promoted to attract investment.
    February 28, 2015
    Central Excise Notifications - General Budget 2015-16
    Show AI Summary
    Excise exemptions and tariff amendments adjust duty rates, scope of cess relief, and compliance procedures under central excise.
    Notifications revise central excise levy and exemptions: rescissions and substitutions amend prior notifications, withdraw or modify exemptions, and set new effective duty rates for specified tariff entries. Measures exempt goods from education-related cesses, provide full exemption for inputs consumed within factories for certain manufactures, adjust duty treatment for petroleum products, beverages, Pan Masala and Gutkha, and change optional duty-with-credit and without-credit regimes. Procedural changes amend Cenvat Credit Rules, packing-machine capacity and duty rules, MRP abatement entries, concessional removal rules to allow Letters of Undertaking in place of bonds, and advance ruling/registration provisions.
    February 28, 2015
    Service Tax Notifications - General Budget 2015-16
    Show AI Summary
    Service tax amendments update classifications, reverse charge and exemptions affecting exporters and registration procedures nationwide.
    The Budget package amends Service Tax notifications to specify resident firms for Advance Ruling, revise abatement entries, modify the Reverse Charge regime, update the mega exemption schedule, and broaden exporter service exemptions to include land customs stations; it also revises Service Tax Rules, rescinds a redundant notification and issues registration clarifications for single premises filings.
    February 28, 2015
    CENTRAL PLAN OUTLAY
    Show AI Summary
    Central Plan Outlay allocations outline sectoral and ministry-wise budgetary distribution and funding sources for the plan period.
    Central Plan Outlay tabulates year-on-year Actuals, Budget Estimates and Revised Estimates and presents consolidated plan totals by funding source-Budget Support and Internal and Extra-Budgetary Resources. It disaggregates the Grand Total into sectoral allocations (e.g., Energy, Transport, Social Services, Agriculture) and provides ministry- and department-level line items, with footnotes clarifying inclusion or exclusion of subcomponents such as rural housing and rural roads.
    February 28, 2015
    Self Employment and Talent Utilisation (SETU) to be Established
    Show AI Summary
    Self-employment facilitation: a techno-financial incubation programme to support startups with incubation, funding and capital access.
    The Government announced the establishment of Self Employment and Talent Utilisation (SETU), a Techno-Financial, Incubation and Facilitation Programme to support start-ups and self-employment activities-particularly technology-driven ventures-by facilitating incubation facilities, seed and growth funding, and improved access to global capital to enhance ease of doing business and promote job creation.
    February 28, 2015
    ATAL Innovation Mission (AIM) to be Set up
    Show AI Summary
    Atal Innovation Mission establishment to create a national innovation platform promoting hubs and grand challenges.
    Establishment of an Atal Innovation Mission within NITI as an Innovation Promotion Platform uniting academics, entrepreneurs and researchers to foster innovation, R&D and scientific research; promotion of a network of world-class innovation hubs and organisation of Grand Challenges for India; initial public funding allocation to support setup and early activities.
    February 28, 2015
    Corporate Tax to be Reduced and GST to be Implemented
    Show AI Summary
    Corporate tax reduction planned with phased cuts alongside exemption rationalisation; GST implementation to subsume education cesses.
    A phased corporate tax reduction is proposed alongside rationalisation and removal of exemptions to reduce disputes and broaden the tax base, with advance notice prior to implementation. Simultaneously, implementation of a Goods and Services Tax is planned to create a common market and reduce cascading taxation, and the Education Cess and Secondary and Higher Education Cess are to be subsumed into Central Excise Duty as part of the transition.
    February 28, 2015
    National Investment and Infrastructure Fund to be Set up
    Show AI Summary
    National Investment and Infrastructure Fund to mobilise long term capital, enabling the trust to raise debt and invest as equity.
    The Budget announces establishment of the National Investment and Infrastructure Fund as a trust with an annual allocation, empowering the trust to raise debt and invest as equity in infrastructure finance companies, thereby enabling those companies to leverage the injected equity to expand infrastructure financing.
    February 28, 2015
    Resources Transferred to State and U.T. Governments
    Show AI Summary
    Resource transfers to subnational governments outline composition and net transfer across tax shares, grants, loans and recoveries.
    Resource transfers to State and UT governments comprise States' share of taxes; Non Plan grants and loans; Central assistance for State and UT plans (grants and loans); and assistance for central and centrally sponsored schemes. These components sum to Total Grants & Loans, less recovery of loans and advances, to produce Net Resources transferred, which is disaggregated between State Governments and UT Governments. The statement also notes direct central releases to implementing agencies and investments from the National Small Savings Fund.
    February 28, 2015
    Investment In Infrastructure To Go Up By ₹ 70,000 Crore In Year 2015-16 Over Year 2014-15
    Show AI Summary
    Infrastructure investment increase proposed in Budget leads to higher outlays for roads, railways and PSU capex.
    An increase in central funding for infrastructure is proposed for 2015-16, comprising an additional 70,000 crore over 2014-15 from the Centre's funds and CPSE resources. The Budgetary measures earmark higher allocations for roads and augment gross budgetary support to Railways, while public sector unit capital expenditure (CPSE CAPEX) is projected to rise significantly over revised estimates for 2014-15.
    February 28, 2015
    Arun Jaitley Says Development Should be as Green as Possible
    Show AI Summary
    Public procurement law proposed to curb malfeasance and a Public Contracts disputes bill to streamline resolution.
    The government frames existing implicit carbon taxation on petroleum as internationally comparable and seeks balance on coal taxation versus power prices, launches an electric vehicle adoption and manufacturing scheme and revises renewable energy capacity targets, while proposing a public procurement law, a Public Contracts (Resolution of Disputes) Bill to streamline dispute resolution, and a Regulatory Reform Law to harmonise infrastructure regulation.
    February 28, 2015
    Expenditure
    Show AI Summary
    Debt servicing burden increases, raising interest share of revenue receipts and constraining fiscal space and allocations.
    Allocation separates Non Plan and Plan expenditure into revenue and capital components: major revenue non plan heads are interest payments, defence, subsidies, grants to states and pensions; capital non plan includes defence capital and loans. Plan expenditure distinguishes central plan and central assistance to state and UT plans across revenue and capital. Debt servicing aggregates repayment and interest payments and is compared with revenue receipts to indicate interest to receipts pressure on fiscal space.
    February 28, 2015
    Government to Launch A National Skills Mission Soon Aiims to be Launched in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam in 2015-16
    Show AI Summary
    National Skills Mission consolidates skill training across sectors; Student Financial Aid Authority to centralize scholarships and educational loans access.
    The National Skills Mission will consolidate inter-ministerial skill initiatives and standardize procedures across 31 Sector Skill Councils, complementing rural vocational measures delivered through digital vouchers; separate vocational infrastructure projects and apprenticeship institutes are proposed for targeted States.
    February 28, 2015
    Forwards Markets Commission to be Merged with Sebi
    Show AI Summary
    Regulatory consolidation of commodity forward markets strengthens oversight by merging regulators to curb speculation and align capital flow control.
    Proposal to merge the Forwards Markets Commission into the securities regulator via enabling legislation in the Finance Bill to strengthen oversight of commodity forward markets and reduce speculation, together with a proposed amendment to foreign exchange law vesting government control over capital flows treated as equity to be exercised in consultation with the central bank.
    February 28, 2015
    8 Centrally Sponsored Schemes Delinked from Support of the Centre
    Show AI Summary
    Centre-State funding reconfiguration: select schemes fully Union funded, others delinked or shifted to revised sharing pattern.
    The Union Government reconfigures funding for Centrally Sponsored Schemes following higher tax devolution, designating 31 schemes for full Union sponsorship, 8 schemes to be delinked from Central support, and 24 schemes to operate under a revised Centre-State sharing pattern requiring increased State contributions; administrative Ministries/Departments must work out sharing details and implementation against 2015-16 plan outlays.
    February 28, 2015
    REVENUE RECEIPTS
    Show AI Summary
    Budget revenue receipts breakdown highlighting tax and non tax composition and fiscal deficit financing methods.
    Budget itemizes receipts into Tax Revenue (detailed by major tax heads and net of transfers to states and specific funds) and Non Tax Revenue (interest, dividends, grants, other receipts), yielding Total Revenue Receipts. Capital receipts are split into Non debt Receipts (loan recoveries and miscellaneous capital) and Debt Receipts (market loans, short term borrowings, external assistance, securities against small savings, provident fund and other net receipts). Total Receipts incorporate draw down of cash balances and identify financing of the fiscal deficit through debt and cash balances.
    February 28, 2015
    Five New Ultra-Mega Power Projects to be Set Up Second Unit of Kudankulam Nuclear Power Station Will be Commissioned in 2015-16
    Show AI Summary
    Plug-and-play power projects to be awarded after required clearances via transparent auction, enabling large infrastructure investment.
    The Budget announces five new plug-and-play Ultra-Mega Power Projects to be awarded after all required clearances and linkages are secured through a transparent auction system, with the model proposed for replication across other infrastructure sectors; it also records that the second unit of Kudankulam Nuclear Power Station is scheduled for commissioning in 2015-16.
    February 28, 2015
    Postal Network Spread Across the Country to be Used for Increasing Access to Formal Financial System
    Show AI Summary
    Financial institution classification expanded to bring larger NBFCs within SARFAESI recovery framework, affecting enforcement rights.
    The Budget proposes using the national postal network to establish a Payments Bank to widen access to formal financial services and support nationwide deposit-inclusion efforts; and proposes designating registered NBFCs meeting an asset-size threshold as Financial Institutions for purposes of the SARFAESI Act, thereby bringing qualifying NBFCs within statutory recovery mechanisms.
    February 28, 2015
    Universal Social Security System for all Specially the Poor and the Under-Privileged:
    Show AI Summary
    Universal social security: new insurance and pension schemes to extend life, accident and pension coverage with targeted subsidies.
    A programme of universal social security measures is announced to extend basic life, accidental and pension protections to the poor and under privileged by leveraging the Jan Dhan platform. Three principal schemes are proposed: a low cost accidental insurance plan, a defined benefit pension scheme with a temporary government co contribution incentive for new accounts, and a life insurance plan covering natural and accidental death for a nominal annual premium. A Senior Citizen Welfare Fund is proposed to appropriate unclaimed statutory savings to subsidize premiums for vulnerable groups and finance assistive devices for impoverished senior citizens.
    February 28, 2015
    BUDGET AT A GLANCE 2015-2016
    Show AI Summary
    Co-operative federalism expands state tax devolution, increasing state flexibility while shifting fiscal responsibility to states.
    Budget At a Glance 2015-2016 defines Revenue, Effective Revenue, Fiscal and Primary Deficits and sets out aggregate receipts, expenditures and borrowing needs. It emphasizes a shift to co-operative federalism with higher tax devolution to States reducing Centre fiscal space while increasing State flexibility to design and finance programmes; the Centre will continue catalytic support for national priorities. The Plan outlay is largely maintained, with increased allocations for infrastructure and social sectors, and adjustments to Centre-State sharing for several schemes, including delinking eight schemes.

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      Budget

      Resources Transferred to State and U.T. Governments

      February 28, 2015

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      Resources Transferred to State and U.T. Governments

       

       

      2013-2014

      2014-2015

      2014-2015

      2015-2016

      Actuals @

      Budget Estimates

      Revised Estimates

      Budget Estimates

      1

      States' share of taxes and Duties

      318230

      382216

      337808

      523958

      2

      Non-Plan Grants & Loans

      60631

      70019

      80338

      108630

       

      Grants

      60551

      69936

      80258

      108551

       

      Loans

      80

      83

      80

      79

      3

      Central Assistance for State & UT (with Legislature) Plans

      105252

      329712

      270269

      195778

       

      Grants

      94242

      317712

      258369

      183278

       

      Loans

      11010

      12000

      11900

      12500

      4

      Assistance for Central and Centrally Sponsored Schemes

      44111

      5851

      4586

      23869

       

      Grants

      44111

      5851

      4544

      23869

       

      Loans

      0

      0

      42

      0

      5

      Total Grants & Loans (2+3+4)

      209994

      405582

      355193

      328277

       

      Grants

      198904

      393499

      343171

      315698

       

      Loans

      11090

      12083

      12022

      12579

      6

      Less-Recovery of Loans & Advances

      10120

      8832

      9035

      9272

      7

      Net Resources transferred to State and UT Governments (1+5-6)

      518104

      778966

      683966

      842963

       

      Of Which

       

       

       

      7.1 State Governements

      515301

      774799

      680459

      839317

       

      7.2 UT Governments

      2803

      4167

      3507

      3646

       

      In addition -

       

       

      (1)

      Direct release of Central assistance for State/UT Plans to implementing agencies (MPLADS etc.)

      3937

      3950

      3950

      3950

      (2)

      Direct release under Central Plan to State/District level autonomous bodies/implementing agencies $

      112708

      0

      0

      0

      (3)

      Investments made from National Small Savings Fund in Special State Government Securities

      25278

      19031

      48078

      36835

       
      * Includes adjustment done after finalisation of tax collection of 2013-14.

      $ For details refer to Statement 18, Expenditure Budget Vol.1.

      Topics

      ActsIncome Tax
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