2016 Union budget of India
Government budget
- 1 min read
- 3 chapters
Explore on Lably
ToursExplore Lably’s 3D toursKey points
₹10.6 billion (US$110 million) revenue loss through direct tax proposals, and ₹206.7 billion (US$2.1 billion) revenue gain through indirect tax proposals. Revenue gain of ₹196 billion (US$2.0 billion) in Union Budget 2016 proposals. Surcharge was increased from 12% to 15% on tax on all incomes above ₹1 crore (US$100,000) and those earning dividend of over ₹10 lakh (US$10,000) 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$16,000) to ₹50 lakh (US$52,000). STT (Securities Transaction Tax) was retained at 0.1% for delivery based equities.
Sign in to keep reading
2 more chapters are free with a Lably account.
Allocations
- ₹9 billion (US$93 million) for a buffer stock of pulses.
- ₹773.83 billion (US$8.0 billion) to the home ministry of which ₹674.08 billion (US$7.0 billion) is under non-plan and ₹99.75 billion (US$1.0 billion) under plan heads.
- ₹360 billion (US$3.7 billion) for agriculture and farmer welfare
- ₹880 billion (US$9.1 billion) towards rural development
- ₹2.21 lakh crore (US$23 billion) for roads, railways and other facilities
- ₹210 billion (US$2.2 billion) was allocated to the Urban Development Ministry, while Housing and Poverty Alleviation got ₹54 billion (US$560 million).
Complete list of allocations and receipts can be found on the official site.
Reactions
Opposition member and former Prime Minister of India, Dr. Manmohan Singh termed it a "mixed bag Budget" with no big idea.