{"id":3656,"date":"2017-02-01T17:08:41","date_gmt":"2017-02-01T17:08:41","guid":{"rendered":"https:\/\/sunkrish.com\/?p=3656"},"modified":"2017-02-03T17:09:28","modified_gmt":"2017-02-03T17:09:28","slug":"here-are-the-highlights-of-union-budget-2017","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2017\/02\/01\/here-are-the-highlights-of-union-budget-2017\/","title":{"rendered":"Here are the highlights of Union Budget 2017"},"content":{"rendered":"<p><a href=\"https:\/\/sunkrish.com\/index.php\/2017\/02\/03\/here-are-the-highlights-of-union-budget-2017\/arun-jetley-budget-2017\/\" rel=\"attachment wp-att-3683\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-3683 alignleft\" src=\"https:\/\/sunkrish.com\/wp-content\/uploads\/2017\/02\/Arun-Jetley-Budget-2017-300x150.jpg\" alt=\"\" width=\"300\" height=\"150\" srcset=\"https:\/\/sunkrish.com\/wp-content\/uploads\/2017\/02\/Arun-Jetley-Budget-2017-300x150.jpg 300w, https:\/\/sunkrish.com\/wp-content\/uploads\/2017\/02\/Arun-Jetley-Budget-2017.jpg 318w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today. Here are the highlights of this year&#8217;s budget:<\/p>\n<p>\u25baIncome Tax rate cut to 5 pc for individuals having income between Rs 2.5 lakh to Rs 5 lakh<\/p>\n<p>\u25ba10 pc surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate<\/p>\n<p>\u25ba15 pc surcharge on income above Rs 1 cr to continue<\/p>\n<p>\u25baOf 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit<\/p>\n<p>\u25baDirect tax collection not commensurate with income and expenditure pattern<\/p>\n<p>\u25baRevenue deficit reduced to 2.1 pc from 2.3 pc for 2016-17<\/p>\n<p>\u25baGovt pegs fiscal deficit target at 3.2 per cent for 2017-18 and 3 per cent for next year.<\/p>\n<p>\u25ba Monetary policy to be expansionary in major economies<\/p>\n<p>\u25ba More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy<\/p>\n<p>\u25baPace of remonetisation has picked up; demonetisation effects will not spill over to next year<\/p>\n<p>\u25baFunctional autonomy of the railways to be maintained<\/p>\n<p>\u25baDemonetisation will help in transfer of resources from tax evaders to government:<\/p>\n<p>\u25baMerger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport<\/p>\n<p>\u25baOnly transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue<\/p>\n<p>\u25baGDP will be bigger, cleaner after demonetisation<\/p>\n<p>\u25baEffects of demonetisation not expected to spill over to the next year, says Finance Minister<\/p>\n<p>\u25baGovt took two tectonic policy initiatives &#8211; passage of GST Bill and demonetisation<\/p>\n<p>\u25baDemonetisation was a continuation of series of measures taken by govt in 2 yrs; it is bold and decisive measure<\/p>\n<p>\u25baWe are seen as engine of global growth; IMF sees India to grow fastest in major economies<\/p>\n<p>\u25ba36 pc increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs<\/p>\n<p>\u25baCAD declined from 1 pc last year to 0.3 pc in first half of current fiscal: FM<\/p>\n<p>\u25baIndia has emerged as bright spot in the world: FM<\/p>\n<p>\u25baUncertainty around commodity prices especially oil to have impact on emerging economies: FM<\/p>\n<p>\u25baDouble digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched: FM<\/p>\n<p>\u25baWe have moved from discretionary based administration to policy based administration: FM Jaitley<\/p>\n<p>\u25ba Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley<\/p>\n<p>\u25baDemonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP<\/p>\n<p>\u25baCommitted to double farm income in 5 years<\/p>\n<p>\u25baPlan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture<\/p>\n<p>\u25baMini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country<\/p>\n<p>\u25baBudget presentation advanced to help begin implementation of schemes before onset of monsoon<\/p>\n<p>\u25baWe will continue the process of economic reform for the benfit of poor.<\/p>\n<p>\u25baSpend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget<\/p>\n<p>\u25baOur agenda for next year is to transform, energise and clean India<\/p>\n<p>\u25baWorld Bank expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19<\/p>\n<p>\u25baAllocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation<\/p>\n<p>\u25baRs 9,000 cr higher allocation for payment of sugarcane arrears<\/p>\n<p>\u25baTarget of agriculture credit fixed at Rs 10 lakh cr in 2017-18<\/p>\n<p>\u25baTax administration honouring the honest is one of the 10 pillars of Budget 2017-18<\/p>\n<p>\u25baNational Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies<\/p>\n<p>\u25ba133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14<\/p>\n<p>\u25baGovt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore<\/p>\n<p>\u25ba1 cr households to be brought out of poverty under Antodya Scheme<\/p>\n<p>\u25baParticipation of women in MNREGA increased to 55 pc from 45 pc in past<\/p>\n<p>\u25baModern law on contract farming will be drafted and circulated to states<\/p>\n<p>\u25baDedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore<\/p>\n<p>\u25baMarket reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act<\/p>\n<p>\u25baSpace technology to be used for monitoring MNREGA implementation<\/p>\n<p>\u25baSanitation coverage in villages has increased from 42 pc in Oct 2016 to 60 pc, a rise of 18 pc, says FM<\/p>\n<p>\u25baWe propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations<\/p>\n<p>\u25baTo construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr<\/p>\n<p>\u25ba100 pc electrification of villages to be completed by May 2018<\/p>\n<p>\u25ba27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless<\/p>\n<p>\u25baPM Kaushal Kendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad<\/p>\n<p>\u25baThe allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore<\/p>\n<p>\u25baIn higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions<\/p>\n<p>\u25baA system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up<\/p>\n<p>\u25baTwo new AIIMS to be set up Jharkhand and Gujarat<\/p>\n<p>\u25baNew rules regarding medical devices will be devised to reduce their cost<\/p>\n<p>\u25ba 1.5 lakh health sub centres to be converted to Health Wellness Centres<\/p>\n<p>\u25baNational Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18<\/p>\n<p>\u25baRs 500 cr allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women &amp; child welfare.<\/p>\n<p>\u25baCapital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget<\/p>\n<p>\u25baAllocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent<\/p>\n<p>\u25ba35 pc increase in allocation for SC to Rs 52,393 cr<\/p>\n<p>\u25baFor senior citizens, Aadhaar based health cards will be issued<\/p>\n<p>\u25baModel Shops and Establishment Bill to open up additional opportunities for employment of women<\/p>\n<p>\u25ba Select airports in tier-II cities to be taken up for operations, development on PPP mode<\/p>\n<p>\u25baNew metro rail policy to be unveiled<\/p>\n<p>\u25baRailway tariffs to be fixed on the basis of cost, social obligation and competition<\/p>\n<p>\u25baService charge on e-tickets booked through IRCTC will be withdrawn<\/p>\n<p>\u25baDelhi and Jaipur to have solid waste management plants and five more to be set up later<\/p>\n<p>\u25baGovernment proposes Coach Mitra facility to redress grievances related to rail coaches<\/p>\n<p>\u25ba500 stations will be differently abled by providing lifts and escalators<\/p>\n<p>\u25baUnmanned railway level crossings to be eliminated by 2020<\/p>\n<p>\u25baRailway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17<\/p>\n<p>\u25baTotal allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 cr, up 24 per cent from last year<\/p>\n<p>\u25baRs 1 lakh cr corpus for railway safety fund over five years<\/p>\n<p>\u25baA scheme for senior citizens to ensure 8 per cent guaranteed returns<\/p>\n<p>\u25baDedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop<\/p>\n<p>\u25baDigi Gaon will be launched to promote tele-medicine and education<\/p>\n<p>\u25baCrude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed<\/p>\n<p>\u25baCoverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 per cent next year<\/p>\n<p>\u25baFor transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore<\/p>\n<p>\u25baAllocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18<\/p>\n<p>\u25baAllocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr<\/p>\n<p>\u25baBudget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore<\/p>\n<p>\u25baDispute resolution in infrastructure projects in PPP mode will be institutionalised<\/p>\n<p>\u25baRs 2,74,114 crore allocated for defence expenditure, excluding pension; This includes Rs 86,000 crore for defence capital<\/p>\n<p>\u25baGovt to further liberalise FDI policy<\/p>\n<p>\u25baOver 90 per cent of FDI proposls are now through automatic route<\/p>\n<p>\u25baFIPB will be abolished<\/p>\n<p>\u25baTrade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh cr<\/p>\n<p>\u25baSecond phase of solar power development to be taken up with an aim of generating 20,000 MW<\/p>\n<p>\u25baAfter demonetisation on Nov 8 last year, deposit of between Rs 2 lakh and Rs 80 lakh made in 1.09 cr bank accounts at an average of Rs 5.03 lakh till Dec 30<\/p>\n<p>\u25baMore funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed<\/p>\n<p>\u25baThe shares of railway CPSCs like IRCTC and IRFC to be listed on various stock exchanges<\/p>\n<p>\u25baWe are largely a tax non-compliant society<\/p>\n<p>\u25baNew ETF with diverse stocks will be launched in 2017-18<\/p>\n<p>\u25baOf 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried<\/p>\n<p>\u25baIntegrated public sector oil major to be created to match global giants<\/p>\n<p>\u25baGovt will amend the Multi-state Cooperative Act to protect the poor and gullible investors<\/p>\n<p>\u25baUrgent need to protect poor from chit fund schemes, draft bill placed in public domain<\/p>\n<p>\u25baComputer emergency response team to be set for cyber security of financial sector<\/p>\n<p>\u25ba Govt to introduce two new schemes to promote BHIM App &#8211; referal bonus for users and cash back for traders<\/p>\n<p>\u25baGovt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18<\/p>\n<p>\u25baOver Rs 80 lakh deposits in 1.48 lakh cr at an average of Rs 3.31 cr per account<\/p>\n<p>\u25baCustoms duty on LNG halved to 2.5 pc<\/p>\n<p>\u25baFPI to be exempt from indirect transfer provisions<\/p>\n<p>\u25baPolitical parties can receive donations in cheque, electronic mode; electoral bonds to be issued by RBI<\/p>\n<p>\u25baMaximum amount of cash donation a political party can receive will be Rs 2000 from any one source as part of effort to clean political funding<\/p>\n<p>\u25baCapital expenditure stepped up by 25.4 pc in FY18 over previous year<\/p>\n<p>\u25baTotal expenditure in FY18 at Rs 21.47 lakh cr<\/p>\n<p>\u25baDuty exempted on various POS machines and iris readers to encourage digital payments<\/p>\n<p>\u25baRs 7,200 cr revenue loss due to reduction in tax on smaller companies<\/p>\n<p>\u25baGovt mulling introduction of legal changes to confiscate assets of offenders, including economic offenders, who flee the country<\/p>\n<p>\u25baGovt to set up a web-based interactive platform for defence pensioners<\/p>\n<p>\u25baHead post offices to issue passports<\/p>\n<p>\u25baGovt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment<\/p>\n<p>\u25baFRBM review committee has recommended 60 pc debt to GDP ratio; 0.5 pc of GDP deviation from stipulated fiscal deficit targets<\/p>\n<p>\u25baPayment regulatory board to be set up in RBI to regulate electronic payments, replacing Board for Regulation and Supervision in Payments and Settlements System<\/p>\n<p>\u25ba3 yr period for long-term capital gains tax on immovable property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.2001<\/p>\n<p>\u25baA proposal to receive all government receipts beyond a certain threshold through e-modes under consideration<\/p>\n<p>\u25baGST implementation to bring more taxes to Centre and states<\/p>\n<p>\u25baNo transaction above Rs 3 lakh in cash will be allowed as suggested by SIT<\/p>\n<p>\u25baCustoms duty on LNG to be reduced from 5 pc to 2.5 pc<\/p>\n<p>\u25baTo make MSME companies more viable, govt proposes to reduce IT tax with annual turn over of Rs 50 core up to 25 per cent<\/p>\n<p>\u25baI-T for smaller cos with turnover of upto Rs 50 cr up to 25 per cent<\/p>\n<p>\u25baNot possible to remove MAT levied on advance tax for now; carry forward allowed for 15 yrs instead of 10 yrs<\/p>\n<p>\u25baRelaxation in norms for Start Ups for getting tax exemption<\/p>\n<p>\u25baCapital gains tax exempted for the land pooled to build new capital of Andhra Pradesh effective from 2.6.2014<\/p>\n<p>\u25baIncrease in personal tax collections is 34.8 per cent in last three quarters. Demonetisation has played a role<\/p>\n<p>\u25ba17 pc growth in direct tax revenue for the second year in a row in 2016-17<\/p>\n<p>\u25baAs against 4.2 crore people working in organised sector, only 1.74 crore individuals filed income tax returns<\/p>\n<p>\u25baSolar tempered glass used for manufacture of solar cells\/panels exempted from customs duty<\/p>\n<p>\u25baImport duty on aluminium ores and concentrates raised to 30 pc from nil presently<\/p>\n<p>\u25baActual revenue loss on tax proposals Rs 22,700 cr; gain from additional resource mobilisation is Rs 2,700 cr<\/p>\n<p>\u25baNet revenue loss from direct tax proposals to be about Rs 20,000 cr<\/p>\n<p>\u25baExcise duty on pan masala containing tobacco (Gutkha) raised to 12 pc from 10 pc<\/p>\n<p>\u25baExcise duty on non-filter cigarettes of length not exceeding 65 mm raised to Rs 311 per thousand from Rs 215 per thousand<\/p>\n<p>&nbsp;<\/p>\n<p>Source:<a href=\"http:\/\/economictimes.indiatimes.com\/articleshow\/56907865.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst\" target=\"_blank\">http:\/\/economictimes.indiatimes.com\/articleshow\/56907865.cms<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today. Here are the highlights of this year&#8217;s budget: \u25baIncome Tax rate cut to 5 pc for individuals having income between Rs 2.5 lakh to Rs 5 &hellip; <a href=\"https:\/\/sunkrish.com\/index.php\/2017\/02\/01\/here-are-the-highlights-of-union-budget-2017\/\">Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":3683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,493,491],"tags":[518,395,903,305,304,829,455,795],"class_list":["post-3656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","category-income-tax-e-filing-of-returns-for-individuals-partnerships-companies","tag-black-money","tag-budget","tag-demonetisation","tag-economy","tag-foreign-direct-investment","tag-foreign-investment-promotion-board-fipb","tag-income-tax","tag-minimum-alternate-tax-mat"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/3656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=3656"}],"version-history":[{"count":8,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/3656\/revisions"}],"predecessor-version":[{"id":3686,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/3656\/revisions\/3686"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/3683"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=3656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=3656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=3656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}