Union Budget 2017 Highlights

union-budgetFinance Minister Arun Jaitley presented the Unison Budget in the parliament. Here are the Budget Highlights

  • International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017.
  • India is seen as engine of global growth, have witnessed historic reform in last one year
  • DeMonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many
  • With better Monsoon, Agriculture is expected to grow at 4.1% in current year
  • Dairy processing infrastructure fund will be set up under NABARD, with fund of 8,000 crore
  • Dedicated micro-irrigation fund will b set up by NABARD to achieve goal of ‘Per Drop More Crop’.Initial corpus will be Rs 5000 crore
  • Participation of women in MNREGA has increased to 55%.
  • Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from Rs 37,000 crore in 2016-17.
  • Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 cr, which is 24% higher than last year.
  • 100% village electrification will be achieved by May 1,2018
  • Safe drinking water to cover 28,000 arsenic & Fluoride affected habitations in the next four years
  • For senior citizens, Aadhar cards giving their health condition will be introduced
  • Total allocation for rural, agricultural and allied sectors for 2017-18 at record Rs 1.87 crore, it is up by 24%
  • Rail safety fund with corpus of Rs 100,000 crore will be created over a period of 5 years
  • By 2019, all coaches of Indian Railways will be fitted with Bio-toilets
  • 500 stations to be made differently abled-friendly by providing lifts & escalators
  • Service charges on e-tickets booked through IRCTC will be withdrawn
  • Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore
  • Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025
  • Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free
    Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges.
  • Propose to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18
  • Aadhar enabled payment system to be launched soon;Banks have targeted to introduce additional 10 lakh Point-of-Sale terminals by Mar’17
  • Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore.
  • Defence expenditure excluding pension at Rs 2.74 lakh crore
  • Fiscal Deficit target for 2017-18 is 3.2%
  • Increased allocation for scientific ministry to Rs 37,435 cr in 2017-18
  • Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh
  • Due to #Demonitisation advance tax on personal Income tax increased by 34.8%. The net tax revenue grew by 17% in 2015-16.
  • Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of AP.
  • Income tax for small companies with an annual turnover of 50 crore, now to pay 25%, a 5% reduction.
  • Basic customs duty on LNG from 5% to 2.5% in 2017-18
  • SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this.
  • Political parties will be entitled to receive donations by cheque or in the digital mode from their donors.Maximum cash donation any party can receive will be Rs 2000 from one source.
  • Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%
  • Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore
  • 15% surcharge on incomes above Rs 1 crore to continue