Highlights of Union Budget 2017

February 1, 2017 | By | Add a Comment

Highlights of Union Budget 2017

Here are live updates from the Union Budget 2017-18 to be presented by Union Finance Minister, Arun Jaitley: There are a lot of expectations from this Budget, especially a hike in the income tax slabs.

• Forex reserves are enough to cover 12 months of imports.
• India stands out as a bright spot in the world landscape.
• Demonetisation was a bold and decisive measure. The strong potential of Demonetization is especially higher GDP growth.
• Demonetisation seeks to create a new normal where the GDP is bigger and cleaner. Like all reforms, it is disruptive.
• The pace of remonetisation has picked up; the impact of DeMonetisation will not spill over to next year.
• Agenda for next year is to transform, energise, and clean India.
• The target for agricultural credit for the FY 2016-17 has been fixed at Rs 10 lakh crore.
• Rs 38,500 crores allotted for MNREGA has been increased to Rs 48,000 crore in 2017-18, the highest ever allocation.
• Issuance of soil health cards have gathered momentum, will set up a mini-lab in Krishi Vigyan Kendra
• We will take special efforts to ensure adequate flow of credit to underserved areas, E-states & J&K.
• Budget themes this year according to the FM are farmers, rural, youth, poor, infra, financial, digital etc.
• Participation of women in MNREGA has increased to 55% from 48% in the past.
• Sanitation in rural areas improved from 42 per cent in 2014 to about 60 per cent now.
• Annual learning outcomes to be rolled out in schools
• Quality education will energise our youth.
• Govt aims to eliminate kalaazar, filariasis by 2017, leprosy by 2018, measles by 2020 and TB by 2025. Affordable housing to get infra status.
• Rs 1.31 lakh crore capex fixed for Railways in 2017-18 including Rs 55,000 crores to be provided by the government.
• All coaches of Indian Railways to be fitted with bio-toilets by 2019.
• Service tax on e-tickets booked through IRCTC will be withdrawn.
• A new metro rail policy will be announced; this will open up new jobs for our youth.
• FIPB to be abolished.
• Shares like the government-owned ICTRC to be listed on the stock exchanges.
• Rs 10,000 crores for the recapitalisation of government banks.
• An aadhaar-enabled payment system to be launched shortly for those without debit cards, mobile phones. A new law to confiscate the assets of those fleeing the country.
• Total expenditure for 2017-18 at Rs 21,47,000 crore. Capex up 25.4% over the previous year.
• Fiscal deficit for 2017-18 targetted at 3.2 per cent and 3 per cent in the following year.
• Direct tax collections not commensurate with income & expenditure pattern of Indian economy:
• The long-term holding period for real estate reduced to two years from the existing three yrs.
• Instead of build-up area, carpet area will be counted for affordable housing.
• The tax rate for companies with an annual turnover of up to Rs 50 crores to be reduced to 25%, to strengthen the MSME sector.
• No cash transactions above Rs 3 lakhs.
• The maximum donation a political party can receive from any one source is Rs 2000.
• Tax rates on the first tax bracket of Rs 2.5- Rs 5 lakhs reduced to 5%.
• Surcharge on annual taxable for those earning above Rs 50 lakh at 10 per cent.

Filed in: Budget Documents

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