Union Budget 2017-18 is published, Check Live Updates & Highlights from here and Download Annual Budget in PDF format from indiabudget.nic.in
Union Budget 2017-18
Check Live Updates of Union Budget 2017-18…………
Finance Minister Arun Jaitley has been released Indian Budget 2017. Every Indian citizen is eagerly waiting to know about the changes in Annual Budget before the last year budget. Due to inconveniences of demonetization on the economy, Finance Minister Arun Jaitley faces more pressure. Everyone expect that he will present budget according to needs of common man. Finance Minister may include tax breaks, incentivized digital payments, and housing concessions etc in Union Budget 2017. You can avail Union Budget 2018 in PDF format through official website that is indiabudget.nic.in or you may get all updates and highlights from this page.
The Union Budget of India is also called Annual Financial Statement because it includes all expenditure and receipts. Generally, on the first day of February, the Finance Minister of India presents the Indian General Budget in Parliament before the commencement of new financial year in April. On 1st February the fourth Annual Budget has been announced by Arun Jaitley. According to tax experts, the finance minister may hike the service tax rate to 16-18 percent from the current 15 percent in the Budget. The move, that will make flying, eating out, phone bills and a host of other services expensive, would be an attempt to take the rates closer to the proposed tax slabs for GST.
Union Budget 2017 Live Updates
Jaitley’s budget speech has concluded. He unveiled sweeping measures that ranged from boosting farm growth to easing the burden on the salaried middle-class. Here are the big 10 numbers from his speech:
- 5%: Income tax for people with incomes between 2.5 lakh -5 lakh, down from 10%
- Rs 2,000: Maximum donation political parties can receive in cash from one source
- 35%: Increase in personal income tax because of scrapping of Rs 500 and Rs 1000 notes
- 25%: Tax rate for companies with an annual turnover up to 50 crore
- Rs 3 lakh: Maximum quantum of cash transaction allowed
- 17%: Growth in tax revenue
- 2%: Fiscal deficit as a percentage of India’s GDP
- 24%: Increase in rural spending
- 35%: Increase in funds allocation for scheduled castes
- 6%: Increase in defence spending
- Revenue deficit reduced to 2.1 per cent from 2.3 per cent for 2016-17
- Sensex rises 265.79 points, at 27,921.75.
01. 00 PM:
- Lok Sabha adjourned after Jaitley concludes his budget speech.
- GST Council finalised its recommendations. Implementation of GST likely to bring more taxes to Centre, states.
- CBEC will continue to strive to implement GST
- GST council has finalized recommendations on all issues based on consensus
- Propose to exempt some FPIs from indirect transfer provision
- Removed 5% TDS on insurance agents
- Due to upcoming GST there is no change in excise and service tax rates.
- Surcharge of 10% on income between Rs. 50 to 1 crore
- Surcharge of 10% in those with income above 50 lakhs per annum
- Mudra Yojana to Rs 2.44 lakh crore for 2017-18, Government doubles distribution target
- Computer emergency response team to be set for cyber security of financial sector
- To protect the poor and gullible investors, government will revise the Multi-state Cooperative Act
- Integrated public sector oil major to be created to match global giants
- Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried
- New ETF with diverse stocks will be launched in 2017-18
- Propose transparency in political party funding
- Bonds for political parties
- To cut presumptive turnover threshold for companies w/turnover up to Rs 2 crore to 6%
- Parties continue to get funding in cash, maximum funding Rs 2000 in cash
- Not to remove Minimum Alternative Tax (MAT) in 2017-18; Propose to allow a carry forward of MAT for a period of 15 yrs as against 10 years now
- No cash transaction above Rs 3 lakh without PAN
- Holding period for land and building will be reduced to 2 years from 3 years
- Propose carry-forward of MAT to 15 years from 10 years,
- The net tax revenue grew by 17% in 2015-16
- Propose to reduce corporate tax for cos with annual turnover Rs 20 crore to 25%
- Telecom boost in Union Budget 2017
- Due to demonetization advance tax on personal income tax increased by 34.8%
- Second phase of solar power development to be taken up with an aim of generating 20,000 MW
- In 2017-18, Trade Infrastructure Export Scheme to be launched, total allocation for infra at record Rs 3.96 lakh crore
- Capital gains tax in real estate: Holding period reduced to 2 years
- FIPB will be abolished
- Over 90 per cent of FDI proposls are now processed through automatic route
- Government to further liberalize FDI policy
- Rs 2,74,114 crore allocated for defence expenditure, excluding pension; this includes Rs 86,000 crore for defence capital
- Rs 64,000 crore from Rs 57,676 crore allocated for national highways stepped up
- Allocation of Rs 10,000 crore for Bharat Net project for providing high-speed broadband in FY18
- Government Provides Rs 2.41 lakh crore for transport sector, including railways, road and shipping
- Dispute resolution in infrastructure projects in PPP mode will be institutionalized
- Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from three already constructed
- Digital Gaon will be launched to promote tele-medicine and education
- Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop
- Coverage of Fasal Bima Yojana to go up from 30% of cropped area to 40% in 2017-18 and 50% next year
- We are largely a tax non compliant society
- Have increased allocation for scientific ministry to Rs 37,435 cr in 2017-18
- Railway tariffs to be fixed on the basis of cost, social obligation and competition
- In current fiscal, Revenue deficit reduced 2.1 %
- Plan to keep fiscal deficit for 2017/18 at 3.2%; FRBM roadmap to be followed
Total expenditure of Budget 2017-18 has been to be found at Rs 21.47 lakh crore
- A scheme for senior citizens to ensure 8 per cent guaranteed returns
- Over five years Rs 1 lakh cr corpus for railway safety fund
- 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
New metro rail policy to be annouced
- Rs 55,000 crore for railways in FY18
- Unmanned railway level crossings to be done away with by 2020
IRCTC is to part of stock market
- Travel ticket can be booked by soldiers through FM which is introduced as centralized defence travel system
- Five district are kerosene free now
- Will continue use of ETFs for divestment
- Aadhaar based health cards will be issued for Senior Citizens
- To Boost Economy, Demonetisation bold, decisive step
- Adhaar enabled merchant payment will be launched soon, especially for those without net banking, e-wallets, and debit cards
- Govt propose to create payment regulatory board for amendment in payment and settlement act
- Government proposes to create integrated PSU oil major
- Rs 2500 crore digital transactions targeted in FY18
- Provision for railways
- Govt proposes to create integrated PSU oil major
- Propose to double the lending target of Pradhan Matri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18
- Banks to introduce additional 10 lakh PoS by March 2017
- Using space technology in a big way to plan MGNREGA works
- Two new referral schemes to promote digital schemes
- BHIM app will unleash the power of financial inclusion
- Expert committee to be set up for commodity and derivatives market operations SAS
- Railway related state-run companies like Ircon, IRCTC to be listed on stock exchanges
- Govt doubles lending target to Rs 2.44 lakh crore
- National Housing Bank will refinance individual loans worth Rs 20,000 crore in 2017-18
- Rs 500 crore allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh crore to Rs 1.84 lakh crore for women & child welfare
- Rs 10,000 for re-caliberation of banks, more funds to be allocated if required
- New rules regarding medical devices will be devised to reduce their cost
- Airports Authority of India act to be amended to enable monetisation of land
- Mission Antyodaya to bring 1 crore households out of poverty, & to make 50,000 Gram Panchayats poverty-free
- Govt to commission 3,500km of railway lines in FY18
- Coverage of eNAM to be expanded from 250 to 585 APMCs
- Selected airports in Tier 2 to be taken up via PPP mode
- Five special tourism zones to be set up in partnership with states
- 100% electrification of villages to be completed by May 2018
- Rs 27,000 crore to be spend on PMGSY; 1 crore houses to be completed by 2017-18 for houseless
- We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations
- A new metro rail policy will be announced, this will open up new jobs for our youth
- Four areas of priority for Railways: Passenger safety, capital works, cleanliness & financial
- Service charges for ticket booking on IRCTC withdrawn
- Till 2018 all coaches of Indian Railways will have biotiolets
- Railways will implement end-to-end transport solutions for certain logistics
- 35% increase in funds allocated for development for people belonging to SC
- Arun Jaitley said, “Our focus is on Swacchh Railways”
- Outlay for railways fixed at Rs 1,31,000 crore with Rs 55,000 crore Budget support
- 1 crore households to be brought out of poverty under Antodya Scheme
- Modern law on contract farming will be drafted and circulated to states
- Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act
- LIC to come up with 8% guaranteed scheme for senior citizen
- Senior citizen Adhaar Card Smart card for the medical facility a pilot program will be done soon
- Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years
- Steps will be taken to launch dedicated trains for pilgrimage and tourism
- Innovation fund to be created for secondary education
- Safe drinking water to cover 28,000 arsenic & Fluoride affected habitations in the next four
- Total allocation for rural, agricultural and allied sectors for 2017-18 at record Rs 1.87 crore, it is up by 24%
Finance Minister said that contract farming law…this is potentially radical, Contract farming, simply put, is producing for a buyer according to his quality/price specs, like Pepsico asking a big farmer for potatoes of certain specs for its chips…law on contract farming means GoI recognizes the huge potential for this in raising farm income
Modern law on contract farming….a legislation to watch out for. Will it pave the way for large corporates, retail houses to easier sourcing?
- Govt plans legislative reforms to simplify existing labour laws — wages, industrial relations, social security and safety
- Poverty Free India
- We are moving from informal to formal economy & the government is now seen as a trusted custodian of public money
- Fasal Bima Yojna scheme will be launched for the benefits of farmers
- AIIMS will be opened in Jharkhand and Gujarat state
- Dairy processing infrastructure fund to be set up under NABARD, with fund of Rs 8,000 crore
- Total allocation to all women and children’s related schemes to rise from Rs 1.56 lakh crore to Rs 1.84 lakh crores
- More road construction to be undertaken
- The government is looking to complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses. Open defecation free villages are now being given priority for piped water supply.
- SANKALP – 4000 crores allotted to train for market oriented training. At least 3.5 crore youth will be provided market-relevant training under Sankalp programme
- For youth, proposed to introduce a system of measuring annual learning; Science to be given focus; Quality education will energize our youth. Skill centres will be set up across the country to help youth seeking opportunities outside the country
- 100% village electrification will be achieved by May 1,2018
- Minilabs by qualified local entrepreneurs to be set up for soil testing in all 648 krishivigyan kendras in the country
- Allocation for Pradhan Mantri Awaas Yojana up from 15,000 cr to 23,000 cr
- Sanitation in rural areas has gone up from 42% in October 2014 (launch of Swachh Bharat) to 60% now.
- Arun Jaitley says, ‘PMGSY roads work accelerated to 133 km roads/day in 2016-17 as against 73km/day during 2011-14’
- MGNREGA should create productive asets to improve farm productivity, incomes. MNREGA allocation increased. Highest ever allocation for MNREGA at Rs 48,000 crore. Participation of women in MGNREGA up to 55%
- We will support Nabard for 63,000 functional PACs. Done in 3 years at an estimated cost of Rs 1,900 cr Issurance of soil health cards have gathered momentum. Fasal Bima Yojana – 40% cropped area to be covered in 2017-18, 50% in 2018-19. A dedicated fund worth Rs 5,000 crore to be set up for micro-irrigation under Nabard
- With better monsoon, agriculture is expected to grow at 4.1%. Target for agricultural credit for 2017-18 is set at ten lakh crore, announces Arun Jaitley
- We are aware we need to do more for our people, our agenda is transform, energise and clean India, that is ‘tech India’
- Surplus liquidity in banking system created by demonetisation will lower borrowing cost and increase access to credit.
- My aim while preparing the budget this year has been to spend more in rural areas, infrastructure and poverty alleviation and yet maintain fiscal prudence.” We have done away with planned and non planned allocation of resources to states, Jaitley says.
- “Demonetisation to create a new normal for a bigger, cleaner GDP; slowdown, if any, will be only transient. Effects of demonetisation will not spill over to the next year. Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many. I am reminded of what our father of the nation Mahatma Gandhi said ‘a right cause never fails’.”
- India’s Current Account Deficit decreased frm about 1% of GDP last yr to 0.3% of GDP in 1st half of 2016-17. Growth in a number of emerging economies is expected to recover in 2017. India remains a bright spot in global economy, we are seen as an engine of global growth.
- “CPI inflation is expected to remain within RBI’s mandated range of 2 to 6 percent. International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017.”
- “FII has increased from Rs 1.07 lakh crore to Rs 1.45 lakh crore. India has become the sixth largest manufacturing country in the world. Government has ensured fiscal consolidation without cutting back on public investments.”
- Expectations included burning issues like inflation and price rise, issue of corruption and crony capitalism. Our focus will be on energising youth to reap benefits of growth and employment. Growth in a number of emerging economies is expected to recover in 2017.
- From favouritism to objectivity in decision making, from an informal to a formal economy, inflation in double figures has been controlled, we have launched a massive war against black money… The government is now seen as a trusted custodian of public money,I express gratitude to people for their strong support. Our Govt. was elected amidst huge expectations of people, the underlying theme of expectations being good governance.
- As he stood to present the budget, Arun Jaitley said “Madam Speaker, on this auspicious day of vasant panchami I rise to present the union budget 2017-18,”
- Kharge says Ahamed is a very senior leader who has been a part of legislative affairs for over 40 years. “Budget can be postponed today and presented tomorrow. He was on his duty. He collapsed in Parliament and was taken to the hospital,” Kharge said, but Mahajan refused to budge saying the budget will be presented.
- Mahajan says she would have adjourned the House for the day but today’s sitting has been specifically fixed by the President and it’s a constitutional obligation. “The House may go ahead with the presentation of the Union budget 2017-18. The House may not sit tomorrow as a mark of respect for the deceased member.
- Speaker Sumitra Mahajan begins the session announcing the passing away of MP E Ahamed. She highlighted his career as a member of Parliament. “We deeply mourn the death of our colleague,” Mahajan said. The House stood in silence as a mark of respect.
- Lok Sabha has convened and Arun Jaitley is set to present the Union Budget 2017-18.
- More budget expectations here – We expect reduction in corporate tax and simplifying the tax system, says Dr. Naushad Dirbes; Expect benefits for exports to boost Make In India from Budget 2017, says Piruz Khambatta.
- Union Minister Venkaiah Naidu has also expressed his views on whether the budget should be presented today. “Budget has a sanctity, we are already in the 11th hour. There should be no controversy over it. It’s a constitutional obligation, Naidu said.
- Now that we have a confirmation from the Speaker, let’s look at some of the expectations from Arun Jaitley’s budget. Chandrajit Banerjee of CII is of the opinion that taxes – both direct & indirect and asset restructuring are some of the important expectations from Arun Jaitley’s budget. Anshuman Magazine say Budget 2017 is only the first step. More needs to be done afterwards in the real estate sector.
- It is confirmed that the Union budget will be presented today. News agency ANI quotes that a formal announcement will be made shorty.
- Former prime minister HD Deve Gowda has also expressed that the budget should be postponed. “Postponement of budget will be no big deal, it’s not as if secrecy will break,” he said.
- The budget docket contains sixteen documents including the speech by the Union Finance Minister.
- A quick meeting of the Union Cabinet has begun in Parliament House. Finance Minister Arun Jaitley will share details of the budget with his cabinet colleagues before heading to Lok Sabha where he will present the budget.
- Constitutional experts have shared their view on whether the Budget should be postponed. Subhash Kashyap tells news agency ANI that it is neither possible nor correct to postpone the budget once the documents have arrived in Parliament House.
- President Pranab Mukherjee’s office, too, took to Twitter to share images of Finance Minister Arun Jaitley and officials of the Finance Ministry during their customary visit to Rashtrapati Bhavan. The Finance Minister briefs the President on the government’s initiatives in the budget before he presents it in Parliament.
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