The Finance Minister on 29 February 2016 presented the Union Budget 2016. Among the tax measures included in the budget are measures to:
In general, the proposed amendments relating to direct taxes would apply from Assessment Year 2017-18. The changes in the rates of central excise and customs duties would be effective. The changes to the service tax provisions would be effective either on the enactment of the Finance Bill, 2016, or from 1 April 2016, or from a date to be subsequently provided.
Read a 2016 report [PDF 865 KB] prepared by the KPMG member firm in India: Union Budget 2016
Additional information about the Union Budget 2016 is provided on a dedicated webpage of KPMG in India.
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