Budget 2017-18: Highlights
12.54 pm: The FM now moves to indirect taxes, and says no major changes in existing tax structure have been proposed because of rollout of GST.
12.50 pm: For those in 20 percent (Rs 5 lakh-Rs 10 lakh) and 30 percent (Rs 10 lakh plus), there is a Rs 12,500 rebate.
“The total cost of the two measures for the government will be Rs 15,500 crore,” the FM says. To compensate for this, those earning Rs 50 lakh a year will pay a 10 percent surcharge.
12.48 pm: INCOME TAX RATE FOR THOSE IN RS 2.5 LAKH-RS 5 LAKH CUT FROM 10 PERCENT TO 5 PERCENT.
12.45 pm: The FM moves to personal income tax. Hold your breath. “After demonetisation, there is expectation of relief on income tax.”
12.42 pm: Maximum cash donation to political parties from one source cut to Rs 2,000 from Rs 20,000 earlier. The benches have strong opinions on this.
12.40 pm: FM says no cash transactions will be allowed over Rs 3 lakh. 12.38 pm: “In order to promote Make in India, I propose to tweak custom duties for imported products as outlined in the Budget document,” he says. “This will also take care of inverted duties to an extent.” Will know details when the annexure is uploaded.
12.35 pm: Talking about corporate taxes, FM says he will cut corporate tax rate for MSMEs having revenues less than Rs 50 crore to 25 percent. This is big from a startup standpoint.
The FM says about 96 percent of all MSMEs will be benefited from this move. However, no framework for slashing of broad corporate tax rate outlined.
12.34 pm: “I propose to allow MAT carryforward for a period of 15 years instead of 10 years.”
Road sector allocation at Rs 64,000 crore (Just in)
Maximum cash donation any party can receive will be Rs 2000 from one source: FM Jaitley
Income tax rate for Rs 2.5-Rs 5 lakh bracket slashed to 5%
SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this: FM Jaitley
Income tax for small companies with an annual turn over of 50 crore, now to pay 25%, a 5% reduction: FM
Capital gains tax to be exempted, for persons holding land from which land was pooled for creation of state capital of Telangana: FM Jaitley
The net tax revenue grew by 17% in 2015-16: FM Jaitley
Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh: FM Jaitley
We are largely a tax non compliant society, when too many people evade taxes burden falls on those who are honest: FM Jaitley
Due to #Demonitisation advance tax on personal Income tax increased by 34.8%: FM Jaitley
FRBM review committee recommended 3% fiscal deficit for next 3 years: FM #Budget2017.
There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain: FM Jaitley
Unmanned railway level crossings to be done away with by 2020: FM Jaitley
Defence expenditure excluding pension at Rs 2.74 lakh crore: FM Arun Jaitley
Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore: FM
Propose to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18: FM Arun Jaitley
3.5 Crore youth will be trained under Sankalp program launched by the government: FM Jaitley
Solar plan phase 2 to add 20,000 MW capacity (2 minutes ago)
Total infra outlay pegged at over Rs 390,000 crore (2 minutes ago)
Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges: FM Jaitley
During 2017-18, another 5 lakh ponds will be constructed, for drought-proofing:FM Jaitley
Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free: FM Jaitley
Action plan to eliminate Kala Azar & Filariasis by 2017, Leprosy by 2018, Measles by 2020 & Tuberculosis by 2025: FM
The Foreign Investment Promotion Board has been abolished: FM Jaitley
Transport sector allocated Rs 2.41 Lakh Crore and Bharat Net Project allocated Rs 10,000 crore:FM Jaitley
Service charge on e-tickets booked through IRCTC to be withdrawn: FM Jaitley
By 2019, all coaches of Indian Railways will be fitted with Bio-toilets: FM Arun Jaitley
Atleast 25stations expected to be awarded during 2017-18; 500stations to be made differently abled-friendly by providing lifts&escalators-FM
A new metro rail policy will be announced, this will open up new jobs for our youth: FM Jaitley
Rail safety fund with a corpus of Rs 100,000 crore to be created over a period of 5 years: FM Jaitley
Steps will be taken to launch dedicated trains for pilgrimage and tourism: FM Jaitley
Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat: FM Arun Jaitley
Total allocation for rural, agricultural and allied sectors for 2017-18 at record Rs 1.87 crore, it is up by 24%: FM Jaitley
For senior citizens, Aadhar cards giving their health condition will be introduced: FM Jaitley
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:FM
Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from Rs 37,000 crore in 2016-17:FM Jaitley
Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 cr, which is 24% higher than last year: FM Arun Jaitley
100% village electrification will be achieved by May 1,2018: FM Jaitley
To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses:FM Jaitley
Open defecation free villages are now being given priority for pipe to water supply: FM Jaitley
Safe drinking water to cover 28,000 arsenic & Fluoride affected habitations in the next four years: FM Jaitley
Dairy processing infrastructure fund will be set up under NABARD, with fund of 8,000 crore: FM Jaitley
Issuance of soil health cards have gathered momentum, will setup a mini lab in krishi vigyan kendras: FM Jaitley
Cabinet approves extension of tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years
Participation of women in MNREGA has increased to 55%: FM Arun Jaitley