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Union Budget 2016-17: Spotlight on fiscal prudence

Sometimes, no bad news can be considered as good news. With none of the feared negatives making it in the Union Budget (no increase in time frame for long term capital gains or super-rich tax or hike in basic excise), it remained more of a neutral event in our view. We term it as neutral because in his second Budget presentation as FM, Jaitley had ample time to deliver a dream Budget – one that would have simplified taxation, guided on GST, reduced corporate tax by 1% as promised and cut on non-Plan expenditure. However, hardly any relief was given on direct tax (in fact there were some roll-backs for corporates), possibly due to only 6.6% revenue growth, which was half of the budgeted growth. Plan expenditure spend rose only 2% whereas non-Plan expenditure grew by 7.8% and the FM proposed doing away with the bifurcation - which is actually a good indicator for the government to evaluate its spending on both fronts - so one sees little gain in doing away with it. Even subsidies, as a percentage of GDP, have risen from 1.7% to 1.9%, due to higher jump in food subsidy. Perhaps, the political need of the hour prompted many socialist measures....Read more
 

A flagship annual document of the Ministry of Finance, Government of India, Economic Survey 2015–16 reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy.

 

  • All About The Budget: The Union Budget this time makes a good attempt to guide the economy in the right direction...

     
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AD-VALOREM DUTIES These are the duties determined as a certain percentage of price of the product.

AD-VALOREM DUTIES It is a statement of receipts and expenditure of states for the financial year, presented to Parliament by the government. It is divided into three parts: Consolidated Fund, Contingency Fund and Public Account.