Bsr&Collp Budget Highlights 2015-16

B S R & Co LLP
BUDGET
HIGHLIGHTS 201516
B S R & Co LLP
Economic Backdrop of the Budget 2015-16
The Indian economy went through a very challenging period for a prolonged period of time
The combination of high inflation, and hence high interest rate, adverse global economic and
geopolitical conditions, high energy prices and lack of effective policy making of the previous regime
contributed to unprecedented uncertainty in business environment
The real GDP growth rate has been on a persistent fall from the 1st quarter of 2011-12 and it continued
till the 3rd quarter of 2013-14 as depicted in the following graph
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Continued
Heading into 2013, India was at the top of the pack on vulnerability with an index value (MVI*) of 224,
comprising a 102 percent inflation rate, a budget deficit of 75 percent and a current account deficit of
47 percent of GDP well above that in the other countries as shown in the graph below
*Macroeconomic vulnerability index (MVI) is the index that has been constructed adding together a country's inflation
rate, current account deficit, and fiscal deficit Lower the index, less vulnerable the country in question is
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Continued
In the back drop of these challenges, the government and specifically the finance ministry had an
uphill task in their hand to revive the economy, restore business and investors confidence, imbibe
financial inclusion, control inflation, develop infrastructure, enhance social spending, and revive the
investment cycle
All these to be achieved keeping in view that the twin deficit target (fiscal and current account deficit)
is also to be met in an effective manner so as to avoid a down grade from the credit rating agencies
In the last budget presented by the Government, number of reform oriented policies were announced,
that turned around the business sentiments and also cleared several logjams Raising the FDI limits in
defence sector, lowering of investment allowance, etc, a few of such measures
In addition to this, the general policy initiatives taken by the Government such as Jan Dhan Yojna,
revival of Adhaar programme and stress on mobility (acronymed as JAM), the announcement of
Make in India policy, the Swach Bharat programme, reviving relations with the US etc, have all
gone long way in reviving consumer and business confidence, financial inclusion and better
distribution of wealth, etc
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Continued
Since then the fear of high inflation have abated with the severe drop in international crude oil prices,
the food prices have also came down in tandem, this created a very strong case for the RBI to consider
revision of policy interest rates downward going forward
Keeping this backdrop in mind the Economic Survey 2015-16 outlined that the growth trajectory for
the Indian economy have definitively turned upwards
low energy price and easing of the inflationary pressure would leave much needed resources in the
hands of the government to bring about and facilitate the essential structural changes to alleviate
supply side bottlenecks that would enable the inflationary expectations to remain anchored over a long
haul
Thus, the Budget of 2015-16 being the 1st full year budget of the present regime, was to act as a
precursor to bringing about a policy framework to usher in the much awaited structural reforms that
would set the set the virtuous cycle of lower inflation, higher growth and development in motion
Before moving to the budget provisions for 2015-16 it is important to highlight some of the points
made in the previous budget and then in the Economic Survey 2014 -15
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Pre-Budget 2015-16 Reform Initiatives
The Central Government prior to the Union budget 2015 undertook several reforms measures,
some of which has been enumerated below:
Deregulation of diesel prices;
Revamping MGNREGA a/c by linking it to the agricultural and rural development;
Direct transfer of cooking gas subsidy;
Hiking FDI cap in defence and insurance;
Ordinance on coal;
Taxing energy products;
Instituting the Expenditure Management Commission
Securing political agreement on the goods and service tax (GST);
Lowering the Investment Allowance threshold from Rs 100 crore to Rs 25 crore through the insertion of
section 32AC in the Income Tax Act
Eliminating quantitative restrictions on gold; and
Instituting a major program for financial inclusion the Pradhan Mantri Jan Dhan Yojna
The economic survey of 2014-15 provided an indication of the improvement in various

macro economic factors as a consequence of the policy initiatives by the government added
by the favorable international and domestic economic factors The following slides deal with
the estimation and recommendations for the Government in order to attain double digit
GDP growth going forward
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Highlights of Economic Survey 2014-15
According to the Economic survey Indias economy will grow at a rate of more than 8 per cent
in the 2015-16 fiscal year, however, the methodology for the computation of GDP has been
changed by the CSO and hence the interpretation of the same has to be made with caution
Taken at face value this makes India the fastest growing major economy in the world;
With an updated base year as well as a revised methodology for measuring economic growth (base year
changed to 2011-12), the Indian economy is estimated to have grown at a much faster 66 per cent (at market
prices) in 2013-14 as against the earlier estimate of 47 per cent (at factor cost) growth in gross domestic
product;
As per the Governments statistics department the new method is in line with global practices;
However, statistical fog makes it harder for policymakers to assess the size of the fiscal and monetary aid
required;
The statistical adjustments aside, India's growth outlook has been bolstered by the policy reforms taken by the
central Government which includes Financial inclusion - 125 crores families financially mainstreamed in 100
days; Transparent Coal Block auctions to augment resources of the States and Swachh Bharat mission
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Continued
The Recommendations made for the achievement of double digit growth and maintain economic
stability on different fronts have been provided below:
Fiscal Deficit
India must meet its medium-term fiscal deficit target of 3 percent of GDP
Government will adhere to fiscal deficit target of 41 percent of GDP in 2014/15
Government should ensure expenditure control to reduce fiscal deficit
Expenditure control and expenditure switching to investment key
Reforms
There is scope for big bang reforms now
India can increase public investments and still hit its borrowing targets
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Continued
Inflation
Inflation shows declining trend in 2014/15
Inflation likely to be below central bank target by 0.5 - 1 percentage point
Lower inflation opens up space for more monetary policy easing
Government and RBI need to conclude monetary framework pact to consolidate gains in inflation control
Consumer inflation in 2015/16 likely to range between 5-55 percent
Fiscal Consolidation
Government should remain committed to fiscal consolidation
India can balance short-term imperative of boosting public investment to revitalize growth with fiscal
discipline
Outlook for external financing is correspondingly looking favourable
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Continued
Current Account Deficit
Estimated at about 1.3 percent of GDP in 2014-15 and less than 1.0 percent of GDP in 2015-16
Subsidies
Overhauling of subsidy regime would pave the way for expenditure rationalization
Liquidity
Liquidity conditions expected to remain comfortable in 2015-16
Given the current trajectory of the broader economic indicators and provided the Government continues
with its growth and economic development related initiatives, the growth estimates, as stated below,
would be a reality
Growth
2015-16 GDP growth seen at over 8 pct y/y
Double digit economic growth trajectory now a possibility
Economic growth at market prices seen between 81 - 85 percent in 2015-16 on new GDP calculation formula
Total stalled projects seen at about 7 percent of GDP, mostly in private sector that need to be fast tracked
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Continued
In addition to talking about the general economic trends, the survey also provided vies on
various sectors and talked about the growth trends and initiatives taken by the Government for
boosting their prospects. Following are the highlights of a few sectors
IT & ITeS Sector
IT and ITeS sector including Business Process Management (BPM), continues to be one of the largest
employers in the country
Software products and services revenues for 2015-16 is projected to grow at 12-14 per cent
Government's "Make in India" mission has included IT and BPM among the 25 focus sectors
Tourism
Increase in growth on both foreign tourist arrivals at 71 per cent and foreign exchange earnings at 66 per cent
in the year 2014
Easing of the Indian tourism visa regime through the expansion of Tourist Visa on Arrival enabled by
Electronic Travel Authorization (ETA) will give a fillip to foreign tourist arrivals in the country
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Continued
Trade and Repair Services Sector
Migration from traditional stores to modern retail continues, though the latter still accounts for only 8 per cent of
the total market
E-Commerce Market
Government proposes to include sufficient provisions for consumer safeguards in the ongoing amendments to the
Consumer Protection Act, 1986
Media and Entertainment Industry
With 100 per cent FDI permitted in the Film Sector, India is emerging as the new favorite of international studios
To improve the quality of the deficit reduction and rationalize the public expenditure and
mobilization of revenue that is sustainable, it is imperative for the Government to reduce
expenditure on unproductive areas like myriads of subsidies and concentrate on capital expenditure
mainly in infrastructure development, health, education, sanitation, etc The following slides deal
with the broad announcement made by the finance minister in the Budget 2015-16
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Budget 2015 16 Highlights
Agriculture
Rs 25,000 crore for Rural Infrastructure Development Bank
Rs 5,300 crore to support Micro Irrigation Programme
Farmers credit - target of 85 lakh crore
Infrastructure
Rs 70,000 crores to Infrastructure sector
Tax-free bonds for projects in rail road and irrigation
PPP model for infrastructure development to be revitalised and Government to bear majority of the risk
Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific
innovations; allocation of Rs 150 crore
Government proposes to set up 5 ultra mega power projects, each of 4000MW
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B S R & Co LLP
Continued
Education
AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam
IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT
PG institute of Horticulture in Amritsar
Kerala to have University of Disability Studies
Centre of film production, animation and gaming to come up in Arunachal Pradesh
IIM for Jammu and Kashmir and Andhra Pradesh
Defence
Allocation of Rs 2,46,726 crore; an increase of 987 per cent over last year
Focus on Make in India for quick manufacturing of defence equipment
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Continued
Welfare Schemes
GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man
Six crore toilets across the country under the Swachh Bharat Abhiyan
MUDRA bank will refinance micro finance organisations to encourage first generation SC/ST entrepreneurs
Housing for all by 2020
Upgradation of 80,000 secondary schools
Direct Benefit Transfer will be further expanded from 1 crore to 103 crore beneficiaries
For the Atal Pension Yojana, Government will contribute 50% of the premium limited to Rs 1,000 a year
New scheme for physical aids and assisted living devices for people aged over 80
Government to use Rs 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund
Rs 5,000 crore additional allocation for MGNREGA
Government to create universal social security system for all Indians
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Continued
Renewable Energy
Rs 75 crore for electric cars production
Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro
Tourism
Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh Palace,
Varanasi , Jallianwala Bagh, Qutub Shahi tombs at Hyderabad to be under the new tourisms scheme
Visa on Arrival to be made applicable for 150 countries
Gold
Sovereign Gold Bond, as an alternative to purchasing metal gold
New scheme for depositors of gold to earn interest and jewellers to obtain loans on their metal accounts
To develop an Indian gold coin, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and
recycle the gold available in the country
16
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Continued
Financial Sector
Forward Markets Commission to be merged with the Securities and Exchange Board of India
NBFCs registered with the RBI and having asset size of Rs. 500 crore and above to be considered as financial institution under Sarfaesi
Act, 2002, enabling them to fund SME and mid-corporate businesses
Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to adverse
tax consequences However, there are 11 preconditions that have been imposed, and such benefit will be available subject to the fulfilment
of such conditions
Taxation
Abolition of Wealth Tax
Additional 2% surcharge for the super rich with income of over Rs 1 crore
Rate of corporate tax to be reduced to 25% over next four years
No change in personal income tax slabs
Total exemption of up to Rs 4,44,200 can be achieved
100% exemption for contribution to Swachch Bharat, apart from CSR
Service tax increased to 14 per cent
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Transfer Pricing reforms An Overview
Specific Domestic Transaction
The existing provisions of section 92BA of the Act define specified domestic transaction in case of an assessee to mean any of the specified
transactions, not being an international transaction, where the aggregate of such transactions entered into by the assessee in the previous year
exceeds a sum of 5 crore rupees;
In order to address the issue of compliance cost in case of small businesses on account of low threshold of five crores rupees, it is proposed to
amend section 92BA to provide that the aggregate of specified transactions entered into by the assesse in the previous year should exceed a
sum of 20 crore rupees for such transaction to be treated as specified domestic transaction;
Change in the Definition of Residential Status for Corporates
Place of effective management- As per the new definition of Section 6, any company is said to be resident in India in any previous year, if,
(i) it is an Indian company; or
(ii) its place of effective management, at any time in that year, is in India
For the purposes of this clause place of effective management means a place where key management and commercial decisions that are
necessary for the conduct of the business of an entity as a whole are, in substance made
This implies that if any MNC with no PE in India conducts a board meeting in India where in crucial business decisions has been taken, then
India will be considered as a place of effective management The company as a result will be treated as a resident of India Hence any
transaction entered by such MNC with its AE would now come under the purview of Indian Transfer pricing regulation and hence the
provisions of TP will be applicable
This provision seem to be consistent with the revised para 3 of the Article 4 of the model Tax Convention of the OECD.
The revision is as per the guidelines of the BEPS action plan 6. However, clarification is required as to the consequences
in cases where the MNE in question has been incorporated /registered in a country with which India has DTA and
countries with which it does not
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Economic Targets
Capital Expenditure
Revenue Expenditure
Outlays of Roads & Railways
Funding the Unfunded
National Investment and Infrastructure

Fund
Reforms in Agricultural Sector
PPP mode of infrastructure
Jan Dhan to Jan Suraksha
Atal Innovation Mission (AIM)
Safe India
Self-Employment and Talent Utilization
Tourism
Corporatization of ports
Single window clearance
UMPP Power projects plug & play mode
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Necessity of reforms- Agricultural and Rural Sector
Over the decade the agricultural sector has been the third highest contributor to the GDP after services and
manufacturing sector;
The de-regulation of the crude oil prices lately has led to the reduction of both headline CPI and WPI;
CPI inflation projected at 5% by the end of the year
This in turn has led to an overall fall in the realized value of the farm produce;
Framing of policies by the government to ensure that the farmers are remunerated adequately for their
products
Also to ensure that the sector remains a major contributor in the Indian GDP
The various reforms taken in the agricultural, rural and urban sector has been discussed subsequently
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Reforms in Agricultural Sector- Revenue Expenditure by the

Government
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
5,300 crore to support micro-irrigation, watershed development and the Pradhan Mantri Krishi Sinchai
Yojana
25,000 crore in 2015-16 to the corpus of Rural Infrastructure Development Fund (RIDF) set up in NABARD;
15,000 crore for Long Term Rural Credit Fund;
45,000 crore for Short Term Co-operative Rural Credit Refinance Fund;
15,000 crore for Short Term RRB Refinance Fund
Target of 85 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- incidental benefit of moderating price
rises
Government to work with the States, in NITI, for the creation of a Unified National Agriculture Market
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Reforms in Rural Sector- Capital Expenditure by the Government
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;
Connecting each of the 1,78,000 un-connected habitation;
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;
25,000 crore in 2015-16 to the corpus of Rural Infrastructure Development Fund (RIDF) set up in
NABARD;
15,000 crore for Long Term Rural Credit Fund;
45,000 crore for Short Term Co-operative Rural Credit Refinance Fund; and 15,000 crore for Short
Term RRB Refinance Fund;
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Economic Targets Capital Expenditure by the Government
Sharp increase in outlays of roads and railways Capital expenditure of public sector units to go up;
National Investment and Infrastructure Fund (NIIF), to be established with an annual flow of 20,000
crores 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 revitalized;
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
Concerns of IT industries for a more liberal system of raising global capital, incubation facilities through
Centres of Excellence, funding for seed capital and growth, and ease of Doing Business;
(SETU) Self-Employment and Talent Utilization to be established as Techno-financial, incubation and

facilitation program to support all aspects of start-up business
Corporatization of ports;
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; and
5 new Ultra Mega Power Projects, each of 4000 MW, in the Plug-and-Play mode
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Economic Targets Capital Expenditure by the Government (contd)
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;
IIT to be set up in Karnataka and Indian School of Mines, Dhanbad to be upgraded in to a full-fledged IIT;
All India Institute of Medical Science (AIIMS) to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh
and Assam;
Post graduate institute of Horticulture Research & Education is to be set up in Amritsar;
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;
Special assistance to Bihar & West Bengal in the lines of Andhra Pradesh
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Economic Targets- Revenue expenditure of the Government
MUDRA Bank, with a corpus of 20,000 crores, and credit guarantee corpus of 3,000 crores to be created
In lending, priority will be given to SC/ST enterprises
MUDRA Bank- responsible for refinancing all Micro-finance through a Pradhan Mantri Mudra Yojana
TReDS 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 500 crore and above may be considered for notifications as
Financial Institution in terms of the SARFAESI Act, 2002
Jan Dhan, Aadhar and Mobile (JAM) - for direct benefit transfer
Creation of 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 2 Lakh for a premium of just 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 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 2 lakh at premium
of 330 per year for the age group of 18-50
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Economic Targets- Revenue expenditure of the Government
Scheme for providing Physical Aids and Assisted Living Devices for senior citizens, living below the
poverty line
Unclaimed deposits of about 3,000 crores in the PPF, and approximately 6,000 crores 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
1000 crores to the Nirbhaya Fund
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
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Budget Estimates
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 RE 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 5,23,958
Share of Central Government will be 9,19,842
Non Tax Revenues for the next fiscal are estimated to be 2,21,733 crore
Fiscal deficit will be 39 per cent of GDP and Revenue Deficit will be 28 per cent of GDP
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Reforms in Taxation- Its Objectives
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
Job creation through revival of growth and investment and promotion of domestic manufacturing
Improve ease of doing business
Improve quality of life and public health Swachh Bharat
Benefit to middle class tax-payers
Stand alone proposals to maximise benefit to the economy
28
Thank You
(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered

under the Indian Partnership Act, 1932 All rights reserved

Bsr&Collp Budget Highlights 2015-16

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B S R & Co LLP

Economic Backdrop of the Budget 2015-16

Pre-Budget 2015-16 Reform Initiatives

Deregulation of diesel prices;

Revamping MGNREGA a/c by linking it to the agricultural and rural development;

Direct transfer of cooking gas subsidy;

Hiking FDI cap in defence and insurance;

Taxing energy products;

Instituting the Expenditure Management Commission

Securing political agreement on the goods and service tax (GST);

Eliminating quantitative restrictions on gold; and

The economic survey of 2014-15 provided an indication of the improvement in various

Highlights of Economic Survey 2014-15

Government will adhere to fiscal deficit target of 41 percent of GDP in 2014/15

Government should ensure expenditure control to reduce fiscal deficit

Expenditure control and expenditure switching to investment key

There is scope for big bang reforms now

Inflation shows declining trend in 2014/15

Inflation likely to be below central bank target by 0.5 - 1 percentage point

Lower inflation opens up space for more monetary policy easing

Consumer inflation in 2015/16 likely to range between 5-55 percent

Government should remain committed to fiscal consolidation

Outlook for external financing is correspondingly looking favourable

Current Account Deficit

Liquidity conditions expected to remain comfortable in 2015-16

2015-16 GDP growth seen at over 8 pct y/y

Double digit economic growth trajectory now a possibility

Trade and Repair Services Sector

Media and Entertainment Industry

Budget 2015 16 Highlights

Rs 25,000 crore for Rural Infrastructure Development Bank

Rs 5,300 crore to support Micro Irrigation Programme

Farmers credit - target of 85 lakh crore

Rs 70,000 crores to Infrastructure sector

Tax-free bonds for projects in rail road and irrigation

Government proposes to set up 5 ultra mega power projects, each of 4000MW

IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT

PG institute of Horticulture in Amritsar

Kerala to have University of Disability Studies

Centre of film production, animation and gaming to come up in Arunachal Pradesh

IIM for Jammu and Kashmir and Andhra Pradesh

Focus on Make in India for quick manufacturing of defence equipment

Housing for all by 2020

Upgradation of 80,000 secondary schools

Rs 5,000 crore additional allocation for MGNREGA

Government to create universal social security system for all Indians

Rs 75 crore for electric cars production

Visa on Arrival to be made applicable for 150 countries

Sovereign Gold Bond, as an alternative to purchasing metal gold

Abolition of Wealth Tax

Rate of corporate tax to be reduced to 25% over next four years

No change in personal income tax slabs

Total exemption of up to Rs 4,44,200 can be achieved

100% exemption for contribution to Swachch Bharat, apart from CSR

Service tax increased to 14 per cent

Transfer Pricing reforms An Overview

Specific Domestic Transaction

Outlays of Roads & Railways

Funding the Unfunded

National Investment and Infrastructure

Reforms in Agricultural Sector

PPP mode of infrastructure

Jan Dhan to Jan Suraksha