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March 3, 2015
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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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CENTRAL PLAN OUTLAY

February 28, 2015

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CENTRAL PLAN OUTLAY

(In crore of Rupees)

 

2013-2014

2014-2015

2014-2015

2015-2016

Actuals

Budget Estimates

Revised Estimates

Budget Estimates

Budget Support

340479

236591

189766

260493

Internal and Extra Budgetary Resources of Public Enterprises, etc.

263094

247941

237045

317889

Total - Central Plan Outlay

603573

484532

426811

578382

Central Plan Outlay by Sectors

Agriculture and Allied Activities

17788

11531

10199

11657

Rural Development*

51757

3082

1877

3131

Irrigation and Flood Control

441

1797

896

772

Energy

182388

166275

154878

167342

Industry and Minerals

33433

40209

39397

43113

Transport**

103959

116202

106242

193417

Communications

16209

13009

13027

12032

Science Technology & Environment

13535

18792

14821

19023

General Economic Services

26064

26318

17303

20333

Social Services***

150736

79411

64284

81003

General Services

7263

7906

3887

26559

GRAND TOTAL

603573

484532

426811

578382

Central Plan Outlay by Ministries/Departments 

Ministry of Agriculture

14363

10694

8735

10670

Department of Agriculture and Cooperation

10163

5846

5326

5846

Department of Agricultural Research and Education

2451

3715

2500

3691

Department of Animal Husbandry, Dairying and Fisheries

1749

1133

909

1133

Department of Atomic Energy

8793

13408

10446

15106

Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH)

554

689

346

690

Ministry of Chemicals and Fertilisers

2006

1002

763

959

Department of Chemicals and Petrochemicals

1158

174

323

188

Department of Fertilisers

780

622

353

561

Department of Pharmaceuticals

68

207

87

210

Ministry of Civil Aviation

8117

9474

8300

5361

Ministry of Coal

9125

12561

12005

13137

Ministry of Commerce and industry

3047

3126

3235

3690

Department of Commerce

1937

1426

1535

1425

Department of Industrial Policy and Promotion

1110

1700

1700

2265

Ministry of Communications and Information Technology

19498

18156

24988

26820

Department of Posts

394

800

300

469

Department of Telecommunications

16561

13501

21768

22885

Department of Electronics and Information Technology

2543

3856

2920

3466

Ministry of Consumer Affairs, Food and Public Distribution

1064

710

1000

1001

Department of Consumer Affairs

180

220

140

180

Department of Food and Public Distribution

884

490

861

821

Ministry of Corporate Affairs

20

24

23

24

Ministry of Culture

1378

1835

1500

1455

Ministry of Defence

...

...

...

450

Ministry of Development of North Eastern Region

217

536

471

537

Ministry of Drinking Water and Sanitation

11935

231

158

231

Ministry of Earth Sciences

876

1281

925

1179

Ministry of Environment, Forests and Climate Change

1809

1171

829

995

Ministry of External Affairs

2750

5100

3900

5336

Ministry of Finance

23072

24035

17998

38274

Department of Economic Affairs

5402

9931

8344

28465

Department of Financial Services

17667

14100

9650

9805

Department of Expenditure

3

4

4

4

Ministry of Food Processing Industries

527

590

475

480

Ministry of Health and Family Welfare

24519

7737

6592

7824

Department of Health and Family Welfare

22476

6154

5609

6254

Department of Health Research

570

726

610

713

Department of AIDS Control

1473

857

373

857

Ministry of Heavy Industries and Public Enterprises

1200

2598

1607

1574

Department of Heavy Industry

1194

2589

1602

1565

Department of Public Enterprises

6

9

5

9

Ministry of Home Affairs

6796

8922

4363

7379

Ministry of Housing and Urban Poverty Alleviation

12781

15285

12289

15794

Ministry of Human Resource Development

57610

17672

15254

17672

Department of School Education and Literacy

43684

2972

2651

2972

Department of Higher Education

13926

14700

12603

14700

Ministry of Information and Broadcasting

715

1205

952

1115

Ministry of Labour and Employment

1610

806

562

758

Ministry of Law and Justice

936

261

142

244

Ministry of Micro, Small and Medium Enterprises

2671

3699

2872

3043

Ministry of Mines

1386

2379

1036

2213

Ministry of Minority Affairs

3007

2469

2372

2469

Ministry of New and Renewable Energy

1847

3941

3888

3661

Ministry of Overseas Indian Affairs

...

20

5

20

Ministry of Panchayati Raj

467

94

80

94

Ministry of Personnel, Public Grievances and Pensions

201

279

227

260

Ministry of Petroleum and Natural Gas

109858

80678

74991

76615

Ministry of Planning

1654

2515

1781

2115

Ministry of Power

57949

60384

55488

61404

Ministry of Road Transport and Highways

28664

35238

28114

82697

Ministry of Rural Development

61111

7502

6192

7490

Department of Rural Development

58623

7440

6185

7440

Department of Land Resources

2488

62

8

50

Ministry of Science and Technology

5100

6725

5495

7289

Department of Science and Technology

2221

3125

2500

3401

Department of Scientific and Industrial Research

1603

2100

1600

2281

Department of Biotechnology

1276

1500

1395

1607

Ministry of Shipping

4177

4543

2605

4547

Ministry of Skill Development and Entrepreneurship

...

...

...

1500

Ministry of Social Justice and Empowerment

5418

3295

2219

3295

Department of Social Justice and Empowerment

5418

2734

1844

2735

Department of Disability Affairs

...

560

375

560

Department of Space

3998

6000

4500

6000

Ministry of Statistics and Programme Implementation

498

528

309

402

Ministry of Steel

14033

15393

13272

13085

Ministry of Textiles

3131

4326

3069

3523

Ministry of Tourism

815

1507

604

1463

Ministry of Tribal Affairs

1674

925

609

1038

Ministry of Urban Development

9135

13404

11437

13196

Ministry of Water Resources, River Development and Ganga Rejuvenation

531

3245

2119

1607

Ministry of Women and Child Development

17912

989

503

989

Ministry of Youth Affairs and Sports

1012

1396

862

1247

Ministry of Railways

52006

63949

64302

98365

GRAND TOTAL

603573

484532

426811

578382

* Includes the provision for rural housing but excludes provision for rural roads.

** Includes the provision for rural roads.

*** Excludes provision for rural housing.

Topics

Acts Income Tax