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Extends fiscal deficit reduction roadmap by one year to 2017-18

Raises services tax, to implement GST by April 2016 and cut corporation tax from 2016-17 to 25% by 2020

The Government has presented Union Budget 2015-16, while showing bright outlook for the Indian economy. Budget lacked big-bang reforms, but has provided extra attention to improving of investment climate and economic growth. The Finance Minister extended the fiscal deficit reduction roadmap to 3% by one year to 2017-18 mainly to fund the infrastructure spending. The budget has maintained the market borrowings stable for 2015-16, while announced to set debt management office. The Goods and Service (GST), key Tax reforms, is planned to be implemented, while the finance minister extended the implementation of General Anti-Avoidance Act (GAAR) rules by two years. The finance minister on one hand raised the services tax, while announced to reduce corporation tax from 30% to 25%, over the next four years, starting from next financial year.

Current economic situation

* Credibility of Indian economy has been re-established in the last nine months. Indian economy about to take-off on a fast growth trajectory. Most growth forecasts have upgraded Indian economic growth while downgrading global economic growth.

* India fastest growing large economy in the World with a real GDP growth expected to be 7.4% (New Series). Stock market - Second best performing in 2014.

* Macro-economic stability and conditions for sustainable poverty alleviation, job creation and durable double-digit economic growth have been achieved.

* CPI inflation projected at 5% by the end of the year, consequently, easing of monetary policy.

* Monetary Policy Framework Agreement with RBI, to keep inflation below 6%.

* GDP growth in 2015-16, projected to be between 8 to 8.5%.

Key achievements

* Financial Inclusion - 12.5 crore 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) and Jan-Dhan, Aadhar and Mobile (JAM) - for direct benefit transfer.

Year 2022 - Amrut Mahotsav, 75th year of Independence

* Housing for all - 2 crore houses in Urban areas and 4 crore houses in Rural areas.

* Basic facility of 24x7 power, clean drinking water, a toilet and road connectivity.

* At least one member has access to means for livelihood. Substantial reduction in poverty.

* Electrification of the remaining 20,000 villages including off-grid Solar Power- by 2020.

* Providing medical services in each village and city. Ensure a Senior Secondary School within 5 km reach of every child, while improving quality of education and learning outcomes.

* To strengthen rural economy - increase irrigated area, improve the efficiency of existing irrigation systems, and ensure value addition and reasonable price for farm produce.

* Ensure communication connectivity to all villages.

* To make India, the manufacturing hub of the World through Skill India and the Make in India Programmes.

* Encourage and grow the spirit of entrepreneurship - to turn youth into job creators.

* Development of Eastern and North Eastern regions on par with the rest of the country.

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 subdued tax buoyancy.

Fiscal Roadmap

* Government firm on journey to achieve fiscal target of 3% of GDP. Realistic figures shown in fiscal account without showing exaggerated revenue projections. With improved economy, pressure to accelerate fiscal consolidation too has decreased.

* Accordingly, journey for fiscal deficit target of 3% will be achieved in 3 years rather than 2 years. The fiscal deficit targets are 3.9%, 3.5% and 3.0% in FY 2015-16, 2016-17 & 2017-18 respectively.

* Additional fiscal space will go to funding infrastructure investment. Need to view public finances from a National perspective and not just the perspective of the Central Government. Aggregate public expenditure of the Governments, as a whole can be expected to rise substantially.

* Disinvestment to include both disinvestment in loss making units, and some strategic disinvestment.

Good governance

* Need to cut subsidy leakages, not subsidies themselves. To achieve this, Government committed to the process of rationalizing subsidies.

* Direct Transfer of Benefits to be extended further with a view to increase the number of beneficiaries from 1 crore to 10.3 crore.

 

Agriculture

* Major steps take to address the two major factors critical to agricultural production, that of soil and water.

* ‘Paramparagat Krishi Vikas Yojana’ to be fully supported.

* ‘Pradhanmantri Gram Sinchai Yojana’ to provide ‘Per Drop More Crop’.

* Rs 5,300 crore to support micro-irrigation, watershed development and the ‘Pradhan Mantri Krishi Sinchai Yojana’. States urged to chip in.

* Rs 25,000 crore in 2015-16 to the corpus of Rural Infrastructure Development Fund (RIDF) set up in NABARD; Rs 15,000 crore for Long Term Rural Credit Fund; Rs 45,000 crore for Short Term Co-operative Rural Credit Refinance Fund; and Rs 15,000 crore for Short Term RRB Refinance Fund.

* Target of Rs 8.5 lakh crore of agricultural credit during the year 2015-16.

* Focus on improving the quality and effectiveness of activities under MGNREGA.

* Need to create a National Agriculture Market for the benefit farmers, which will also have the incidental benefit of moderating price rises. Government to work with the States, in NITI, for the creation of a Unified National Agriculture Market.

Funding the Unfunded

* Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of Rs 20,000 crore, and credit guarantee corpus of Rs 3,000 crore to be created. In lending, priority will be given to SC/ST enterprises.

* MUDRA Bank will be responsible for refinancing all Micro-finance Institutions, which are in the business of lending to such small entities of business through a Pradhan Mantri Mudra Yojana.

* A Trade Receivables discounting System (TReDS) which will be an electronic platform for facilitating financing of trade receivables of MSMEs to be established.

* Comprehensive Bankruptcy Code of global standards to be brought in fiscal 2015-16 towards ease of doing business.

* Postal network with 1,54,000 points of presence spread across villages to be used for increasing access of the people to the formal financial system.

* NBFCs registered with RBI and having asset size of Rs 500 crore and above may be considered for notifications as ‘Financial Institution’ in terms of the SARFAESI Act, 2002.

From Jan Dhan to Jan Suraksha

* Government to work towards creating a functional social security system for all Indians, specially the poor and the under-privileged.

* Pradhan Mantri Suraksha Bima Yojna to cover accidental death risk of Rs 2 Lakh for a premium of just Rs 12 per year.

* Atal Pension Yojana to provide a defined pension, depending on the contribution and the period of contribution. Government to contribute 50% of the beneficiaries’ premium limited to Rs 1,000 each year, for five years, in the new accounts opened before 31st December 2015.

* Pradhan Mantri Jeevan Jyoti Bima Yojana to cover both natural and accidental death risk of Rs 2 lakh at premium of Rs 330 per year for the age group of 18-50.

* A new scheme for providing Physical Aids and Assisted Living Devices for senior citizens, living below the poverty line.

* Unclaimed deposits of about Rs 3,000 crore in the PPF, and approximately Rs 6,000 crore in the EPF corpus. The amounts to be appropriated to a corpus, which will be used to subsidize the premiums on these social security schemes through creation of a Senior Citizen Welfare Fund in the Finance Bill.

* Government committed to the on-going schemes for welfare of SCs, STs and Women.

Infrastructure

* Sharp increase in outlays of roads and railways. Capital expenditure of public sector units to also go up.

* National Investment and Infrastructure Fund (NIIF), to be established with an annual flow of Rs 20,000 crore to it.

* Tax free infrastructure bonds for the projects in the rail, road and irrigation sectors.

* PPP mode of infrastructure development to be revisited and revitalised.

* Atal Innovation Mission (AIM) to be established in NITI to provide Innovation Promotion Platform involving academicians, and drawing upon national and international experiences to foster a culture of innovation , research and development. A sum of Rs 150 crore will be earmarked.

* Concerns of IT industries for a more liberal system of raising global capital, incubation facilities in our Centres of Excellence, funding for seed capital and growth, and ease of Doing Business etc. would be addressed for creating hundreds of billion dollars in value.

* (SETU) Self-Employment and Talent Utilization) to be established as Techno-financial, incubation and facilitation programme to support all aspects of start-up business. Rs 1000 crore to be set aside as initial amount in NITI.

* Ports in public sector will be encouraged, to corporatize, and become companies under the Companies Act to attract investment and leverage the huge land resources.

* An expert committee to examine the possibility and prepare a draft legislation where the need for multiple prior permission can be replaced by a pre-existing regulatory mechanism. This will facilitate India becoming an investment destination.

* 5 new Ultra Mega Power Projects, each of 4000 MW, in the Plug-and-Play mode.

Financial Market

* Public Debt Management Agency (PDMA) bringing both external and domestic borrowings under one roof to be set up this year.

* Enabling legislation, amending the Government Securities Act and the RBI Act included in the Finance Bill, 2015.

* Forward Markets commission to be merged with SEBI.

* Section-6 of FEMA to be amended through Finance Bill to provide control on capital flows as equity will be exercised by Government in consultation with RBI.

* Proposal to create a Task Force to establish sector-neutral financial redressal agency that will address grievance against all financial service providers.

* India Financial Code to be introduced soon in Parliament for consideration.

* Vision of putting in place a direct tax regime, which is internationally competitive on rates, without exemptions.

* Government to bring enabling legislation to allow employee to opt for EPF or New Pension Scheme. For employee’s below a certain threshold of monthly income, contribution to EPF to be option, without affecting employees’ contribution.

 

Monetising Gold

* Gold monetisation scheme to allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account to be introduced.

* Sovereign Gold Bond, as an alternative to purchasing metal gold scheme to be developed.

* Commence work on developing an Indian gold coin, which will carry the Ashok Chakra on its face.

Investment

* Foreign investments in Alternate Investment Funds to be allowed.

* Distinction between different types of foreign investments, especially between foreign portfolio investments and foreign direct investments to be done away with. Replacement with composite caps.

* A project development company to facilitate setting up manufacturing hubs in CMLV countries, namely, Cambodia, Myanmar, Laos and Vietnam.

Tourism

* Resources to be provided to start work along landscape restoration, signage and interpretation centres, parking, access for the differently abled , visitors’ amenities, including securities and toilets, illumination and plans for benefiting communities around them at various heritage sites.

* Visas on arrival to be increased to 150 countries in stages.

Green India

* Target of renewable energy capacity revised to 175000 MW till 2022, comprising 100000 MW Solar, 60000 MW Wind, 10000 MW Biomass and 5000 MW Small Hydro.

* A need for procurement law to contain malfeasance in public procurement.

* Proposal to introduce a public Contracts (resolution of disputes) Bill to streamline the institutional arrangements for resolution of such disputes.

* Proposal to introduce a regulatory reform Bill that will bring about a cogency of approach across various sectors of infrastructure.

Skill India

* Less than 5% of our potential work force gets formal skill training to be employable. A national skill mission to consolidate skill initiatives spread across several ministries to be launched.

* Deen Dayal Upadhyay Gramin Kaushal Yojana to enhance the employability of rural youth.

* A Committee for 100th birth celebration of Deen Dayalji Upadhyay to be announced soon.

* A student Financial Aid Authority to administer and monitor the front-end all scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram.

* An IIT to be set up in Karnataka and Indian School of Mines, Dhanbad to be upgraded in to a full-fledged IIT.

* New All India Institute of Medical Science (AIIMS) to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam. Another AIIMS like institutions to be set up in Bihar.

* A post graduate institute of Horticulture Research & Education is to be set up in Amritsar.

* 3 new National Institute of Pharmaceuticals Education and Research in Maharashtra, Rajasthan & Chattisgarh and one institute of Science and Education Research is to be set up in Nagaland & Orissa each.

* An autonomous Bank Board Bureau to be set up to improve the governance of public sector bank.

* The National Optical Fibre Network Programme (NOFNP) to be further speeded up by allowing willing states to execute on reimbursement of cost basis.

* Special assistance to Bihar & West Bengal to be provided as in the case of Andhra Pradesh.

* Government is committed to comply with all the legal commitments made to AP & Telengana at the time of their re-organisation.

* Inspite of large increase in devolution to state sufficient fund allocated to education, health, rural development, housing, urban development, women and child development, water resources & cleaning of Ganga.

* Part of Delhi-Mumbai Industrial Corridor (DMIC); Ahmedabad-Dhaulera Investment region and Shendra-Bidkin Industrial Park are now in a position to start work on basic infrastructure.

* Made in India and the Buy and the make in India policy are being carefully pursued to achieve greater self-sufficiency in the area of defence equipment including air-craft.

* The first phase of GIFT to become a reality very soon. Appropriate regulations to be issued in March.

Budget Estimates

* Non-Plan expenditure estimates for the Financial Year are estimated at Rs 13,12,200 crore.

* Plan expenditure is estimated to be Rs 4,65,277 crore, which is very near to the R.E. of 2014-15.

* Total Expenditure has accordingly been estimated at Rs 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 Rs 14,49,490 crore.

* Devolution to the States is estimated to be Rs 5,23,958.

* Share of Central Government will be Rs 9,19,842.

* Non Tax Revenues for the next fiscal are estimated to be Rs 2,21,733 crore.

* Fiscal deficit will be 3.9% of GDP and Revenue Deficit will be 2.8% of GDP.

 

Tax Proposal

* Objective of stable taxation policy and a non-adversarial tax administration.

* Fight against the scourge of black money to be taken forward.

* Efforts on various fronts to implement GST from next year.

* No change in rate of personal income tax.

* Proposal to reduce corporate tax from 30% to 25% over the next four years, starting from next financial year.

* Rationalisation and removal of various tax exemptions and incentives to reduce tax disputes and improve administration.

* Exemption to individual tax payers to continue to facilitate savings.

Broad themes :

. Measures to curb black money;

. Job creation through revival of growth and investment and promotion of domestic manufacturing – “Make in India” ;

. Improve ease of doing business -Minimum Government and maximum governance;

. Improve quality of life and public health – Swachh Bharat;

. Benefit to middle class tax-payers; and

. Stand alone proposals to maximise benefit to the economy.

Black Money

* Generation of black money and its concealment to be dealt with effectively and forcefully.

* Investigation into cases of undisclosed foreign assets has been given highest priority in the last nine months.

* Major breakthrough with Swiss authorities, who have agreed to:

. Provide information in respect of cases independently investigated by IT department;

. Confirm genuineness of bank accounts and provide non-banking information;

. Provide such information in time-bound manner; and

. Commence talks for automatic exchange of information.

* New structure of electronic filing of statements by reporting entities to ensure seamless integration of data for more effective enforcement.

* Bill for a comprehensive new law to deal with black money parked abroad to be introduced in the current session.

Key features of new law on black money:

. Evasion of tax in relation to foreign assets to have a punishment of rigorous imprisonment upto 10 years, be non-compoundable, have a penalty rate of 300% and the offender will not be permitted to approach the Settlement Commission.

. Non-filing of return/filing of return with inadequate disclosures to have a punishment of rigorous imprisonment upto 7 years.

. Undisclosed income from any foreign assets to be taxable at the maximum marginal rate.

. Mandatory filing of return in respect of foreign asset.

. Entities, banks, financial institutions including individuals all liable for prosecution and penalty.

. Concealment of income/evasion of income in relation to a foreign asset to be made a predicate offence under PML Act, 2002.

. PML Act, 2002 and FEMA to be amended to enable administration of new Act on black money.

* Benami Transactions (Prohibition) Bill to curb domestic black money to be introduced in the current session of Parliament.

* Acceptance or re-payment of an advance of Rs 20,000 or more in cash for purchase of immovable property to be prohibited.

* PAN being made mandatory for any purchase or sale exceeding Rupees 1 lakh.

* Third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions.

* Provision to tackle splitting of reportable transactions.

* Leverage of technology by CBDT and CBEC to access information from either’s data bases.

Make in India

* Revival of growth and investment and promotion of domestic manufacturing for job creation.

* Tax “pass through” to be allowed to both category I and category II alternative investment funds.

* Rationalisation of capital gains regime for the sponsors exiting at the time of listing of the units of REITs and InvITs.

* Rental income of REITs from their own assets to have pass through facility.

* Permanent Establishment (PE) norm to be modified to encourage fund managers to relocate to India.

* General Anti Avoidance Rule (GAAR) to be deferred by two years.

* GAAR to apply to investments made on or after 01.04.2017, when implemented.

* Additional investment allowance (@ 15%) and additional depreciation (@35%) to new manufacturing units set up during the period 01-04-2015 to 31-03-2020 in notified backward areas of Andhra Pradesh and Telangana.

* Rate of Income-tax on royalty and fees for technical services reduced from 25% to 10% to facilitate technology inflow.

* Benefit of deduction for employment of new regular workmen to all business entities and eligibility threshold reduced.

* Basic Custom duty on certain inputs, raw materials, inter mediates and components in 22 items, reduced to minimise the impact of duty inversion.

* All goods, except populated printed circuit boards for use in manufacture of ITA bound items, exempted from SAD.

* SAD reduced on import of certain inputs and raw materials.

* Excise duty on chassis for ambulance reduced from 24% to 12.5%.

* Balance of 50% of additional depreciation @ 20% for new plant and machinery installed and used for less than six months by a manufacturing unit or a unit engaged in generation and distribution of power is to be allowed immediately in the next year.

Ease of doing business – Minimum Government Maximum Governance

* Simplification of tax procedures.

* Monetary limit for a case to be heard by a single member bench of ITAT increase from Rs 5 lakh to Rs 15 lakh.

* Penalty provision in indirect taxes are being rationalised to encourage compliance and early dispute resolution.

* Central excise/Service tax assesses to be allowed to use digitally signed invoices and maintain record electronically.

* Wealth-tax replaced with additional surcharge of 2% on super rich with a taxable income of over Rs 1 crore annually.

* Provision of indirect transfers in the Income-tax Act suitably cleaned up.

* Applicability of indirect transfer provisions to dividends paid by foreign companies to their shareholders to be addressed through a clarificatory circular.

* Domestic transfer pricing threshold limit increased from Rs 5 crore to Rs 20 crore.

* MAT rationalised for FIIs and members of an AOP.

* Tax Administration Reform Commission (TARC) recommendations to be appropriately implemented during the course of the year.

* Education cess and the Secondary and Higher education cess to be subsumed in Central Excise Duty.

* Specific rates of central excise duty in case of certain other commodities revised.

* Excise levy on cigarettes and the compounded levy scheme applicable to pan masala, gutkha and other tobacco products also changed.

* Excise duty on footwear with leather uppers and having retail price of more than Rs 1000 per pair reduced to 6%.

* Online central excise and service tax registration to be done in two working days.

* Time limit for taking CENVAT credit on inputs and input services increased from 6 months to 1 year.

* Service-tax plus education cesses increased from 12.36% to 14% to facilitate transition to GST.

* Donation made to National Fund for Control of Drug Abuse (NFCDA) to be eligible for 100% deduction u/s 80G of Income-tax Act.

* Seized cash can be adjusted towards assessees tax liability.

Swachh Bharat

* 100% deduction for contributions, other than by way of CSR contribution, to Swachh Bharat Kosh and Clean Ganga Fund.

* Clean energy cess increased from Rs 100 to Rs 200 per metric tonne of coal, etc. to finance clean environment initiatives.

* Excise duty on sacks and bags of polymers of ethylene other than for industrial use increased from 12% to 15%.

* Enabling provision to levy Swachh Bharat cess at a rate of 2% or less on all or certain services, if need arises.

* Services by common affluent treatment plant exempt from Service-tax.

* Concessions on custom and excise duty available to electrically operated vehicles and hybrid vehicles extended upto 31.03.2016.

Benefits to middle class tax-payers

* Limit of deduction of health insurance premium increased from Rs 15000 to Rs 25000, for senior citizens limit increased from Rs 20000 to Rs 30000.

* Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of Rs 30000 towards medical expenditures.

* Deduction limit of Rs 60000 with respect to specified decease of serious nature enhanced to Rs 80000 in case of senior citizen.

* Additional deduction of Rs 25000 allowed for differently abled persons.

* Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from Rs 1 lakh to Rs 1.5 lakh.

* Additional deduction of Rs 50000 for contribution to the new pension scheme u/s 80CCD.

* Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt.

* Service-tax exemption on Varishtha Bima Yojana.

* Concession to individual tax-payers despite inadequate fiscal space.

* Lot to look forward to as fiscal capacity improves.

* Conversion of existing excise duty on petrol and diesel to the extent of Rs 4 per litre into Road Cess to fund investment.

* Service Tax exemption extended to certain pre cold storage services in relation to fruits and vegetables so as to incentivise value addition in crucial sector.

* Negative List under service-tax is being slightly pruned to widen the tax base.

* Yoga to be included within the ambit of charitable purpose under Section 2(15) of the Income-tax Act.

* To mitigate the problem being faced by many genuine charitable institutions, it is proposed to modify the ceiling on receipts from activities in the nature of trade, commerce or business to 20% of the total receipts from the existing ceiling of Rs 25 lakh.

* Most provisions of Direct Taxes Code have already been included in the Income-tax Act, therefore, no great merit in going ahead with the Direct Taxes Code as it exists today.

* Direct tax proposals to result in revenue loss of Rs 8315 crore, whereas the proposals in indirect taxes are expected to yield Rs 23383 crore. Thus, the net impact of all tax proposals would be revenue gain of Rs 15068 crore.

Others

* Increase in basic custom duty:

. Metallergical coke from 2.5 % to 5%.

. Tariff rate on iron and steel and articles of iron and steel increased from 10% to 15%.

. Tariff rate on commercial vehicle increased from 10 % to 40%.

* Basic custom duty on digital still image video camera with certain specification reduced to nil.

* Excise duty on rails for manufacture of railway or tram way track construction material exempted retrospectively from 17-03-2012 to 02-02-2014, if not CENVAT credit of duty paid on such rails is availed.

* Service-tax to be levied on service provided by way of access to amusement facility, entertainment events or concerts, pageants, non-recognised sporting events etc.

* Service-tax exemption:

. Services of pre-conditioning, pre-cooling, ripening etc. of fruits and vegetables.

. Life insurance service provided by way of Varishtha Pension Bima Yojana.

. All ambulance services provided to patients.

. Admission to museum, zoo, national park, wild life sanctuary and tiger reserve.

. Transport of goods for export by road from factory to land customs station.

* Enabling provision made to exclude all services provided by the Government or local authority to a business entity from the negative list.

* Service-tax exemption to construction, erection, commissioning or installation of original works pertaining to an airport or port withdrawn.

* Transportation of agricultural produce to remain exempt from Service-tax.

* Artificial heart exempt from basic custom duty of 5% and CVD.

* Excise duty exemption for captively consumed intermediate compound coming into existence during the manufacture of agarbathi.

Interim Union Budget 2015-16 at a Glance
Sr No.	Particulars	2013-14	2014-15		2015-16	Var. (%)
		Actual	BE	RE	BE	2014-15	2015-16
1	Revenue Receipts (2+3)	1014724	1189763	1126294	1141575	11.0	1.4
2	Tax Revenue (net)	815854	977258	908463	919842	11.4	1.3
3	Non-Tax Revenue	198870	212505	217831	221733	9.5	1.8
4	Capital Receipts (5+6+7)	544723	605129	554864	635902	1.9	14.6
5	Recoveries of Loans	12497	10527	10886	10753	-12.9	-1.2
6	Other Receipts	29368	63425	31350	69500	6.7	121.7
7	Borrowings and other liabilities	502858	531177	512628	555649	1.9	8.4
8	Total Receipts (1+4)	1559447	1794892	1681158	1777477	7.8	5.7
9	Non-Plan Expenditure	1106120	1219892	1213224	1312200	9.7	8.2
10	On Revenue Account	1019040	1114609	1121897	1206027	10.1	7.5
	of which,
11	Interest Payments	374254	427011	411354	456145	9.9	10.9
12	On Capital Account	87080	105283	91327	106173	4.9	16.3
13	Plan Expenditure	453327	575000	467934	465277	3.2	-0.6
14	On Revenue Account	352732	453503	366883	330020	4.0	-10.0
15	On Capital Account	100595	121497	101051	135257	0.5	33.9
16	Total Expenditure (9+13)	1559447	1794892	1681158	1777477	7.8	5.7
17	Revenue Expenditure (10+14)	1371772	1568111	1488780	1536047	8.5	3.2
18	--   creation of Capital Assets	129418	168104	131898	110551	1.9	-16.2
19	Capital Expenditure (12+15)	187675	226781	192378	241430	2.5	25.5
20	Revenue Deficit (17-1)	357048	378348	362486	394472	1.5	8.8
		-3.1	-2.9	-2.9	-2.8
21	Effective Revenue Deficit (20-18)	227630	210244	230588	283921	1.3	23.1
		-2.0	-1.6	-1.8	-2.0
22	Fiscal Deficit {16-(1+5+6)}	502858	531177	512628	555649	1.9	8.4
		-4.4	-4.1	-4.1	-3.9
23	Primary Deficit (22-11)	128604	104166	101274	99504	-21.3	-1.7
		-1.1	-0.8	-0.8	-0.7
	GDP at Current Market Prices	11345056	12839952	12653762	14108945	11.5	11.5
Figures in Rs crore; Source: Interim Union Budget 2015-16

Direct Tax Collection (Rs crore)
	FY07	FY08	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16
Corporation Tax	146497	186125	213395	244725	298688	322816	356326	394678	426079	470628
Taxes on Income	82510	118320	106046	132315	146587	171131	201487	242857	278599	327367
Total	229007	304445	319441	377040	445275	493947	557813	637535	704678	797995
Source: Ministry of Finance

 

Indirect Tax Collection (Rs crore)
	FY07	FY08	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16
Customs (Rs cr.)	81800	100766	99879	83324	135813	149328	165346	172085	188713	208336
Excise Duties (Rs cr.)	117266	127947	108613	103621	138299	145608	176535	170198	185480	229808
Service Tax (Rs cr.)	38169	50603	60941	58422	71016	97509	132601	158916	172520	213351
Total	237235	279316	269433	245367	345128	392445	474482	501199	546713	651495
Source: Ministry of Finance

 

	FY05	FY06	FY07	FY08	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16
Tax Revenue	224798	270264	351182	439547	443319	456536	569869	629765	741877	815854	908463	919842
Non-Tax Revenue	81193	76813	83205	102317	96940	116275	218602	121672	137355	198870	217831	221733
Non-debt Receipts	66467	12226	6427	43895	6705	33194	35266	36938	40950	41865	42236	80253
Borrowings	125794	146435	142573	126912	336992	418482	373591	515990	490190	502858	512628	555649
Total	498252	505738	583387	712671	883956	1024487	1197328	1304365	1410372	1559447	1681158	1777477
Share in Total %
	FY05	FY06	FY07	FY08	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16
Tax Revenue	45.1	53.4	60.2	61.7	50.2	44.6	47.6	48.3	52.6	52.3	54.0	51.7
Non-Tax Revenue	16.3	15.2	14.3	14.4	11.0	11.3	18.3	9.3	9.7	12.8	13.0	12.5
Non-debt Receipts	13.3	2.4	1.1	6.2	0.8	3.2	2.9	2.8	2.9	2.7	2.5	4.5
Borrowings	25.2	29.0	24.4	17.8	38.1	40.8	31.2	39.6	34.8	32.2	30.5	31.3
Source: Ministry of Finance, figures in Rs crore

 

Trend in Total Expenditure
	FY09	FY10	FY11	FY12	FY13	FY14	FY15	FY16
Interest Payments	192204	213093	234022	273150	313169	374254	411354	456145
Defence	114223	141781	154117	170913	181776	203499	222370	246727
Subsidies	129708	141351	173420	217941	257079	254632	266692	243811
Other Non-Plan Exp	134425	178925	206950	178463	193317	213104	232470	256886
Central Plan	198160	218901	285950	308359.4	304740	340478	189766	260493
State Plan	77075	84490	93079	104015.9	108886	112849	278168	204784
Asst. to States	38161	45946	49790	51523	51401	60631	80338	108631
Share in Total (%)
Interest Payments	21.7	20.8	19.5	20.9	22.2	24.0	24.5	27.1
Defence	12.9	13.8	12.9	13.1	12.9	13.0	13.2	14.7
Subsidies	14.7	13.8	14.5	16.7	18.2	16.3	15.9	14.5
Other Non-Plan Exp	15.2	17.5	17.3	13.7	13.7	13.7	13.8	15.3
Central Plan	22.4	21.4	23.9	23.6	21.6	21.8	11.3	15.5
State Plan	8.7	8.2	7.8	8.0	7.7	7.2	16.5	12.2
Asst. to States	4.3	4.5	4.2	4.0	3.6	3.9	4.8	6.5
Source: Ministry of Finance, figures in Rs crore

Budget 2015: Complete Coverage