For the first Time, Railway budget and Union Budget India 2017 are present together. Finance Minister Shri Arun Jaitley had declared the Budget on 1 February 2017. Many People suppose that it will be an election Budget as there are elections in Five States but there was nothing specific in that.This Union Budget India 2017 was measurably Focus on Rural Areas, Black Money, and demonetization aspects. Nevertheless, the government is abode to make the Cashless economy by limiting cash transactions.
The government is abode to make the Cashless economy by limiting cash transactions. Therefore, FM says that there is a mismatch in the paying capacity and Income tax return Filing in India. Therefore, there is a need to make it simple.
Here are the Main Points of Union Budget India 2017
1.Income Tax
- Individual income tax: Good News for those people whose income below to 5Lakh in a Year. Nevertheless, they now have to pay tax at 5%. There will be no Tax until the income of 3Lakh.
- For those whose Income is above to 5lakh were benefit at Rs12500;. There is a surcharge on income above Rs 50lakh.
- From the Financial year 2017-18, there will be a single page form for Income Tax up to an income of Rupees 5Lakh.
- Corporate tax for MSME’s is also reducing to 25% for those whose annual turnover is less than 50crores.
2.Agriculture
- Farmer’s credit is set at record Point of 10 trillion. This will make sure adequate proportion at need areas.
- For micro-irrigation, there is a fund worth Rs 5,000crore.
3.Poor’s and women’s
- Antyodaya Mission has been introducing for 1crore below poverty line families to bring up.
- MGNREGA: Fund of Rupees48,000crore announced a Special focus on women participation. Highlights of Budget 2017 will be more.
- PMGSY: Rs27000crore to spend in 17-18 along with states. New Fund of Rupees 19000 allocated.
- PM Awas Yojana: Fund of Rs23,000crore Passed.
4.Rural areas
- Rural livelihood: Rupees187223crore passed for the rural program and Rs 4,500crore for Livelihood.
- There is a mission of 100 percent electricity in village by
2018.
5.Hospitality
- Big announcement for Gujarat and Jharkhand with new AIIMS in these two states.
6.Lower cast
- Allocation to SCs amplified Rupees 52,393cr; STs allocated 31,920cr; minority relationships announced Rupees4,195cr.
7.Railways
- Railway tracks of 3,500 kilometers to made special Tourism. Pilgrimage trains also to be launch.
- For cleanliness in railways, all coaches to be Biometric and 500 stations to be equipped for differently able people.
- National highways have provided Rupees 64,000crore Budget.
8.Banks
- P M Mudra Yojana: Banks and Financial Institutions given goal at Rupees 2.44 trillion
9.Business
- Stand up India plan: 16,000 or more new enterprise to be set up.
- Telecom sector: In union Budget 2017, there is Budget of 10000crores for Bharat Net program.
- Major Announcement for post-office is that these can use for passport services.
- Afterward, a Major success of BHIM App government wants to promote it in this Union Budget of India 2017. FM had announced cash back plan for merchants for BHIM.
11.Pension
- Defense outflow is not including pensions Rupees2.74trillio
12.GDP
- Fiscal deficit for FY 17-18 fixed at 3.2% of GDP.
- Revenue deficit for FY-17-18 fixed at 1.9%.
13.Black money
- There is a big plan to stop Black money in the Union Budget 2017-18 as Cash transactions are limited at Rs. 3Lakh.
14.Politicians
- Political Parties are supposed to be transparent in their
funding which is still not in India. Finance Minister has announced a big step to follow this. - All political Parties have to file returns in precise time.
15.Donation
- FM announced that only rupees 2,000 can be received as cash donation on the maximum side. Modification proposed to RBI Act for an issuance of electoral bonds.
- There is a Limit of Cash donations to Trust is also Rs 2000.
- 4,000crore Passed to open skill achievement. In addition, awareness, Mahila Shakti Kendras have allocated 500crore rupees.
Above all were Main points of Union Budget India 2017. More Highlights of Budget will discuss later on Business Batao. Another
request to comment on the union Budget India 2017.
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