Union Budget of India had introduced on 1st of April 2017 in the mid of elections in Five
There are many Points in the Budget but what are the positive and negative of Union Budget 2017.
Positive and negative of budget 2017 for Low and Middle-class People. How will it impact on the middle-class family?
That was the first time when Union and Rail Budget was announced at the same instance. Our Finance Minister Shri Arun Jaitley introduced the whole budget on 1 February 2017. The main focus of the budget was in the agriculture sector, Demonetization and Improving Railway as well. There are many relaxations provided related to income tax for middle-class families.
As picking up the positives from the budget for middle and lower class families-:
• Relaxation in Income Tax:
From Now onwards each individual earning b/w Rs 2.5 to 5 lakh per year will have to pay 5% tax instead of 10% due to the relaxation policy of the government in the budget.
• Train traveling will be cheaper with the step towards not charging service tax on online users those who book their tickets from IRCTC.
• There will be now only one-page form for the taxpayers of income up to Rs 5 lakh.
• Aiming to uplift the digitization in a country, high-speed broadband connectivity and WiFi network
will be provided in over 1 lakh gram panchayats.
• Those who are having their income above Rs.5 lakh will be benefited with an amount of Rs.12,500 in their tax.
• With the time the Indian Government has planned to provide 100% electricity in the rural areas.
• On the basis of Aadhar Card, senior citizens are to be issued with health cards.
• Two more schemes are to be launched by the government to assist the use of Bhim app which was launched by
our Honourable Prime Minister on 30 December 2016 to promote e-payments through banks.
More From the Budget 2017.
• A grant of Rs.187223 Crore is decided in the budget of 2017-18 which much more than the budget of
last year for the improvement of rural, Custom agricultural and related sectors.
• As per the FM target for each individual agricultural credit is fixed at Rs.10 lakh.
• There will be a hike in the FASAL BIMA YOJANA by 10 percent as it was 30 percent before and now it will be
in 40 percent.
• Rs.23000 crore passed in the favor of PM Awas YojaCustoms
• duty on LNG will reduce by 2.5% as it was 5% before and now it will be 2.5% which will affect its rate
• Amount of approx Rs.48000 crore has assigned for MGNREGA.
As usual there are always some negatives as well with positives. So, the decisions which went against the will of middle and lower class families are-:
Negatives of Budget 2017
• As a punishment, there will be up-to Rs.10,000 fine for the late filling of tax returns.
• Surcharge of 10% for the people having income b/w Rs.50 lakhs to 1 crore and those above 1 crore will
have to pay 15% as surcharge amount from their side.
• There were many issues with the charitable donations coming up so the government decided to restrict the
charitable donation from Rs.10,000 to Rs.2000.
• With the increased customs duty, rise in the prices of silver coins and medallions.
• The government restricts cash deals on the amount of and over Rs.3 lakh.
• No relaxation has been provided by the government related to the corporate tax with the exception for small and medium companies.
• Tightening up of rules for Big corporations and building MSME’s for the growth by tax relaxation.
There are many positive decisions to seen in the favour of our middle class and lower class families.
we had seen on the concept of tax relaxation, for farmers loan facilities and for rural areas MGNREGA upliftment by funds and full-time electricity plan.
Some of the decisions to make the generation aware are looking to be the harsh one like of tax late fine but in real its beneficial and the one decision on donations to charitable societies or communities is to stop the black money which is a big problem nowadays for all of us.