FinMin Issues Budget Circular 2016-17
THE Finance Ministry has issued Budget Circular 2016-17 about two months in advance to ensure wider consultations with all Ministries/Departments on various issues.
The Budget Circular contains the compendium of instructions issued from time to time by Ministry of Finance on various issues.
Estimates of Central taxes and duties administered by the Central Board of Direct Taxes and Central Board of Excise and Customs as also of cesses collected by the CBEC, will be furnished by them to the Budget Division giving commodity-wise estimates of manufacture/imports, duty rates and foreign exchange rate assumptions forming the basis of the estimates.
The estimates of expenditure are to be furnished to Budget Division in stages. The estimates will be finalized after Secretary (Exp.) has held discussions with the Financial Advisers, as in the past. These discussions are scheduled to be held in October/November, 2015. These will focus on the net Budget of each Ministry/ Department i.e. expenditure less revenue receipts and capital receipts, like recoveries of loans, issue of bonus shares, etc.