Point wise Summarise of Budget 2017

    • lncome Tax rate cut to 5 pc for individuals having income between Rs 2.5 lakh to Rs 5 lakh

    • 10 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 l-T rate

    • 15 PC surcharge on income above Rs 1 crto continue

    • Of 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit

    • Direct tax collection not commensurate with income and expenditure pattern

    • Revenue deficit reduced to 2.1 pc from 2.3 Pc for 2016-17

  • Govt pegs fiscal deficit target at 3.2 per cent for 2017-18 and 3 per cent for next year.

  • Monetary policy to be expansionary in major economies

  • More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy

  • Pace of remonetisation has picked up; demonetisation effects will not spill over to next year

  • Functional autonomy of the railways to be maintained

  • Demonetisation will help in transfer of resources from tax evaders to government:

  • Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport

  • Only transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue

  • GDP will be bigger, cleaner after demonetisation

  • Effects of demonetisation not expected to spill over to the next year, says Finance Minister

  • Effects of demonetisation not expected to spill over to the next year, says Finance Minister

  • Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation

  • Demonetisation was a continuation of series of measures taken by govt in 2 yrs; it is bold and decisive measure

  • We are seen as engine of global growth; IMF sees India to grow fastest in major economies

  • 36 PC increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs

  • CAD declined from 1 Pc last year to 0.3 Pc jfl first half of current fiscal: FM

  • lndia has emerged as bright spot in the world: FM

  • Uncertainty around commodity prices especially oil to have impact on emerging economies: FM

  • Double digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched: FM

  • We have moved from discretionary based administration to policy based administration: FM Jaitley

  • Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley

  • Demonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP

  • Committed to double farm income in 5 yrs

  • Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture

  • Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country

  • Budget presentation advanced to help begin implementation of schemes before onset of monsoon

  • We will continue the process of economic reform for the benefit of poor.

  • Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget

  • Our agenda for next year is to transform, energise and clean India

  • World Bank expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19

  • Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation

  • Rs 9,000 cr higher allocation for payment of sugarcane arrears

  • Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18

  • Tax administration honouring the honest is one of the 10 pillars of Budget 2017-18

  • NationaI Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies

  • 133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14

  • Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore

  • 1 cr households to be brought out of poverty under Antodya Scheme

  • Participation of women in MNREGA increased to 55 Pc from 45 Pc in past

  • Modern law on contract farming will be drafted and circulated to states

  • Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore

  • Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act

  • Space technology to be used for monitoring MNREGA implementation

  • Sanitation coverage in villages has increased from 42 Pc in Oct 2016 to 60 pc, a rise of 18 pc, says FM

  • We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations

  • To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr

  • 100 Pc electrification of villages to be completed by May 2018

  • 27,O00 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless

  • PM Kaushal Kendras will be extended to 600 districts; 100 International skill centres to be opened to help people get jobs abroad

  • The allocation for rural agri and allied sector in 201 7-18 is record Rs 1,81,223 crore

  • ln higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions

  • A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up

  • Two new AIIMS to be set upjharkhand and Gujarat

  • New rules regarding medical devices will be devised to reduce their cost

  • 1.5 lakh health sub centres to be converted to Health Wellness Centres

  • National Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18

  • Rs 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 & child welfare.

  • Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget

  • Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent

  • 35 PC increase in allocation for SC to Rs 52,393 cr

  • For senior citizens, Aadhaar based health cards will be issued

  • Model Shops and Establishment Bill to open up additional opportunities for employment of women

  • Select airports in tier-Il cities to be taken up for operations, development on PPP mode

  • New metro rail policy to be unveiled

  • Railway tariffs to be fixed on the basis of cost, social obligation and competition

  • Service charge on e-tickets booked through IRCTC will be withdrawn

  • Delhi and Jaipur to have solid waste management plants and five more to be set up later

  • Government proposes Coach Mitra facility to redress grievances related to rail coaches

  • 500 stations will be differently abled by providing lifts and escalators

  • Unmanned railway level crossings to be eliminated by 2020

  • Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17

  • Total 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

  • Rs 1 lakh cr corpus for railway safety fund over five years

  • A scheme for senior citizens to ensure 8 per cent guaranteed returns

  • Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop

  • Digi Gaon will be launched to promote tele-medicine and education

  • Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed

  • Cove rage 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

  • For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore

  • Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FYi 8

  • Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr

  • Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore

  • Dispute resolution in infrastructure projects in PPP mode will be institutionalised

  • Rs 2,74,114 crore allocated for defence expenditure, excluding pension; This includes Rs 86,000 crore for defence capital

  • Govt to further liberalise FDI policy

  • Over 90 per cent of FDI proposis are now processed through automatic route

  • FIPB will be abolished

  • Trade Infrastructure Export Scheme to be launched in 2017-1 8; total allocation for infra at record Rs 3.96 lakh cr

  • Second phase of solar power development to be taken up with an aim of generating 20,000 MW

  • After demonetisation on Nov 8 last year, deposit of between Rs 2 lakh and Rs 80 Iakh made In 1.09 cr bank accounts at an average of Rs 5.03 Iakh till Dec 30

  • More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed

  • The shares of railway CPSCs like IRCTC and IRFC to be listed on various stock exchanges

  • We are largely a tax non-compliant society

  • New ETF with diverse stocks will be launched in 2017-18

  • Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried

  • lntegrated public sector oil major to be created to match global giants

  • Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors

  • Urgent need to protect poor from chit fund schemes, draft bill placed in public domain

  • Computer emergency response team to be set for cyber security of financial sector

  • Govt to introduce two new schemes to promote BHIM App  referral bonus for users and cash back for traders

  • Govt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18

  • Over Rs 80 lakh deposits in 1 .48 lakh cr at an average of Rs 3.31 cr per account

  • Customs duty on LNG halved to 2.5 Pc

  • FPI to be exempt from indirect transfer provisions

  • Political parties can receive donations in cheque, electronic mode; electoral bonds to be issued by RBI

  • Maximum 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

  • Capital expenditure stepped up by 25.4 pc in FY18 over previous year

  • Total expenditure in FY18 at Rs 21.47 lakh cr

  • Duty exempted on various P05 machines and iris readers to encourage digital payments

  • Rs 7,200 cr revenue loss due to reduction In tax on smaller companies

  • Govt mulling introduction of legal changes to confiscate assets of offenders, Including economic offenders, who flee the country

  • Govt to set up a web-based interactive platform for defence pensioners

  • Head post offices to issue passports

  • Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment

  • FRBM review committee has recommended 60 pc debt to GDP ratio; 0.5 pc of GDP deviation from stipulated fiscal deficit targets

  • Payment regulatory board to be set up in RBI to regulate electronic payments, replacing Board for Regulation and Supervision in Payments and Settlements System

  • 3 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

  • A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration

  • GST implementation to bring more taxes to Centre and states

  • No transaction above Rs 3 lakh In cash will be allowed as suggested by SIT

  • Customs duty on LNG to be reduced from S PC to 2.5 PC

  • To make MSME companies more viable, govt proposes to reduce IT tax with annual turn over of Rs 50 core up to 25 per cent

  • l-T for smaller cos with turnover of upto Rs 50 cr up to 25 per cent

  • Not possible to remove MAT levied on advance tax for now; carry forward allowed for 15 yrs instead of 10 yrs

  • Relaxation in norms for Start Ups for getting tax exemption

  • Capital gains tax exempted for the land pooled to build new capital of Andhra Pradesh effective from 2.6.2014

  • Increase in personal tax collections is 34.8 per cent in last three quarters. Demonetisation has played a role

  • 17 Pc growth in direct tax revenue for the second year in a row in 2016-17

  • As against 4.2 crore people working in organised sector, only 1.74 crore individuals filed income tax returns

  • Solar tempered glass used for manufacture of solar cells/panels exempted from customs duty

  • Import duty on aluminium ores and concentrates raised to 30 pc from nil presently

  • Actual revenue loss on tax proposals Rs 22,700 Cr; gain from additional resource mobilisation is Rs 2,700 cr

  • Net revenue loss from direct tax proposals to be about Rs 20,000 cr

  • Excise duty on pan masala containing tobacco (Gutkha) raised to 12 Pc from 10 Pc

  • Excise duty on non-filter cigarettes of length not exceeding 65 mm raised to Rs 311 per thousand from Rs 215 per thousand

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