It gives me a pleasure to present the summary and analysis of Union Budget 2016.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2016 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Thanks a lot.
Finance Minister Arun Jaitley presented the Union Budget for 2016-17 and reaffirmed that the economy is on the right track. The budget is aimed at strengthening India's firewalls by ensuring macroeconomic stability and prudent fiscal management; driving growth through domestic demand; and economic reforms and policy initiatives to change lives for the better. With measured focus on social sector reforms and recapitalising India's banking system, this Budget has an overarching focus on improving agriculture, and scaling infrastructure, all of which bode well for the country. The government is now planning to rationalise and channel subsidies to the poor by increasing the burden on the rich, and by increasing spending on public welfare through its own kitty.
Mr. Jaitley said the Union Budget is aimed at improving rural infrastructure and increasing rural income, as the biggest challenge to the economy is agrarian distress. Applauding the budget presented by the Finance Minister, Prime Minister Narendra Modi said the Budget is pro-village, pro-poor and pro–farmers, and is focused on bringing about qualitative changes in the country through a slew of time-bound programmes.
The attached note captures key highlights and summarises major announcements in the Budget.
Please reach out to us should you wish to understand more about the Union Budget and its impact on your business
The finance minister maintained a commendable balance between the evenly stronger and mostly diverging compulsions of economic growth, fiscal discipline and political expediency.
Most of the budget provisions are inarguably aimed at ensuring inclusive growth, and bringing in equity in taxation and provisions.
A record number of measures have been introduced, to bring predictability, transparency and conciliation in the tax regime of the country.
A Summary of Budget 2016!
Hon. Finance Minister Mr.Arun Jaitley presented a resilient India Budget 2016 which spells the ‘Transformative Agenda’ for the India Economy identifying nine key pillars for the GDP growth. Team RAMA has presented an overall overview of the Union Budget – 2016, summarised key policies changes and Direct & Indirect taxes proposals in brief for easy understanding and quick reference. Hope you will find it useful.
Warm regards & happy reading!
- Ram Agarwal & Associates.
Team MGM & Company has compiled the attached Synopsis of Union Budget 2015.
Hope you will find this information useful. We are eagerly looking forward to your valuable comments & suggestions for future improvements.
Please note the attached abstract was complied yesterday just after announcement of Union Budget; we are expecting further clarity along with detailed interpretation & information to follow soon from the Government.
India Union Budget 2016 - An Overview | A BDO India PublicationOperations BDO
Dear Reader, India Budget 2016 was delivered by the Finance Minister, Mr. Arun Jaitley on February 29,2016. This Budget appears a sincere attempt to deliver on key expectations and address major challenges within the economic constraints. The budget has been spelt with fiscal consolidation at the core defining the pillars for growth of the economy and leaves a lot of the year to unfold. BDO India LLP brings together an analysis of key changes set out in the Union Budget in their proprietary: INDIA UNION BUDGET 2016 - An Overview.
Finance Minister Arun Jaitley presented the Union Budget for 2016-17 and reaffirmed that the economy is on the right track. The budget is aimed at strengthening India's firewalls by ensuring macroeconomic stability and prudent fiscal management; driving growth through domestic demand; and economic reforms and policy initiatives to change lives for the better. With measured focus on social sector reforms and recapitalising India's banking system, this Budget has an overarching focus on improving agriculture, and scaling infrastructure, all of which bode well for the country. The government is now planning to rationalise and channel subsidies to the poor by increasing the burden on the rich, and by increasing spending on public welfare through its own kitty.
Mr. Jaitley said the Union Budget is aimed at improving rural infrastructure and increasing rural income, as the biggest challenge to the economy is agrarian distress. Applauding the budget presented by the Finance Minister, Prime Minister Narendra Modi said the Budget is pro-village, pro-poor and pro–farmers, and is focused on bringing about qualitative changes in the country through a slew of time-bound programmes.
The attached note captures key highlights and summarises major announcements in the Budget.
Please reach out to us should you wish to understand more about the Union Budget and its impact on your business
The finance minister maintained a commendable balance between the evenly stronger and mostly diverging compulsions of economic growth, fiscal discipline and political expediency.
Most of the budget provisions are inarguably aimed at ensuring inclusive growth, and bringing in equity in taxation and provisions.
A record number of measures have been introduced, to bring predictability, transparency and conciliation in the tax regime of the country.
A Summary of Budget 2016!
Hon. Finance Minister Mr.Arun Jaitley presented a resilient India Budget 2016 which spells the ‘Transformative Agenda’ for the India Economy identifying nine key pillars for the GDP growth. Team RAMA has presented an overall overview of the Union Budget – 2016, summarised key policies changes and Direct & Indirect taxes proposals in brief for easy understanding and quick reference. Hope you will find it useful.
Warm regards & happy reading!
- Ram Agarwal & Associates.
Team MGM & Company has compiled the attached Synopsis of Union Budget 2015.
Hope you will find this information useful. We are eagerly looking forward to your valuable comments & suggestions for future improvements.
Please note the attached abstract was complied yesterday just after announcement of Union Budget; we are expecting further clarity along with detailed interpretation & information to follow soon from the Government.
India Union Budget 2016 - An Overview | A BDO India PublicationOperations BDO
Dear Reader, India Budget 2016 was delivered by the Finance Minister, Mr. Arun Jaitley on February 29,2016. This Budget appears a sincere attempt to deliver on key expectations and address major challenges within the economic constraints. The budget has been spelt with fiscal consolidation at the core defining the pillars for growth of the economy and leaves a lot of the year to unfold. BDO India LLP brings together an analysis of key changes set out in the Union Budget in their proprietary: INDIA UNION BUDGET 2016 - An Overview.
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Bud...Youth Apps
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Budget 2017.
INTRODUCTION
CHALLENGES IN 2017-18
DEMONITISATION
ROADMAP & PRIORITIES
FARMERS
RURAL POPULATION
YOUTH
INFRASTRUCTURE
FINANCIAL SECTOR
DIGITAL ECONOMY
PUBLIC SERVICE
PRUDENT FISCAL MANAGEMENT
PROMOTING AFFORDABLE HOUSING AND REAL ESTATE SECTOR
PROMOTING DIGITAL ECONOMY
EASE OF DOING BUSINESS
GOODS AND SERVICES TAX
RAPID (Revenue, Accountability, Probity, Information and Digitisation)
The document gives highlights from key sectors – agriculture and rural development, banking, financial services and insurance, defence and aviation, e-commerce and retail, energy, FMCG, food & beverages, infrastructure and housing, manufacturing, railways, social welfare, steel and mining, and technology IT & telecom.
Comprehensive analysis of indian budget 16 17Pankaj Walia
Happy to present my view and key features of the Indian Budget for 2016-2017.
Overall, a balanced budget to support the needs of the stressed sectors while simultaneously weighing the impact of additional burden on account of the recommendations of the 7th Central Pay Commission and the implementation of Defence OROP.
Union budget- Introduction, classification, procedure, current status of budget in India, military budget in India. Defence budget in India-its status, focus and forecasts of budgets
Greetings!!
Team ValuFocus is pleased to provide you a Glimpse of the Tax Proposals presented by Hon’ble Finance Minister during the Budget for the Year 2016-17. A snapshot of the changes has been covered in the note attached.
We would be pleased to hear any comments or suggestions on the same.
This presentation is an attempt to summarize the salient points of the Indian Budget 2016-17.It is a presentation with basic details and its target audience are students undertaking Graduate level and MBA courses.
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Bud...Youth Apps
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Budget 2017.
INTRODUCTION
CHALLENGES IN 2017-18
DEMONITISATION
ROADMAP & PRIORITIES
FARMERS
RURAL POPULATION
YOUTH
INFRASTRUCTURE
FINANCIAL SECTOR
DIGITAL ECONOMY
PUBLIC SERVICE
PRUDENT FISCAL MANAGEMENT
PROMOTING AFFORDABLE HOUSING AND REAL ESTATE SECTOR
PROMOTING DIGITAL ECONOMY
EASE OF DOING BUSINESS
GOODS AND SERVICES TAX
RAPID (Revenue, Accountability, Probity, Information and Digitisation)
The document gives highlights from key sectors – agriculture and rural development, banking, financial services and insurance, defence and aviation, e-commerce and retail, energy, FMCG, food & beverages, infrastructure and housing, manufacturing, railways, social welfare, steel and mining, and technology IT & telecom.
Comprehensive analysis of indian budget 16 17Pankaj Walia
Happy to present my view and key features of the Indian Budget for 2016-2017.
Overall, a balanced budget to support the needs of the stressed sectors while simultaneously weighing the impact of additional burden on account of the recommendations of the 7th Central Pay Commission and the implementation of Defence OROP.
Union budget- Introduction, classification, procedure, current status of budget in India, military budget in India. Defence budget in India-its status, focus and forecasts of budgets
Greetings!!
Team ValuFocus is pleased to provide you a Glimpse of the Tax Proposals presented by Hon’ble Finance Minister during the Budget for the Year 2016-17. A snapshot of the changes has been covered in the note attached.
We would be pleased to hear any comments or suggestions on the same.
This presentation is an attempt to summarize the salient points of the Indian Budget 2016-17.It is a presentation with basic details and its target audience are students undertaking Graduate level and MBA courses.
India’s new finance minister, Arun Jaitley, presented his maiden Budget on July 10. Much has been expected from this government, which is widely considered to be pro-industry and reform-friendly.
While the Budget had significant announcement like the raising of foreign investment caps in defense and insurance, as well as a change in income-tax norms, it also set very ambitious growth targets.
Can Jaitley achieve them even as the global economy struggles to get back on track? This is an uphill task and will require more bold and politically tough decisions.
Share your feedback with us on twitter @MSLGROUP_India
Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.
This presentation has been prepared to give a glimpse of Union Budget 2017-18. It will come handy for management students who have Finance as one of their subjects.
The Union Budget for 2017-18 pledged relief for rural India, middle class taxpayers and small and medium-sized companies in the Union Budget 2017-18, saying the government would spend thousands of crores to double farmers' incomes, upgrade infrastructure and provide affordable housing. While unveiling the budget the Hon’ble Finance Minister emphasised that the budget is built on three pillars “Transform, Energise and Clean India”, that is, TEC India. This agenda of TEC India seeks to transform the quality of governance and quality of life of the citizens of India, energise various sections of society, especially the youth and the vulnerable sections of the society and enable them to unleash their true potential. The emphasis of TEC India is also to clean the country from the evils of corruption, black money, and non-transparent political funding. The main focus of the Budget has been to boost government expenditure in order to increase growth, and to muster employment generation.
The Finance Minister said the Indian economy was doing well despite global trends of slowing growth in other emerging economies. He also delivered a big relief to foreign portfolio investors by exempting them from indirect transfer provisions. The centre’s budget size has been pegged at Rs. 21.47 lakh crore, with an increase of 25.47 per cent in capital expenditure. As regards fiscal consolidation, the FM has targeted fiscal deficit of 3.2 per cent for 2017-18 as against earlier target of 3 per cent. For agriculture and rural sector, Mr Jaitley has increased the allocation by 24 per cent to Rs. 1.87 lakh crore for 2017-18. In the case of infrastructure, the planned public investment stood at massive Rs. 3.96 lakh crore.
We have developed an analysis of the budget, which includes opinion pieces from eminent economists and experts.
It gives me a pleasure to present the summary and analysis of Union Budget 2015.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2015 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Greetings,
Attached FYI ( NewBase Special 15 February 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• MENA Region: Non-oil sector revenues to drive 3.8% GDP growth in 2016
• Oman: BP expands scope of $16b Khazzan gas project
• KSA: Expert explains importance of ‘reduce, reuse, recycle’ concept
• Turkey: OMV initiates process to sell OMV Petrol Ofisi
• Egypt:Renewable energy developers edged out in’s Kom Ombo solar project
• UK: A rebranded wind farm subsidy is still a subsidy
• Oil edges down, pares Friday's jump of over 10 percent
• Crude oil rally based on 'false hope': Analyst
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
The Feb2016 issue of Economy Matters focuses on Union Budget 2016-17. The Global Trends section analyses the prospects of the BRICS economies and oil movement. In the Domestic Trends section, get insights to the Indian GDP, IIP, Inflation, Trade, Economic Survey and Railway Budget.
Role of CFO in Economic Turnaround, Present Macro-Economic Conditions, New Changes in Reforms & Policies, Evolving Role of CFO , Impact of Changes on CFO
ChoiceBroking - Q2FY16 GDP growth at 7.4%; robust manufacturing expansion indicates revival in economic scenario. To read our monthly economic outlook please click here http://bit.ly/1QTqJKI
It gives me a pleasure to present the summary of India Budget Synthesis 2014.
While you may already have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2014 on You, Your Company and Your Sector.
Hope you find this analysis useful in taking clearer business decisions and align your company's strategy with the overall economic climate in the balance part of financial year 2014-15.
Would love to hear your feedback on the usefulness of the same.
Dear Friends,
It gives us a pleasure to present the summary of India Budget Synthesis 2014.
While you may already have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2014 on You, Your Company and Your Sector.
Hope you find this analysis useful in taking clearer business decisions and align your company's strategy with the overall economic climate in the balance part of financial year 2014-15.
Would love to hear your feedback on the usefulness of the same."
Regards,
Vishal Thakkar | Group Head - Corporate Relations | Synthesis Group
Hand Phone: 91 9320007891 | Boardline: 91 22 24093737 | Fax: 91 22 24093737
INDIA is one of the oldest civilizations in the world
with a kaleidoscopic variety and rich cultural heritage.
It is the seventh-largest country by area, the second-most
populous country with over 1.2 billion people, and the
most populous democracy in the world. In the present
scenario, India’s economy is the fourth largest by purchasing
power parity (PPP) and 10th largest by nominal
gross domestic product (GDP), globally.
India has seen a systematic transition from being a
closed door economy to an open economy since the beginning
of economic reforms in the country in 1991.
These reforms have had a far-reaching impact and have
helped India unleash its enormous growth potential.
Today India is one of the fastest growing economies in
the world and has emerged as a key destination for foreign
investors in recent years. According to UNCTAD’s
World Investment Prospects Survey 2012–2014, India is
the third-most attractive destination for FDI (after China
and the US) in the world.
India’s GDP has also grown at around 7.9 per cent between
2003 and 2012. This trend, according to the International
Monetary Fund (IMF), is likely to continue for
the next five years with an average GDP growth rate of
7.7 per cent per annum till 2017. India’s GDP for 2015,
valued at US$ 2.183 trillion at current prices is the 10th
largest in the world1.
Industrial production growth continues to remain tepid, thus necessitating the need for urgent redressal steps from the government in the form of expediting execution of approved projects and providing a competitive market for coal and mining sectors. Global headwinds have not receded fully, with growth in Euro Area expected to remain lackadaisical for few more quarters. Japan and China are passing through a phase of below potential growth too. Under this backdrop of subdued global growth, policymakers need to announce more policy actions like 'Make in India' initiative and flexible labour policy to help lift domestic growth to a higher trajectory.
In the current issue of Economy Matters, we cover the latest IMF’s World Economic Outlook and the issue of deflation facing many advanced economies in the Section on Global Trends. In Domestic Trends, we analyse the trends emanating out of the recent releases on IIP, Inflation, Monetary Policy and Trade. We also discuss the Corporate performance for Q2FY15 in this section. The Sectoral spotlight for this issue is on the MSME sector. In Focus of the Month, sectoral experts provide their insightful viewpoints on the topic ‘Coal: Challenges and Way Forward’.
The Finance Minister has presented a realistic and pragmatic Budget aimed at striking the right chord with all segments of the society and successfully delivering on the nation’s expectations. The Budget has attempted the difficult task of deftly maintaining the fiscal deficit within prudent levels, boosting consumption spending and investment demand while enhancing welfare expenditure. The Finance Minister needs to be congratulated for maintaining a check on the fiscal deficit despite the overwhelming need to raise public expenditure to boost growth. The fiscal deficit of 3.5 per cent of GDP for Budget 2016-17 will be lowered to 3.2 per cent for the coming year. At the same time, it is commendable that the Budget reduced the revenue deficit to 1.9 per cent of GDP, while increasing capital expenditure by over 25 per cent. Adherence to the fiscal prudence imperatives will lay the foundation for long-term growth and CII appreciates this commitment.
FICCI's latest Economic Outlook Survey puts across the GDP growth estimate for the year 2014-15 at 5.3%, with a minimum and a maximum range of 4.9% and 5.8%. This is a tad lower than the 5.5% growth estimate put out by the economists in the previous survey round and is mainly on account of bleak prospects for performance of the agriculture sector due to sub-par monsoon forecast.
Regarding the performance of the industrial sector this year. The median forecast for industrial growth for 2014-15 is pegged at 3.1% and for agricultural sector at 2.1%. Further, services sector growth is expected at 7.0% this year and is only marginally higher than 6.8% growth recorded in 2013-14.
On Inflation, the El Nino effect is expected to fuel inflationary pressure going ahead.
Dear Readers,
We are pleased to present TransPrice Times for the first fortnight of July 2016.
In this bulletin, some key issues in Indian litigation have been discussed with regard to nature of foreign exchange fluctuations, selection of tested party for carrying out transfer pricing audit and method of benchmarking royalty transactions. Meanwhile on the international taxation front, OECD is keeping MNCs on its toes by releasing various discussion drafts on the work recommended under Action 4 (limiting interest deductions) and Action 7 (Preventing Artificial Avoidance of Permanent Establishment Status).
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy Reading!!!
TransPrice Times 16th - 30th June 2016Sangesh Sase
Dear Readers,
We are pleased to present TransPrice Times for the second fortnight of June 2016.
This issue contains diversity of case rulings ranging from issues on royalty / FTS to management service fees and TDS rates on payments made to a non-resident.
CBDT has been on a notification spree where in last 2 days, it has notified the foreign tax credit rules and the much awaited 'indirect transfer' rules which will be taken up extensively in the next bulletin along with the recent amendment on General anti-avoidance rules (GAAR).
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy Reading and a very happy CA day (1 July 2016)!!!
Dear Readers,
We are pleased to present TransPrice Times for the first fortnight of June 2016.
In this bulletin, OECD continues to propose key inputs and seeks to incorporate major issues and amendments relating to Action 8-10 (Transfer Pricing), Action 13 (CbC reporting) and Action 15 (Multilateral Instruments) of the BEPS Project.
Further, some key issues in the Indian litigation revolving around use of multiple year data, attribution of profits and marketing intangibles are addressed.
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy Reading!!!
Dear Readers,
We are pleased to present TransPrice Times for the second fortnight of May 2016. The newsletter provides a round-up of key transfer pricing and international tax developments in India.
One of the most recent key developments prescribed in this issue is draft valuation rules for indirect transfer of shares and notification of Equalization Levy Rules, 2016 (BEPS Action Point 1).
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy Reading!!!
Dear Readers,
We are pleased to present the first fortnight edition of TransPrice Times for May 2016.
The issue includes a summary on the most spoken about amendments to India - Mauritius treaty and other important case laws in the Transfer Pricing arena.
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy reading !!!
Dear Readers,
TransPrice presents to you TransPrice Times for March 2016. It equips you with recent developments in transfer pricing along with detailed discussion on the latest case laws.
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy reading !!!
TransPrice Times 15th - 31st January 2016Sangesh Sase
Dear Readers,
We are pleased to present the second fortnightly TransPrice edition for the period 15th - 31st January 2016. The newsletter provides a round-up of key transfer pricing developments in India.
Further, the newsletter gives snapshot of the significant case laws pronounced and its implications and also provides information on the latest happenings in India.
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy Reading!!!
TransPrice Times 15 December 2015 - 12 January 2016Sangesh Sase
Dear Readers,
Please find a link to the first edition of TransPrice Times for the new year 2016.
With the onset of holiday season, we saw some important judgement being pronounced by courts which are summarized in the alert.
Further, a long awaited guidance from the CBDT on the change in the residential status law which included the a global concept of 'Place of Effective Management' ('POEM') is also covered in the alert.
We hope you find this newsletter useful and look forward to your feedback and suggestions. You can write to us at akshaykenkre@transprice.in
Happy Reading!!!
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
2. ‘Every dark cloud has a silver lining’, and for the dark cloud of the current global economic condition,
Indian economy appears to be the silver lining. In these looming times, when the world-wide
economies are fighting recession and slow down fears, India is shining with a promise of stable and
growing economy for the investors. Coupled with key initiatives like Make in India, Digital India, Start-
up India and the ray of certainty on the taxation front has brought in global confidence and changed
the way how world looked at Indian business environment. Being the fastest growing economy in the
world, it is now the time for this country to prove and showcase its true potential, the tone for which
has been set right by this Budget 2016. A clear indication on priority areas and growth path, along with
transparency in implementation and results is the way to go.
A Union budget is often looked from a taxation perspective that could provide us an insight in to the
impact that such tax proposals may have on an individual or body corporate. However, such tax
proposals are an outcome of the state of economy which needs detailed analysis of past performance
and implementation of future strategies for development of sustainable economy.
Through this document we have analyzed the economic results and decoded the impact of budget
proposals on sectors as well as summarized the direct and indirect tax proposal implications on you
and your business.
Trust you will find the publication useful. Happy reading!!
In case you need any further clarification please feel free to e-mail me at akshaykenkre@transprice.in.
Thanks a lot.
Best Regards,
Akshay Kenkre
Director
TransPrice
Preface
2
3. 3
Table of Content
Indian Economic Highlights 4
- Economy Overview
- The Growth Story
- Fiscal Overview
Taxation Proposals 9
Budget Allocations 14
- Agriculture and Farmer’s Welfare
- Railways
- Infrastructure & Investment
- BFSI
- Service Sector
- Indirect Tax Proposals
- Direct Tax Proposals
- Reforms and Measures
- Inflation
- Introduction
Sectoral Analysis 16
Key Initiatives and Reforms 22
- Key Initiatives
Glossary 26
About TransPrice 27 3
5. Economic Indicators
Performance
FY 2015-16
Targets
FY 2016-17
% %
GDP Growth 7.60 8.00
Fiscal Deficit to GDP 3.90 3.50
Inflation CPI terms 4.90 4.75
0
2
4
6
8
10
12
Growth rate Inflation (CPI) Fiscal Deficit
Interplay - Economic Indicators
Economy Overview
With unusual volatility in the international economic environment, the global markets have begun
to swing on fears that global recovery might not be on cards soon, while the risks of extreme
events are intensifying. Despite this global slowdown, India stands out as a haven of stability and
land of opportunities. Such a stability is reflected in the growth of 7.6% in GDP, reduction of
inflation and commitment to stick to the patch of fiscal consolidation target of 3% by FY 2017-18.
With India hailed as a ‘bright spot’ by IMF amidst a slowing global economy, foreign investments
are eyeing India for its next move. It has therefore become imperative to provide road-map to
various initiatives announced earlier, bring down the litigation environment with stable and certain
environment in taxes for the investors and the businesses. These pathways have to be backed
with a push to the finance and insurance sector, which is considered as a backbone for every
successful economy. The Budget 2016 has attempted to address the above with various
innovative proposals.
A snapshot of current performance and targets for the Indian economy is as follows:
%
FY
5
6. While the global economic ocean is facing turbulent times, the Indian economy is sailing smooth
with a 7.6% GDP growth pace, thus climbing to the top of charts as the fastest growing major
economy in the world. While the growth in advanced economies has improved modestly the
emerging economies have witnessed a consistently declining trend in growth rate since year 2010.
As a result, the global growth is averaged at 3.1% in 2015, declining from 3.4% in 2014.
The decline in the global growth could be aggravated by:
i. Decline in crude prices
ii. Turbulent equity markets
iii. Volatility in exchange rates
The weak growth in the advanced and emerging economies have reduced the global demand for
products and services, thereby negatively affecting the Indian exports. Simultaneously, the imports
have also seen a decline due to reduction of crude oil prices, thereby maintaining the current
account deficit at moderate levels. The global economy – in particular the global powerhouse,
China- is rebalancing, leading to an increasing role for India.
The rupee has seen volatility in last few months, that has resulted in to depreciation against USD
in line with most other currencies of the world, however, it has appreciated against number of
other major currencies. The impact could be due to global developments including contraction in
exports portfolio outflows on concerns about outlook, deterioration of Chinese currency and
growth, gradual process of normalization of monetary policy in the US and global bond market
sell-off.
The government being optimistic on the reforms undertaken, aided by macroeconomic stability, it
would be realistic to expect an 8% or higher growth in the coming years. At the same time the
growth in FY 2016-17 may not pick up drastically from the previous years, as the cloud of slow
down on global front would hover around the Indian economy.
India’s BoP position remained comfortable due to (i) lower CAD (ii) increase in FDIs and NRI
deposits (iii) net outflow on portfolio investment ; with a CAD of USD 14.4 billion (Apr-Sep 15),
approx. 20% lower than the similar period for the last year.
Among the major economies with CAD, India ranks second after Brazil with respect to foreign
exchange reserves at USD 351.5 billion with foreign currency assets of about 93.4% of such
reserves.
The risks of further global slowdown and turbulence are mounting. It is therefore important to
manage the economics of India in the most efficient ways. The three pillars of ideology to be
followed are:
1. Ensuring macro-economic stability and prudent fiscal management
2. Boosting domestic demands
3. Continuing with the pace of economic reforms and policy initiatives
With this background the budget has set a tone of growth and development for future years to
come.
The growth story
6
7. Fiscal consolidation continues to be vital, and will be needed to maintain credibility and reduce
debt, in an uncertain global environment, while sustaining growth. This measure was planned to be
achieved through control of expenditure (subsidies and leakages), investment in public projects
and increase in tax revenues.
From a revenue perspective, such a consolidation required a 15.8 % growth in gross tax revenue.
The collection on account of indirect taxes played an important role in achieving the same, with
measures like increase in excise duty on petrol and diesel in lieu of falling international crude oil
prices. Further, the expenditure registered a growth of 33.5% in capital projects, mainly leady by
planned expenditure. Given this fact the fiscal deficit target of 3.9% of GDP seems achievable for
FY 2015-16.
Further, the commitment to achieve the fiscal roadmap is one of the priorities, with the fiscal deficit
targeted to be at 3.5% of the GDP for FY 2016-17. It would be important to note how the
development agenda would balance with this backdrop. The total expenditure for FY 2016-17 has
been pegged at Rs. 19.78 lakh crore, out of which Rs. 5.50 lakh crore is under planned and Rs.
14.28 lakh crore is considered under unplanned. Taking recommendations from the finance
committees, the bifurcation of plan and non plan expenditure would be done away with effect from
FY 2017-18 and a greater focus would be placed on capital and revenue expenditure.
Fiscal Overview
0
2
4
6
8
10
12
14
Direct Tax Indirect Tax Total Tax
Tax to GDP Ratio
%
FY
7
8. Inflation
The year 2015-16 experienced moderate level of general prices. The substantial decline of
global crude prices along with government measures to improve supply and storage of food
products, helped to keep prices under control
WPI inflation moved to a negative territory to -2.8% during Apr 15 –Jan16 as compared to 2 %
during FY 2014-15. This was mainly due to reduction of crude prices globally , while the WPI
food inflation remained moderate at 2.2% despite of below average monsoon
Unlike sharp dip in WPI inflation , the CPI inflation moderated at 4.8 % (Apr 15- Jan 16) as
against 5.9% in FY 2014-15. Although fall in crude prices has impacted WPI inflation
significantly, the impact on CPI is minimal. This is mainly due to difference in the commodities
and their weights included in the CPI and WPI baskets. Diesel and petrol whose prices are
directly liked to global crude prices constitute around 40% of the WPI fuel and power basket.
Petroleum products have negligible weight in CPI basket
Continued uncertainty over the outlook for China, expected spurt in Iranian crude supply and
moderation in demand from the rest of the world are likely to keep crude prices subdued in the
near future. Prospects of lower oil prices over the medium term are likely to dampen the
inflation expectations
Although no specific derivatives have been mentioned in the budget regarding inflation, certain
features such as improvement in supply chain management and new reforms for the APMC
markets will help curb inflation in agro-products. Similarly, the benefits extended to low-cost
housing will lure developers to venture into low-cost housing space which in turn will
rationalize the housing sector & create investment opportunities
7.4
6
2
-3
10.2
9.5
5.9
4.8
-4
-2
0
2
4
6
8
10
12
2012-13 2013-14 2014-15 2015-16
Headline inflation – WPI and CPI
WPI CPI (Combined)
%
8
10. Direct Tax proposals
International taxation:
Commitment to implement GAAR by FY 2017-18, as a part of comprehensive regime to deal
with Base Erosion and Profit Shifting and aggressive tax avoidance
Determination of residency of foreign company on ‘Place of Effective Management’ (POEM) to
be applicable for FY 2016-17 (earlier applicable from FY 2015-16) along with detailed
notification of transitional provision
Proposed to insert ‘Equalization Levy’ at 6% for the payment made by a resident to a non-
resident (other than those having Permanent Establishment) for transactions in digital space or
economy. Detailed administrative mechanism and procedure to be notified. Applicable for B2B
transactions and not for retail transactions
Mandatory furnishing of PAN under Section 206AA to be relaxed for non-residents other than
company or a foreign company, for income other than interest on bonds
The position on non –applicability of MAT for non-residents/ foreign companies, not having a PE
in India is clarified and amended retrospectively with effect from 1 April 2001
Exemption of income of foreign company from storage and sale of crude oil as a part of
strategic reserve, by not including such activity of a foreign company to create a business
connection under Section 9 of the Act.
Transfer Pricing: Going by the recommendations of the BEPS Action plan 13, a three tiered
structure for transfer pricing documentation has been mandated, consisting of :
I. A Masterfile, containing standard information about MNE group
II. A local file specifically relating to transactions with associated enterprises
III. A Country by Country (CbC) report, providing global allocation of income and taxes along
with other economic indicators
Heavy penalties for non maintenance and furnishing of documentation in above –mentioned
form. The CbC reporting requirement apply if the consolidated revenues of the preceding year
of the entire MNE group, exceeds Euro 750 million ( approx. Rs. 5,300 crores)
Individual taxation:
Surcharge increased to 15% for individuals, HUF, AOP, BOI for income above Rs. 1 crore
To eliminate vertical inequality amongst the taxpayers as those who have high dividend income,
subjected to tax @ 15% under DDT, it is proposed to tax dividend income in excess of Rs. 10
lakhs for an individual, HUF or a firm at a rate of 10%
Increased deduction of rent paid under Section 80GG of the Act from Rs. 24,000 p.a. to Rs.
60,000 p.a. for those who stay in rented houses
Shares received by individual and HUF in consequence of demerger or amalgamation to be
excluded from the ‘gift tax’ provision of Section 56(viii) and considered exempt
Redemption of Sovereign Gold Bond under the scheme not treated as transfer for CG 10
11. Direct Tax proposals
Corporate tax proposals:
A. Rate of taxes:
New companies incorporated after 1 April 2016, to be taxed @ 25% ( plus surcharge and
education cess), if such company is in manufacturing or production of any article and is not
claiming any investment linked exemption or profit based deductions
Small taxpayers with turnover lesser than Rs. 5 crores in FY 2014-15 to be taxed at 29% (plus
surcharge and education cess)
B. Initiatives:
Patent box: With an aim to promote research & development and make India R&D hub, a
concessional tax at 10% of royalty income through exploitation of patents developed and
registered in India. No expenditure or allowance in respect of such income to be allowed. Such
a benefit would be allowed to a resident who is a first inventor of the invention and whose name
is entered on the patent register as the patentee
Start-up profits: Deduction of 100 percent of profits and gains for 3 out of 5 years to an eligible
start-up from a business involving innovation development, deployment or commercialization of
new products, processes, services driven by technology or IP. MAT to apply.
Start-up CG: Exemption from CG under Section 54GB of the Act, if a house property is sold
and CG arising from such sale of residential property are invested in subscription of shares of a
company which qualifies as eligible start-up, where such individual or HUF holds more than 50
percent of such company
CG on rupee denominated bond due to appreciation of rupee to be exempt for a non resident
investor
C. Audits and presumptive taxes
Limit for applicability of tax audits under Section 44AB of the Act to the professionals increased
from Rs. 25 Lakhs to Rs. 50 Lakhs
Limit for eligible business for presumptive taxation under Section 44AD increased to Rs. 2
crores from Rs. 1 crore
Introduction of presumptive taxation scheme for professionals with a gross receipts up to Rs. 50
lakhs, where a sum equal to 50% of such receipts would be considered as presumptive profits
D. Taxation of REITs and Invits
In order to further rationalize taxation regime for business trust (REITs and Invits) and their
investors, it is proposed to provide a special dispensation and exemption from levy of dividend
distribution tax
11
12. Corporate tax proposals:
E. Phasing out of exemptions:
The following exemptions and deductions are proposed to be phased out:
F. The Income Declaration Scheme, 2016
Opportunity provided to persons who have not paid full taxes in past to pay tax @ 30% on the
declared income (plus surcharge @ 25% and penalty @ 25% of taxes)- i.e. Total tax 45%
G. The Direct Tax Dispute Resolution Scheme, 2016
Pending cases against assessment order or penalty order have an option to settle by paying tax
and interest up to date of assessment.
No penalty in case of disputed tax up to Rs. 10 lakhs; cases with disputed tax exceeding 10 lakhs
are subject to 25% penalty
H. Other Proposals
Providing a legal framework for automation of various processes and paperless assessments
TCS provisions @ 1% on purchase of luxury cars exceeding Rs. 10 lakhs and purchase of goods
in cash and services exceeding Rs. 2 lakhs
STT in case of ‘Options’ proposed to be increased from 0.017% to 0.05%
Penalty provisions rationalized and certainty provided
Direct Tax proposals
Section Manner of phase out
10AA- Profits on export for SEZ No deduction available for units
commencing operation on after 1 April 2020
35AC- Expenditure on eligible
projects
No deduction w.e.f 1 April 2017
35CCD- Expenditure on skill
development
Deduction restricted to 100% from 1 April
2020
80IA,IAB,IB – development, operation
and maintenance of infrastructure
facility, SEZ and production of mineral
oil & mineral
No deduction available if the specified
activity commences on or after 1 April 2017
Accelerated Depreciation – Sec 32 Depreciation would be restricted to 40%
w.e.f 1 April 2017
Sec 35- Expenditure on scientific
research
Weighted deduction in various sub-sections
reduced since FY 2017-18
12
13. Indirect Tax proposals
Make in India
Changes in customs and excise duty rates on certain inputs to reduce costs and improve
competitiveness of domestic industry in sectors like Information technology hardware, capital
goods, defense production, textiles, mineral fuels & mineral oils, chemicals & petrochemicals,
paper, paperboard & newsprint, Maintenance repair and overhauling of aircrafts and ship
repair.
Service Tax:
Exemption of Service tax on general insurance services provided under ‘Niramaya’ Health
Insurance Scheme or the Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation
and Multiple Disability
Service tax reduced on Single Premium Annuity (Insurance) Policies from 3.5% to 1.4% of the
premium paid in certain cases
Exemption from service tax on construction of affordable houses up to 60 sq.m under any
scheme of the Central or State Government including PPP Schemes
Krishi Kalyan Cess @ 0.5% on all taxable services, w.e.f. 1 June 2016 and proceeds would be
exclusively used for financing initiatives for improvement of agriculture and welfare of farmers
Custom and Excise:
Basic custom and excise duty on refrigerated containers reduced to 5% and 6%
Extend excise duty exemption, presently available to Concrete Mix manufactured at site for
use in construction work to Ready Mix Concrete
Excise duty of 1% without input tax credit or 12.5% with input tax credit on articles of jewelry
(excluding silver jewelry, other than studded with diamonds and some other precious stones),
with a higher exemption and eligibility limits of Rs. 6 crores and Rs. 12 crores respectively
Excise on readymade garments with retail price of Rs.1000 or more raised to 2% without input
tax credit or 12.5% with input tax credit
Excise duties on various tobacco products other than beedi raised by about 10 to 15%
‘Clean Energy Cess’ levied on coal, lignite and peat renamed to ‘Clean Environment Cess’ and
rate increased from Rs. 200 per ton to Rs. 400 per ton
11 new benches of Customs, Excise and Service Tax Appellate Tribunal (CESTAT)
13
15. Introduction
The FYs 2015-16 and 2016-17 have been and will be extremely challenging for the government
expenditure. With a priority on fiscal consolidation, it is important to emphasis on quality of
expenditure than the quantity. The 14th Finance Commission has reduced the Central share of
taxes to 58% from 68%. The next FY will cast an additional burden on account of the
recommendations of the 7th Central Pay Commission and the implementation of Defense OROP.
Therefore, it is important to prioritize the expenditure. Enhancement of expenditure in the farm &
rural sector, the social sector, the infrastructure sector and provide for recapitalization of the banks
would be at utmost priority. Once these are addressed, other areas could be focused.
The focus is clearly to provide additional resources for vulnerable sections, rural areas and social
and physical infrastructure creation. It would be an endeavor to continue with the ongoing reform
program and ensure the passage of constitutional amendments to enable the implementation of
the GST, the passage of Insolvency and Bankruptcy law and other important reforms.
Further, significant reforms such as enactment of a law to ensure that all government benefits are
conferred upon persons who deserve it, by giving a statutory backing to the AADHAR platform;
bringing significant changes in the legislative framework relating to the transport sector so as to
free it from constraints and restrictions; incentivizing gas discovery and exploration by providing
calibrated market freedom; enactment of comprehensive to deal with resolution of financial firms;
providing legal framework with respect to PPP projects and public utility contracts; undertaking
important banking sector reforms and public listing of general insurance companies and
undertaking significant changes in FDI policies.
Therefor the agenda to transform India has 9 distinct pillars:
1. Agriculture and farmer’s welfare: With focus on doubling farmer’s income in 5 years;
2. Rural sector: With emphasis on rural employment and infrastructure;
3. Social sector including healthcare: To cover under all welfare and healthcare services;
4. Educational, skills and job creation: To make India a knowledge based and productive
society;
5. Infrastructure and investment: To enhance efficiency and quality of life;
6. Financial sector reforms: To bring transparency and stability;
7. Governance and ease of doing business: To enable the people to realize their full potential;
8. Fiscal discipline: Prudent management of government finances and delivery of benefits to the
needy; and
9. Tax reforms: To deduce compliance burden with faith in the citizenry (discussed above)
With these 9 points in consideration, accordingly the next sections are created and analyzed upon
15
17. Agriculture and farmer’s welfare
Agricultural sector comprises 17.4% share in GDP in FY 2014-15. The twelfth five year plan (
2012-2017) envisaged a growth target of 4% for agriculture and allied sectors necessary for 8%
growth rate for Indian economy. As per February 2016 stats, growth in the agriculture, forestry
and fishing sector is estimated at 1.1% in 2015-16
It is important to scale up investment to expand water efficient irrigation to achieve ‘more crop
per drop’
Effective use of fertilizers, quality seeds and pesticides. There is a need to rationalize fertilizer
subsidy, as excessive use of fertilizer is not resulting in to productivity but depletion of soil,
fertility and salination of soil in many areas
Tremendous potential to increase production by reducing wastage in the post-harvest value
chain through investment in storage facilities and drying facilities
Budget Highlights:
Allocation for Agriculture and Farmers’ welfare is Rs. 35,984 crore
Bring 28.5 lakh hectare to be brought under irrigation and implementation of 89 irrigation
projects under AIBP
A provision of Rs. 12,517 crore has been made through budgetary support and market
borrowings to achieve a dedicated Long Term Irrigation Fund , to be created in NABARD with
an initial corpus of about Rs. 20,000 crore
Promotion of organic farming schemes
Sustainable ground water management program with an estimated cost of Rs. 6,000 to be
implemented through multilateral funding
2,000 model retail outlets of Fertilizer companies to provide soil and seed testing facilities
Provision of Rs. 15,000 crore made towards interest subvention
Allocation for rural sectors – Rs 87,765 crore
Grants to Gram Panchayats and Municipalities amounting to Rs 2.87 lakh crore to be provided
A sum of Rs. 38,500 crore allocated for MGNREGS
100% village electrification by 1st May 2018
A new digital literacy mission scheme for rural India to cover around 6 crore additional
household within next 3 years
Allocation for social sector including education and healthcare Rs. 1.51 crore
Rs. 2,000 crore allocated for initial cost of providing LPG connections to below poverty line
families
New health protection scheme would provide health cover up to Rs. 1 lakh per family and
additional Rs. 30,000 for senior citizens
17
18. Railways
The budget focused on improving rail infrastructure, safety and upgrading the current rolling stock.
Some of the key thrust areas are:
Railway and economic growth: For FY 2016-17, the capital plan has been pegged at Rs.
1.21 lakh cr, which is close to double of the average of previous years - a feat never achieved
earlier
Freight corridor - Key to development: Three new freight corridors have been announced in
Budget 2016 to link key metro cities to improve freight traffic. One of the policy initiatives
introduced in the budget is to increase East-West freight corridor which may be extended by 5
kms
Innovation fund: Government to set up Rs. 50 cr innovation fund for startups, SMBs for
working on technologies that could benefit the Railways
Make in India: Finalized bids for two loco factories to be set up with order book of Rs 40,000
cr; proposed to increase the current procurement of train sets by 30%. LIC has agreed to
invest Rs 1.5 lakh cr to fund railway projects
Digital India: Indian Railways to shift to paperless contact management system. IRCTC
website to consider e-commerce initiatives because of huge number of hits
Electrification: In the next financial year, the outlay for railway electrification has been
increased by almost 50% and it has been proposed to electrify 2,000 kms
Broad Gauge lines: The commissioning of Broad Gauge lines at over 7 kms per day against
an average of about 4.3 kms per day in the last 6 years. It is expected to surpass the ambitious
target of commissioning 2,500 km Broad Gauge lines which will be almost 30% higher than last
year. In the next year, the plan is to commission 2,800 kms of track
Port connectivity: For the year 2016-17, it is proposed to undertake implementation of rail
connectivity for the ports of Nargol and Hazira under PPP. Considering the urgent need to
provide connectivity to ports on India’s 7,517 km coastline, the Budget positively considers
undertaking of any offer of partnership
Station redevelopment to tap additional revenues: Station redevelopment, monetizing land
along tracks, monetizing soft assets such as website, data, etc. was highlighting factors of
railway budget. Advertising in 2016-17 targets 4 times the revenue of 2015-16
18
19. Infrastructure & Investment
Budget Highlights:
Total outlay on infrastructure – Rs. 2.21 lakh crores in FY 2016-17
Out of 70 pending road projects at beginning of the year, 85% projects have been put back on
track which involved investment of more than Rs. 1 lakh crore
Budget has allotted Rs. 55,000 crores for roads and Rs. 15,000 crores through NHAI bonds
Opening up of road transport sector in passenger segment through amendment in Motor
Vehicles Act
Acceleration of work carried out on National Waterways and continuation of Sagarmala
project for delivering best quality cargo through developed greenfield ports in eastern and
western coasts of India
Action plan for reviving about 160 unserved and underserved airports at Rs. 50 crores to Rs.
100 crores each
Three initiatives announced to strengthen PPPs:
Introduction of Public Utility (Resolution of Disputes) Bill with focus on arbitration in
construction contracts, PPP and public utility contracts
Mechanism for renegotiation of PPP Concession Agreements
New credit rating system for infrastructure projects to be introduced
Boost to food processing industry through 100% FDI enabled through FIPB mode
100% FDI now permitted in ARCs through automatic route
Prior approval of Government no longer needed for increasing FPI investment in CPSEs with
investment limit increased from 24% to 49%
Focus is to make investments in new projects by releasing value of assets like land,
manufacturing units divested by CPSEs
Job Creation and other initiative:
GOI will pay the Employee Pension Scheme contribution of 8.33% for all new employees
enrolling in EPFO for the first three years of their employment
Propose to make 100 Model Career Centres operational by the end of 2016-17
Model Shops and establishments bill can be adopted by the State governments on voluntary
basis
Introduce of Bill of Targeted Delivery of Financial and Other Subsidies, Benefits and Services by
using the AADHAR framework
Introduction of Direct Benefits Transfer on pilot basis for fertilizer in few districts
Amendment to the Companies Act, 2013 to improve the enabling environment for start-ups 19
20. BFSI
Bank credit is an important indicator of economic activity. Since year 2003-08, the bank credits
growth usually exceeded the 20 % mark year on year, which came down to 5% till year 2014,
and in the current fiscal year the growth has declined to 10%
Such a sluggish growth could be attributed to
i. Non passing of benefit of reduction in interest rates to the borrowers
ii. Rising non-performing assets
iii. Worsening of corporate balance sheets
iv. Attractive interest rates in bond markets
The performance of SCBs during FY 2015-16 remained subdued. The asset quality of SCBs
have come under stress in recent times. Gross NPAs has as a proportion of gross advances
have increased to 5.1% from 4.6% between Mar-Sep 15. PSBs had highest level of stressed
assets at 14% of total advances
PMJDY : The number of new basic saving bank deposit accounts rose considerably to 441
million till September 2015, which was 398 million till March 2015
The life insurance premium registered a growth of 4.4% whereas general insurance business
grew by 9%. Three schemes for insurance and pension sectors for promoting social security to
poor and underprivileged were established
Budget Highlights:
Code on Resolution of Financial Firms - Specialized resolution mechanism to be set up for
bankruptcy conditions in banks, insurance companies and financial sector entities
Amendment in RBI Act 1934 to add value and transparency to monetary policy decisions
Facilitation of integrated data and analysis through arrangement of Financial Data
Management Centre
RBI to improve and facilitate retail participation in Government securities
Creation of new derivative instruments by SEBI in Commodity Derivatives market
Solution to the problem of stressed assets in banking sector:
SARFAESI Act 2002 amended to allow a sponsor to hold 100% stake in ARC and non-
institutional investors to invest in Securitization receipts
De-stressing PSBs through continued efforts on INDRADHANUSH without interfering
bank’s operational activities
Debt Recovery Tribunals to incorporate computerized processing for arbitration of
stressed assets
Recapitalize PSBs with proposal of Rs. 25,000 crores in FY 16-17 to support credit growth
Protection for poor and financially illiterate people from illicit deposit taking schemes through
proposal of comprehensive Central Legislation in FY 2016-17
Provision for more members and benches of the Securities Appellate Tribunal
20
21. Service Sector
India’s service sector accounts for 61.50% of India’s GDP growing at approx. 9% over the last
year to maintain the growth level
High growth of FDI inflows due higher growth of three major categories i.e. R&D sector, Software
& Hardware and Trading sector
FDI related liberalization has taken place in number of sectors like constructions, broadcasting,
civil aviation, wholesale trading, single brand trading and private sector banking
India constitutes 3.2% share of exports in global services which makes it 8th largest service
exporter in the world
Share and Growth of India Service Sector (Provisional Estimate for FY 2015-16)
Budget Highlights:
A. Education
62 new Navodaya Vidyalayas will be opened with increased focus on quality of education
Higher Education Financing Agency to be set-up with initial capital base of Rs. 1,000 crores
It is proposed to establish a Digital Depository for School Leaving Certificate, College Degrees,
Academic Awards and Mark Sheet to be set up
B. Skill Development
National Skill Development Mission to bring entrepreneurship through PMKVY
National Board for Skill Development Certification to be set up in Partnership with the industry
and academia
Top Sectors % Share
Trade, hotels & restaurants 18.60
Financing, insurance, real estate & business services 20.60
Public administration and defence 14.10
Constructions 8.2
Total Services GDP 61.50
Total GDP 100.00
Services
Others
India GDP composition FY 2014-15
21
23. Key initiatives
Make in India:
Initiative to boost entrepreneurship in manufacturing sector, infrastructure and service sectors
‘Make in India’ and ‘Making One India’- To initiate the first step towards discovering a single
market price for power around the country
Investment Facilitation Cell has been set up under Invest India as a national investment
promotion and facilitation agency
SME Sector
India Aspiration Fund has been set up for venture capital financing under Small Industries
Development Bank of India (SIDBI)
Special focus on Micro Units Development Refinance Agency (MUDRA) Bank for giving loans
to micro-units via refinancing activities and spreading financial literacy skills
Smart cities
Targets core infrastructure of cities and harnesses technology using ‘smart solutions’ leading
to smart outcomes
Premised on an area-based planning for city improvement, city renewal and city extension
through greenfield development for cities with large populations
The Mission plans to cover 100 cities on an equitable basis through a Centrally Sponsored
Scheme with an aim to deploy smart solutions and reforms
Green Finance
Green finance is slowly gaining traction with focus on green development through green
economic policies for banking sector, bond market and institutional investment
Such finance is needed on fulfilling various solar energy targets, development of solar cities,
smart cities projects, wind power projects, green infrastructure activities and ‘Clean India’ or
‘Swach Bharath Abhiyan’
23
24. Shipping
Government has implemented several measures which include making fuel tax free for all Indian
flag coastal vessels in container trade
The shipping sector recognizes need to encourage growth of Indian tonnage and higher
participation of Indian ships in Indian EXIM trade
Smooth implementation of India Controlled Tonnage (ICT) scheme which have allowed Indian
companies to directly own ships in foreign flags
Compliance of ship registration made simple and payment of charter fees made online
Prime Minister’s Krishi Sinchai Yojana (PMKSY) [agriculture]
The initiative looks to enhance on-farm Water-Use-Efficiency (WUE) to reduce wastage by
promoting precision irrigation like sprinkler, dip
Pradhan Mantri Jan Dhan Yojana
Considerable increase in opening of basic savings bank deposit accounts to create a universal
social security system
Financial inclusion is increasingly progressively
New Gold Investment Schemes
Gold Monetisation Scheme: Gold Saving Account can be opened where banks have a tripartite
agreement with refiners and CPTCs
Tax exemption are same as those available under GDS 1999
Key initiatives
24
25. Reforms and measures – FY 16
Hits:
Transparency brought in the functioning of government decision making and auction of public
assets
Reforms in FDI reflecting a paradigm shift in approach and philosophy
Efforts to ease the cost of doing business, thereby encouraging multifarious start ups and e-
commerce businesses in the interest of large employment- generating companies
Bringing in tax certainty and stability by clarifying tax established tax positions (MAT)
Major impetus to public investment programs to strengthen the country’s infrastructure and
bridge the deficiency in private investment
Introducing crop insurance programs for protection of farmers and limiting far intervention
thereby moderating overall inflation
Giving a major flip to the financial inclusion agenda via the Jan Dhan Youjna and further
licensing of 11 payment banks and 10 small banks
Advancing the game-changing JAM trinity agenda, thereby extending the benefit under various
government programs and subsidies
Misses and challenges:
Approval for the game changing GST bills has proved illusive so far
Disinvestment program fell short of targets
Promotion of entrepreneurship has to be complimented with end of exemption-raj and
corporate subsidies to helps competitive business environment
Important to address exit problems in Indian economy with new bankruptcy law, rehabilitation
of stalled projects and promoting public, private partnerships
Important to invest in the health of people, especially the mother and child development
Impetus to agriculture sector by increasing productivity and better irrigation facilities
25
26. Glossary
Act – Income-Tax, 1961 MAT – Minimum Alternate Tax
AIBP - Accelerated Irrigation Benefits
Programme
MGNREGA - Mahatma Gandhi National Rural
Employment Guarantee Act, 2005
AOP – Association Of Persons MNE – Multinational Enterprise
APMC - Agricultural Produce Marketing
Corporation
NABARD - National Bank for Agriculture and
Rural Development
ARCs – Asset Reconstruction Companies NHAI - National Highway Authority of India
BEPS – Base Erosion And Profit Shifting NPA - Non-Performing Assets
BFSI - Banking Financial Service Insurance NRI - Non-Resident Indian
BOI – Body Of Individuals OROP – One Rank, One Pension
BOP - Balance of Payments PAN – Permanent Account Number
CAD - Current Account Deficit PMJDY - Pradhan Mantri Jan Dhan Yojna
CG - Capital Gains
PMKVY – Pradhan Mantra Kaushal Vikas
Yojana
CPI - Consumer Price Index PPP – public private partnership
CPSE – Central Public Sector Enterprise PSB - Public Sector Bank
CPTC - Collection, Purity Testing Centres REIT - Real Estate Investment Trust
DDT – Dividend distribution Tax
SARFAESI – Securitization And Reconstruction
Of Financial Assets And Enforcement Of
Security Interest
EPFO – Employees’ provident fund SCBs - Scheduled Commercial Banks
FDI - Foreign Direct Investment SEBI – Securities And Exchange Board Of India
FIPB - Foreign Investment Promotion Board SEZ – Special Economic Zone
FY – Financial Year SMB - Small Medium Business
GAAR – General Anti Avoidance Rules SPV - Special Purpose Vehicle
GDP - Gross Domestic Product ST/SC- Scheduled Tribes and Scheduled Caste
GDS - Gold Deposit Scheme STT - Securities Transaction Tax
GST - Goods and Service Tax TCS – Tax Collected At Source
HUF – Hindu Undivided Family US – United States
IMF- International Monetary Fund USD - U.S Dollar
INVITs - Infrastructure investment Trust W.E.F - With Effect From
IP- Intellectual Property WPI - Wholesale Price Index
IRCTC – India Railway Catering And Tourism
Corporation
JAM – Jan Dhan Aadhar Mobile
LIC – Life Insurance Corporation
LPG- Liquid Petroleum Gas
26
27. About TransPrice:
TransPrice is specialist professional service firm offering expert Transfer Pricing and international
taxation solutions to ever dynamic India businesses. The firm's vision is 'to provide high quality
Transfer Pricing solutions and be an advisor of choice for the Indian businesses'. TransPrice is a
member firm of Quantera Global, a leading transfer pricing and valuation specialist firm
worldwide.
As much as an MNE would like to optimize its tax results, it equally would like to be compliant
with laws of the land for a smooth business operation. We understand that tax planning and
compliance are one of the key drivers for any Multinational Corporation in India and we provide
expert tax solutions to balance the two.
We add value with plethora of tax planning and structuring activities that helps you build effective
tax structures. We are aware that documentation is the heart of any Transfer Pricing solutions
and we believe in elaborate, extensive and contemporaneous documentation for our clients.
We advocate specialization and believe that focus is vital for expert advice, especially in the field
of Transfer Pricing , where every issue is unique. As Transfer Pricing deals with different and
dynamic business scenarios, we tailor make every solution for you.
We at TransPrice are strong advocates of research and knowledge base. Our continuous
learnings and updates in the field of Transfer Pricing help us and our clients to stay up to date on
various key issues in an around Transfer Pricing fraternity.
TransPrice releases a weekly dossier 'TransPrice Weekly', which provides weekly updates to our
clients, members and associates.
27