Today Onwards 1st February 2017 Arun Jaitley has released Indian Budget 2017-18. As every budget was released by Finance minster at the end of the February month and first time in this year it was released today that is beginning of the month. In India every citizen are curious to know about the Latest Union Budget, are you one of them? Then must read the below article where we have provided every updates and relaxations which is being provided to citizens of India. As BUDGET 2017 is the fourth budget by the Narendra Modi government and in a big move, the government is moving to make India as cashless society, corruption-free and more… At the beginning of the year finance Minister Analysis each sector as well as each department to prepare the initially budget. Budget of Indian Govt. will tell us how much budget is different from the last year. You can check here all the stats and Expectations that makes the difference from BUDGET 2017.
As Arun Jaitley the latest finance minister is preparing the Budget Of India that may appear to alleviate the impact of currency prohibit with tax and other sops as he desire to revive development. This year’s Union Budget will be considered for a various reasons. FM makes the scheme to increase the service tax rate equal to 16-18% from the present 15% in the budget. It is the third time that Arun Jaitley will increase service tax rate. It will also be takes the ended down on the plan and non-plan expenses categories.
Union Budget 2017 Live Updates
Peoples, who want to obtain live updates related to BUDGET 2017-18 they can get check the latest and upcoming information from here. On this page we are also sharing highlights of government Budget that was presented by Arun Jaitley. So citizen must pay attention on a below significant information which is designed by the team members of www.resultinbox.com
- CBEC will continue to strive to implement GST
- GST council has finalised recommendations on all issues based on consensus
- Propose to exempt some FPIs from indirect transfer provision
- 5% TDS On insurance agents removed
- No change in excise and service tax rates due to upcoming GST
- Surcharge of 10% on income between Rs 50 to 1 crore
- Surcharge of 10% in those with income above 50 lakhs per annum
- Govt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18
- Computer emergency response team to be set for cyber security of financial sector
- will amend the Multi-state Cooperative Act to protect the poor and gullible investors
- Integrated public sector oil major to be created to match global giants
- 76 lakhs individuals who reported income of over Rs 5 lakhs, 56 lakhs are salaried
- New ETF with diverse stocks will be launched in 2017-18
- Propose transparency in political party funding, says FM
- 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: FM
- 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, says FM
- 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 proposals are now processed through automatic route
- Government to further liberalize FDI policy
- Rs 2,74,114 crore allocated for defense expenditure, excluding pension; this includes Rs 86,000 crore for defense 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
- Digital dreams
- 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 announced.
- Rs 55,000 crore for railways in FY18
- Unmanned railway level crossings to be done away with by 2020
- From now onwards IRCTC is going to become part of stock market.
- Travel ticket can be booked by soldiers through FM which is introduced as centralized defiance 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
- Amendement in payment and settlement act: Govt propose to create payment regulatory board
- Govt 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 lakhs 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 monetization of land.
- Mission Antyodaya to bring 1 crore households out of poverty, & to make 50,000 Gram Panchayats poverty-free.
- 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.
- All coaches of Indian Railways will have bio toilets by 2018.
- Railways will implement end-to-end transport solutions for certain logistics.
- 35% increase in funds allocated for development for people belonging to SC.
- Our focus is on Swacchh Railways, as to make clean India.
- 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%
- After having denounced MGNREGA as a monument to government failure, the government now hails the scheme and takes credit for expanding it.
- Tucked into his long sentences on farming, FM says 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….legislation to watch out for. Will it pave the way for large corporate, retail houses to easier sourcing?
- Govt plans legislative reforms to simplify existing labor laws such as wages, industrial relations, social security and safety.
- To make 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 Yojn Jharkhand and Gujarat to get AIIMS.
- 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 lakhs crore to Rs 1.84 lakhs 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 May1, 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 Awaaz Yojana up from 15,000 Crores to 23,000 Crores
Sanitation in rural areas has gone up from 42% in October 2014 (launch of Swachh Bharat) to 60% now.
- PMGSY roads work accelerated to 133 km roads/day in 2016-17 as against 73km/day during 2011-14, says Arun Jaitley.
What Makes This Budget Different from Last Year
Demonetization Affect Budget 2017
The currency demonetizations largely affect the budget. The government takes initiative to undertake to control economy and encourage digital transactions which resulted in an instant blow on the actual estate transactions mainly in the resale market. Demonetization has effect the Indian economy in common and the actual estate sector in particular. Due to demonetization middle class people face difficulty. We know the Modi take a brilliant action for nation growth but due to this some people face difficulty. An old person says, each people will not get success easily until they do not make efforts to achieve it. In starting people face many difficult but after facing the problem they will get success.
Jaitley have to improve the problem of demonetization on the economy through Budget. To solve Demonetization problem, FM could set up different measures which includes tax breaks, encouragement digital transaction, and housing concessions. In fact, there are other measures which will be seen in other upcoming budgets. Listed below are some changes and predictions which can happen in Budget because of demonetization:
- Increase tax revenue
- Complete tax transparency of the REIT structure
- Tax slab revisions
- Infrastructural increase
- Focus on digitalization of dealings (withdraw and depositing)
- Encourage rental housing
- Advance new construction techniques
- Boost penetration of funding
- Improve legal and regulatory framework
- Contribution infrastructure status to the real estate sector
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