Budget 2016: Little cheer for upstream industry

The much-awaited demand from exploration & production industry to reduce Oil Industry Development Board cess from Rs 4,500 per tonne to ad valorem has been met this Budget

Business Standard

Small taxpayers are big gainers in Jaitley's Budget

FM takes a protectionist stance in favour of domestic companies, increases customs duty on certain products

Four-month window to come clean on black money

Black Money

The taxpayers will have the option to pay the tax within two months of disclosing the income

BS Reporter

Employer's contribution to provident fund beyond Rs 1.5 lakh to be taxed

The government has also increased the tax exemption on employer contribution to the superannuation scheme

Saurabh Mukherjea

No revision of the 2017 recap plan suggests muted credit growth expectations (9-10 per cent) on the government's part for the banking system

Budget reads the riot act to PSBs: Saurabh Mukherjea

Big push for stalled irrigation projects to counter poor rains

Most of the allocation would be spent on completion of existing irrigation schemes and their results would only be felt after a gap

People Bombay Stock Exchange walking past a digital screen showing Arun Jaitley's Budget speech (pic: Kamlesh Pednekar)

Increase in allocation for MGNREGS, LPG expansion, electrification & smart panchayats

Achche Din for rural India?

Finance Minister Arun Jaitley along with his budget team leave from North Block to meet President before presenting the Union Budget 2016-17, in New Delhi

The government has decided to empower the Asset Reconstruction companies (ARCs) by easing the rules around the firms which will ensure easier capital infusion.In the Union Budget, Finance Minister Arun Jaitley has proposing to amend Securities and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 to allow sponsors to hold 100 per cent equity stake in the ARCs. Non-institutional investors will be allowed to invest 100 per cent in security receipts, making the fund raising process for the ARCs easier. At present, the sponsor's stake, is capped at 49 per cent and the rest has to be held by an individual which in turn makes capital raising a challenge.  However, these are the proposals that have been made and they will come into effect only when the Parliament passes the bill.Apart from this, in order to get more investment in ARCs, the government has also proposed  to allow complete pass-through of income-tax to securitization trusts, including t

Budget 2016: Government eases norms for Asset Reconstruction Companies

Kunal Bose

The process of demystifying the Budget began some years ago, when the government would introduce new duties or revise rates whenever the need arose. Take steel. Delhi first announced a 20 per cent safeguard duty on hot-rolled coil in mid-September and then, much to the industry's relief, introduced in February minimum import prices of $341 and $752 a tonne on 173 products.Why should the government wait for the Budget when the debilitating impact of import surges on domestic steel makers was already in evidence? The US administration's response to steel imports from China and Russia, with dollops of subsidy proving hurtful to local industry, is found to be much faster and effective than of either India or the European Union.Finance Minister Arun Jaitley has only partly met the aluminium industry's demand by raising the import duty on primary metal to 7.5 per cent from five per cent. The industry was hoping for a uniform import duty of 10 per cent on primary aluminium and scrap, which wi

Advantage farm sector: Kunal Bose

Finance Minister Arun Jaitley has paved the way for the Securities and Exchange Board of India (Sebi) to introduce new products in the commodities derivative segment. This means, option trading and index futures trading can now be taken up by Sebi. Last year's amendment in the Securities Contracts (Regulation) Act had cleared the legal hurdle on introduction of these products. According to sources, Sebi would begin the consultation process for these products before allowing exchanges to introduce them. Sebi will make it a pre-requisite for commodity exchanges to upgrade their risk management standards, in line with those of stock exchanges.A consultation paper would soon be issued to seek stakeholders' views on new products. The FM has, however, not said anything on allowing new set of participants such as banks, mutual funds, etc, in commodity derivatives. Sources said for index futures, Sebi will have to prescribe standard index making norms. It will also have to decide in which segm

Options, index futures in commodities soon

Nitish Kumar (Photo: Facebook)

Siddaramaiah

Budget 2016: CMs' views

Shivraj Singh Chouhan

Differences with Shiv Sena not to affect govt: Devendra Fadnavis

Devendra Fadnavis

NITISH KUMARBiharIt's very difficult for me to even rank this Budget. The finance minister had been talking about development of agriculture and rural economy, but nothing concrete can be seen in this Budget. It's been almost two years and they are yet to implement their promise of increasing Minimum Support PriceSIDDARAMAIAHKarnatakaThe Union Budget is disappointing and average. More funds could have been allocated to the agricultural community as the government reaped the benefits of low crude oil prices. the Centre has raised the burden of states because of the contribution in centrally sponsored schemes. This year, the burden has increased Rs 1,987 crSHIVRAJ SINGH CHOUHANMadhya PradeshThis is a pro-poor Budget dedicated to farmers, especially supportive to Madhya Pradesh, given its largely agrarian economy. The finance minister has made sufficient budgetary provision under Mahatma Gandhi National Rural Employment Gurantee Scheme and has taken steps to boost irrigationJ JAYALALITHAA

An indirect tax Budget so positive that it is almost thrilling

Sukumar Mukhopadhyay: Fostering ease of doing business

A slew of proposals have got unprecedented attention in this Budget

Mukesh Butani: A big tax overhaul

Budget sends reassuring message on the sustainability of gradual reform

Claude Smadja: A good balancing act

For next year, Mr Jaitley has managed the difficult feat of sticking to the fiscal correction track despite the burden of the Pay Commission's award

Mr Jaitley delivers

The most salient measures that Finance Minister Arun Jaitley presented in his Budget

Budget 2016-2017: Key Highlights

Budget: Social Justice Ministry allocated Rs 7,350 cr

Tribal Affairs Ministry gets a higher budgetary allocation of Rs 4,826 cr

Press Trust of India

Budget brings 2 new cesses;addl revenue from levy at Rs 23k cr

The cess, which will be effective from June 1, 2016, will help finance and promote initiatives to improve agriculture

Budget brings 2 new cesses; more revenue from levy at Rs 23,000 cr

Budget 2016-2017 could not stir the social media into much frenzy it semms. the number of tweets related to budget climbed at a sluggis pace all day, reaching a paltry peak of 1200 tweets per minute, before slumping down again. On Facebook, it failed to feature in the top trending topics.
Here is a look at some of the Twitter data for the annual economic milestone.

Its a luke warm Budget for social media

Multinationals may take retro tax settlement offer

Vodafone store

The MNCs stand to gain as govt has offered to waive interest and penalty; and a falling rupee will reduce payout by another 20%

Airlines

The excise duty on Aviation Turbine Fuel (ATF) is to be hiked to 14% from 8%

Budget 2016: Aviation stocks fall on proposed higher levy on ATF

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