Team Details

BUDGET HIGHLIGHTS 2015-16

B S R & Co LLP

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Economic Backdrop of the Budget 2015-16The 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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ContinuedHeading 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 InitiativesThe 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 CommissionSecuring 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 ActEliminating quantitative restrictions on gold; andInstituting 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 2014-15According 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPContinuedThe 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPContinuedInflationInflation 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPContinuedCurrent Account DeficitEstimated at about 1.3 percent of GDP in 2014-15 and less than 1.0 percent of GDP in 2015-16

SubsidiesOverhauling of subsidy regime would pave the way for expenditure rationalization

LiquidityLiquidity 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

Growth2015-16 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPContinuedIn 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPContinued

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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPBudget 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPContinued

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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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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPContinued

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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPContinuedFinancial 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPTransfer Pricing reforms An OverviewSpecific Domestic TransactionThe 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 CorporatesPlace 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPEconomic TargetsCapital Expenditure

Outlays of Roads & Railways

National Investment and Infrastructure Fund

PPP mode of infrastructure

Atal Innovation Mission (AIM)

Self-Employment and Talent Utilization

Corporatization of ports

Single window clearance

UMPP Power projects plug & play mode

Revenue Expenditure

Funding the Unfunded

Reforms in Agricultural Sector

Jan Dhan to Jan Suraksha

Safe India

Tourism

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPNecessity 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPReforms in Agricultural Sector- Revenue Expenditure by the GovernmentMajor steps take to address the two major factors critical to agricultural production, that of soil and waterParamparagat Krishi Vikas Yojana to be fully supportedPradhanmantri Gram Sinchai Yojana to provide Per Drop More Crop5,300 crore to support micro-irrigation, watershed development and the Pradhan Mantri Krishi Sinchai Yojana25,000 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 FundTarget of 85 lakh crore of agricultural credit during the year 2015-16Focus on improving the quality and effectiveness of activities under MGNREGANeed 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPReforms in Rural Sector- Capital Expenditure by the GovernmentHousing 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;

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPEconomic Targets Capital Expenditure by the GovernmentSharp 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; and5 new Ultra Mega Power Projects, each of 4000 MW, in the Plug-and-Play mode

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPEconomic 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPEconomic Targets- Revenue expenditure of the GovernmentMUDRA Bank, with a corpus of 20,000 crores, and credit guarantee corpus of 3,000 crores to be createdIn lending, priority will be given to SC/ST enterprisesMUDRA Bank- responsible for refinancing all Micro-finance through a Pradhan Mantri Mudra YojanaTReDS an electronic platform for facilitating financing of trade receivables of MSMEs to be establishedComprehensive Bankruptcy Code of global standards to be brought in fiscal 2015-16 towards ease of doing businessPostal network with 1,54,000 points of presence spread across villages to be used for increasing access of the people to the formal financial systemNBFCs 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, 2002Jan Dhan, Aadhar and Mobile (JAM) - for direct benefit transferCreation of a functional social security system for all Indians, specially the poor and the under-privilegedPradhan Mantri Suraksha Bima Yojna to cover accidental death risk of 2 Lakh for a premium of just 12 per yearAtal Pension Yojana to provide a defined pension, depending on the contribution and the period of contributionGovernment to contribute 50% of the beneficiaries premium limited to 1,000 each year, for five years, in the new accounts opened before 31st December 2015Pradhan 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPEconomic Targets- Revenue expenditure of the GovernmentScheme for providing Physical Aids and Assisted Living Devices for senior citizens, living below the poverty lineUnclaimed deposits of about 3,000 crores in the PPF, and approximately 6,000 crores in the EPF corpusThe 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, parkingAccess 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

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPBudget EstimatesNon-Plan expenditure estimates for the Financial Year are estimated at 13,12,200 crorePlan expenditure is estimated to be 4,65,277 crore, which is very near to the RE of 2014-15Total Expenditure has accordingly been estimated at 17,77,477 croreThe requirements for expenditure on Defence, Internal Security and other necessary expenditures are adequately providedGross Tax receipts are estimated to be 14,49,490 croreDevolution to the States is estimated to be 5,23,958Share of Central Government will be 9,19,842Non Tax Revenues for the next fiscal are estimated to be 2,21,733 croreFiscal deficit will be 39 per cent of GDP and Revenue Deficit will be 28 per cent of GDP

(year) B S R & Co LLP, a firm of Chartered Accountants, duly registered under the Indian Partnership Act, 1932 All rights reserved#B S R & Co LLPReforms in Taxation- Its ObjectivesObjective of stable taxation policy and a non-adversarial tax administrationFight against the scourge of black money to be taken forwardEfforts on various fronts to implement GST from next yearNo change in rate of personal income taxProposal to reduce corporate tax from 30% to 25% over the next four years, starting from next financial yearRationalisation and removal of various tax exemptions and incentives to reduce tax disputes and improve administrationExemption to individual tax payers to continue to facilitate savingsJob creation through revival of growth and investment and promotion of domestic manufacturingImprove ease of doing businessImprove quality of life and public health Swachh BharatBenefit to middle class tax-payersStand alone proposals to maximise benefit to the economy

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