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Key Points – Union Budget 2017

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Finance minister Arun Jaitley presented the Union Budget 2017-18 in the Lok Sabha on 1st Feb 2017. Here are the highlights of that Budget.

  1. India is seen as engine of global growth, have witnessed historic reform in last one year.
  2. Demonetization is a bold and decisive measure, for many decades tax evasion was a way of life for many.
  3. Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
  4. One crore houses for poor by 2019.
  5. For senior citizens, Aadhar cards giving their health condition will be introduced.
  6. 3500km railway lines to be put up.
  7. A new metro rail policy will be announced, this will open up new jobs for our youth.
  8. Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years.
  9. Service charge on rail tickets booked through IRCTC to be withdrawn.
  10. Government is considering introduction of new law to confiscate assets of offenders who escape the country.
  11. Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000 .
  12. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore .
  13. Black money SIT has suggested no cash transaction above Rs 3 lakh. The government has accepted this recommendation.
  14. India’s tax-to GDP ratio is very low. We are largely a tax non compliance society, when too many people evade taxes burden falls on those who are honest.
  15. Political parties will be entitled to receive donations by cheques or digital modes.
  16. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.

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