Top 31 Key Highlights of Budget 2017

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Union Finance Minister Arun Jaitley has presented the Budget 2017 today on 1st Feb 2017 3 months after the major move of Demonetisation. The public was expecting some major changes in taxes due to the Cash Ban move by PM Modi.

Let’s see what key highlights of the Budget 2017 announced are:

  1. Mr Jaitley started off by telling that their focus will be on energising youth to reap benefits of Growth and employment.
  2. International Monetary Fund estimates world GDP will grow by 3.4 percent in 2017.
  3. Oil prices, rising dollar and volatile commodity prices have been seen as high risks to the Indian economy.
  4. He said that the Effects of demonetization not expected to spill over to next year.
  5. Their Budget agenda is – transform, energise and clean India – TEC India.
  6. He tells, “Our approach in preparing the Budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence”.
  7. Agriculture sector is expected to grow at 4.6%, agriculture expenditure targeted at Rs 10 lakh crore.
  8. There will be 36% increase in FDI flow; forex reserves at $361 billion in January, which is enough to cover 12 months needs.
  9. Allocation under MNREGA increased to 48,000 crores from Rs 38,500 crore. This is highest ever allocation
  10. Budget 2017 promises to build One crore houses for poor by 2019 Along with Safe drinking water to cover 28,000 arsenic and Fluoride-affected habitations in the next four years.
  11. For senior citizens, Aadhar cards giving their health condition will be introduced.
  12. Two new All India Institute of Medical Sciences(AIIMS) to be set up in Jharkhand and Gujarat.
  13. 3500km railway lines to be put up.
  14. Service charge on rail tickets booked through IRCTC to be withdrawn.
  15. 500 railway stations to be made differently abled-friendly by providing lifts and escalators.
  16. A new metro rail policy will be announced, which will open up new jobs for our youth.
  17. Foreign investment promotion board (FIPB) to be abolished.
  18. Allocation for infrastructure stands at a record Rs 3,96,135 crore.
  19. Government to set up strategic crude oil reserves in Odisha and Rajasthan.
  20. 1.25 crore people have already adopted Bhim App for digital payments.
  21. Defence expenditure excluding pension at Rs 2.74 lakh crore.
  22. Fiscal deficit for 2017-18 pegged at 3.2 percent of GDP.
  23. Fiscal deficit target for next three years pegged at 3 percent.
  24. India’s tax-to-GDP ratio is very low.
  25. He said, “Out of 3.7 crores who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh”, And “Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried”.
  26. Small firms with turnover up to Rs 50 crore to pay 25% tax now, instead of 30%.
  27. Maximum cash donation any party can receive will be Rs 2000 from one source.
  28. Political parties will be entitled to receive donations by cheques or digital modes.
  29. Jaitley reduces income tax rate from 10% to 5% for tax slab of Rs 250,000 to Rs 500,000.
  30. Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore
  31. 15% surcharge on incomes above Rs 1 crore to continue.

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