Key Highlights of Budget 2017

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Key Highlights of Budget 2017

*Highlights of Union Buget 2017 – 2018

  1. *GST* – No changes in service tax & excise duty as GST draft will be launching soon
  2. *Fiscal Deficit* – Seen at 3.2% (17-18) & 3% (18-19)
  3. Current Account Deficit* – 0.3% (16-17) 1st Half
  4. FDI Investments* – 1.45 Lakh Crores (16-17) 1st Half
  5. Direct Tax* – Tax to GDP Ratio is very lowIncome upto 2.5 Lakhs – Nil Tax
    Income above 2.51 Lakhs to 5 Lakhs – Reduces to 5% Tax from 10%
    Income above 50 Lakhs to 1 Crore – 10% surcharge
  6. Farmer* – Double their income in 5 years
  7. *Agriculture* – 10 Lac Crores credit
  8. *MNREGA* – Allocation 48,000 Crores
  9. *PM Gram Sadak Yojna* – Allocation 19,000 Crores
  10. *Sr. Citizen* – 8% guaranteed pension for 10yrs by LIC of India scheme
  11. *Rail Budget* – 1.31 Lakh Crores, New Railway Line of 3500 kms, No service charge on IRCTC Ticket booking
  12. *Highway* – 67,000 Crores for National Highways
  13. *Disinvestment* – Continue through ETF’s and timely disinvestments of PSU’s,Target 72500 Crores
  14. *Banking* – 10,000 Crores to PSU banks for Recapitalisation, Double landing targets to Bank 2.44 Lac Crores, 2.44 Lac Crores under mudra scheme
  15. *Total Expenditure* – Estimated at 21.47 Lac Crores
  16. *Defence Expenditure* – 2.74 Lakh Crores excluding Pension
  17. *Long Term Capital Gain* – For immovable property reduced to 2yrs from 3yrs
  18. *Income Tax* – Companies turnover less than 50 Crores will pay 5% less tax, Effective rate 25%
  19. *Cash Transaction* – No transaction over 3 lakes will be permitted in cash
  20. l*Infra* – Insurance company has to invest 25% in Infra bonds
By | 2017-03-11T12:38:16+00:00 February 1st, 2017|Budget, Income Tax, Latest News|Comments Off on Key Highlights of Budget 2017

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CA Lukesh Sethi is owner and founder of www.gstonlinefiling.com, Having more than 5 years experience in taxation and corporate laws serving many clinets in practice. Can be reached at lukeshsethiaca@gmail.com
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