Finance minister , Arun Jaitley presented the Union Budget 2017-18, his fourth annual Budget in the Lok Sabha on 1st February. The budget is expected to benefit the honest tax payer. Chhatisgarh CM Raman Singh termed it as ‘Sabka Sath Sabka Vikas” but it seems that it dint go too well with the opposition. Here are the few highlights of the Union Budget-2017.
1. Agriculture sector is expected to grow at 46%, agriculture expenditure targeted at Rs 10 lakh crore.
2.Our focus will be on energising youth to reap benefits of growth and employment.
3.IMF estimates world GDP will grow by 3.4 per cent in 2017.
4. 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
5. Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation.
6. Total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 crore, which is 24% higher than last year.
7. One crore houses for poor by 2019
8. For senior citizens, Aadhar cards giving their health condition will be introduced.
9. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
10. 3500km railway lines to be put up.
11. Service charge on rail tickets booked through IRCTC to be withdrawn.
12. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
13. 500 rail stations to be made differently abled-friendly by providing lifts and escalators.
14. A new metro rail policy will be announced, this will open up new jobs for our youth.
15. Aadhaar Pay- an app for merchants- to be launched’ 20 lakh aadhaar-based POS by September 2017.
16. Out of 37 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh.
17. Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried.
18. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
19. Black money SIT has suggested no cash transaction above Rs 3 lakh.The government has accepted this recommendation.
20. Maximum cash donation any party can receive will be Rs 2000 from one source.
21. Political parties will be entitled to receive donations by cheques or digital modes.
22. An amendment being proposed to RBI Act to enable the issuance of electoral bonds for political funding.
23. Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.
24. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore.
25. 15% surcharge on incomes above Rs. 1 crore to continue.