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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Choice between EPF and NPS introduced, with optional employee EPF contribution and alternative health insurance option.
Employees will be given an option between the Employees Provident Fund and the New Pension Scheme, and lower-earning employees may opt out of employee EPF contributions without reducing the employer's contribution. Similar optionality is proposed for health coverage, allowing choice between statutory insurance and an IRDA-recognized health insurance product, with implementation to follow amending legislation after stakeholder consultation.