Union Budget 2015-16
Government Budget is designed for optimal allocation of resources. The Union Budget is presented to the Parliament in two parts:
- Railway Budget pertaining to “Railway Finance”.
- General Budget which gives an overall picture of financial position of the Government of India. It includes the effect of “Railway Budget”
Union Minister for Finance Shri Arun Jaitley on 28th February presented in Parliament the Union Budget 2015-16, with a focus on growth, promoting entrepreneurship and manufacturing, rationalizing tax regime and announcing some relief to common man.
- Non-Plan expenditure estimates for the Financial Year are estimated at 13,12,200 crore.
- Plan expenditure is estimated to be 4,65,277 crore, which is very near to the R.E. of 2014-15.
- Total Expenditure has accordingly been estimated at 17,77,477 crore.
- The requirements for expenditure on Defence, Internal Security and other necessary expenditures are adequately provided.
- Gross Tax receipts are estimated to be 14,49,490 crore. Devolution to the States is estimated to be Rs.5,23,958 crore. Share of Central Government will be Rs.9,19,842 crore. Non Tax Revenues for the next fiscal are estimated to be Rs.2,21,733 crore.
- With the above estimates, fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of GDP
THREE KEY ACHIEVEMENTS
- Financial Inclusion – 12.5 crores families financially mainstreamed in 100 days.
- Transparent Coal Block auctions to augment resources of the States.
- Swachh Bharat is not only a programme to improve hygiene and cleanliness but has become a movement to regenerate India.
- Game changing reforms on the anvil:
- Goods and Service Tax (GST)
- Jan Dhan, Aadhar and Mobile (JAM) – for Direct Benefit Transfer
MAJOR CHALLENGES AHEAD
- Five major challenges: Agricultural income under stress, increasing investment in infrastructure, decline in manufacturing, resource crunch in view of higher devolution in taxes to states, maintaining fiscal discipline.
- To meet these challenges public sector needs to step in to catalyse investment, Make in India programme to create jobs in manufacturing, continue support to programmes with important national priorities such as agriculture, education, health, MGNREGA, rural infrastructure including roads.
- Challenge of maintaining fiscal deficit of 4.1% of GDP met in 2014-15, despite lower nominal GDP growth due to lower inflation and consequent sub-dued tax buoyancy.
Union Budget 2015-16
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